LYOPay is a Ponzi scheme by the notorious WeWe Global. They claim to have entered the market in 2020.
According to their website, their address is 1/1A Telegraph Street, 2nd Floor, EC2R 7AR.
It’s worth noting that it’s a virtual address. There are six other businesses at the same address, which means LyoPay doesn’t have a real office.
The company offers multiple services, including LyoTrade, LyoTravel, LyoWallet, LyoFi, LyoSwap, and LyoCredit.
All of them claim to offer distinct benefits and features.
The developer of the LyoPay app is DigiLyo App Ltd – UK.
Apart from the virtual office address in the UK, they claim to have an office in Ireland. However, a huge red flag is the country they issue their “coins.”
The LyoPay coin issuer, according to their website, is based in the British Virgin Islands.
It’s an offshore location with negligible regulations, allowing scammers to launch fraudulent schemes easily.
Connection Between LyoPay Coin and WeWe Global:
LyoFI is another component of the overall LyoPay ecosystem. According to their website, LyoFI is a staking and mining platform that lets you generate passive income.
The owner of LyoFI is DigiFI Group Ltd., based in the British Virgin Islands. DigiFI Group Ltd. is a part of DigiTech Services Ltd., a shell company owned by WeWe Global.
WeWe Global is based in Dubai, recently becoming the hub of the latest MLM and cryptocurrency scams.
However, they have marketed themselves heavily in Italy, Turkey, Greece, and South America.
WeWe Global ran a large Ponzi scheme that appears to have ended last fall. Furthermore, it seems they have re-launched their Ponzi scheme through LyoPay and LyoCredit.
Who is LyoPay CEO?
The LyoPay CEO is Luiz Goes aka Luiz Goez. He claims to be a Brazilian who resides in Dubai.
It’s worth noting that LyoPay itself was practically dead as a brand until the last few months.
Their timing coincides with the MLM scam of WeWe Global picking up traction in 2022.
Furthermore, LyoFI offers a 900-day daily returns fraudulent scheme, which is quite similar to the past Ponzi scheme of WeWe Global.
It’s the same staking scam that plagues the cryptocurrency industry. LyoPay is using the LyoCredit token (LYO) to run this scam.
WeWe Global used to run the same shady scheme, but the name of the token was WEWEX token at the time:
However, the scheme failed and now the MLM company is promoting a new scam through LyoFI and LyoPay.
Here, they offer 10 different investment tiers. They start from €100 and go up to €100,000.
LyoPay claims you will be able to get 300% ROI within 900 days of investing in LyoFI.
They claim to pay you withdrawals in LYO tokens which you should be able to convert into bitcoin.
The ability to withdraw funds will only last until they have the investor’s funds.
As soon as the investors stopped putting funds into the Ponzi scheme, they couldn’t withdraw any money.
Recently, the customers of Celsius failed to address this problem. The cryptocurrency holding firm froze its customers’ accounts, causing them to lose millions. In response, the customers have filed a class action lawsuit against the owner Alex and his wife, Krissy Mashinsky.
More Red Flags in LyoPay:
Before LyoPay partnered with the notorious scammer WeWe Global, they weren’t getting any customers. Certainly, the partnership has helped them boost their marketing efforts.
The LyoPay CEO, Luiz Goez, claims that the investors of LyoFI can earn 60% returns a year.
However, it’s possible to show these returns on paper as he can create LYO tokens on a whim.
Luiz Goes will make money as long as you invest. On the other hand, you will start facing problems once you try converting LYO into bitcoin or any other usable currency.
There are several signs indicating there was a connection between the LyoPay CEO and WeWe Global.
For example, the LyoPay ecosystem contains LyoTravel, where they claim you can make travel bookings by using LYO tokens in the future.
WeWe Global used to offer a similar package to its investors through Travel4You.
Maybe their original fraudulent scheme was set up within the LyoPay ecosystem. Luiz Goes used to promote WeWe Global schemes just a while ago:
Another huge red flag is how he is connected to the different “Digi” companies which own LyoPay and its subsidiaries:
- LyoPay: DigiLyo App Ltd
- WeWe Global: DigiTech Services Ltd
- LyoFI: DigiFI Group Ltd
Weak License of LyoTrade: The Crypto Exchange
LyoTrade is a notable part of the LyoPay ecosystem.
Its website says it will be a crypto exchange with low fees and high returns. However, the broker is licensed in Georgia, a notorious offshore location.
Offshore locations include the British Virgin Islands, St. Vincent and Grenadines and Georgia. Due to the lack of proper regulation, they are havens for forex and crypto scams.
Considering how LyoPay claims to be based in the UK, it should have a license from the FCA.
However, searching for them in the FCA’s register doesn’t generate any results.
In other words, LyoPay and its ecosystem firms either have weak or no licenses.
Some scams which have offshore licenses include Eurotrader and Tiger.Trade.
Both have caused their users to lose hundreds and thousands of dollars. Always be wary of such scams.
Conclusion
After reviewing the above points, it’s clear that LyoPay is a scam.
The LyoPay CEO is Luiz Goes, who used to promote the Ponzi scheme of WeWe Global before marketing this firm.
Their claims sound too good to be true.
It’s pretty standard for crypto scammers to make attractive claims to get a ton of initial investors. Once they have many investors, they can boost the value of their coin token.
Then, they sell all their tokens, causing their value to diminish rapidly.
The owners make money while the investors lose all of their investments.
It seems like LyoPay is a similar scam. Hence, avoid.
