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GS Partners Accused of Defrauding Crypto Investors in Metaverse Schemes

California, Texas, and several other U.S. states have taken legal action against GS Partners, alleging that the company engaged in defrauding cryptocurrency investors through deceptive schemes. Regulatory authorities assert that GS Partners violated securities laws by making false claims and omitting crucial details while selling unregistered crypto assets to retail investors. The crackdown reflects the increasing scrutiny by regulators on entities involved in the cryptocurrency space to ensure compliance with legal standards and protect investors from fraudulent activities.

Celebs and Skyscrapers in Alleged Crypto Fraud

The enforcement action is directed at various entities associated with GS Partners, including GSB Gold Standard Bank Ltd., Swiss Valorem Bank Ltd., and GSB Gold Standard Corporation AG.

Allegations against GS Partners involve the promotion and sale of digital tokens tied to a Dubai skyscraper, metaverse real estate, liquidity pools, and other crypto assets, coupled with unrealistic promises of substantial returns. Regulators claim that one facet of the business endorsed digital tokens related to the Lydian World metaverse, while another marketed investments in a 36-story Dubai skyscraper named “G999 Tower.” The company allegedly portrayed these ventures as unique opportunities to achieve “lucrative profits” and “generational wealth” through blockchain technology and digital assets purportedly backed by gold.

Furthermore, GS Partners is accused of operating a multi-level marketing platform that offered “MetaCertificates.” Authorities contend that these interconnected entities, controlled by Josip Dortmund Heit, have been extensively involved in crypto investment fraud, posing an immediate threat to the public.

Metaverse Schemes Flagged as Bogus Offerings

State agencies assert that the offerings promoted by GS Partners were entirely fraudulent, lacking any genuine underlying value. Moreover, GS Partners is accused of leveraging celebrity endorsements from high-profile athletes like boxer Floyd Mayweather Jr. and soccer player Roberto Carlos to attract attention to these deceptive investments.

Emergency actions compelling GS Partners to halt operations were spearheaded by California and Texas. However, authorities in other states, including Alabama, Kentucky, New Jersey, and Wisconsin, have also raised similar allegations of deceptive practices and misleading claims. These allegations revolve around misrepresentations made to investors regarding the nature and profitability of the crypto assets marketed by GS Partners.

Regulators emphasize the urgency to shut down these purportedly fraudulent schemes to prevent further harm to retail investors. Observers in the crypto industry highlight that this recent crackdown underscores the ongoing necessity to safeguard consumers from potentially predatory practices in the digital asset marketplace.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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