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I’ll be richer than Elon Musk today if I get a dollar for every time I’m told a new Ponzi scheme is ‘still paying’. So pardon me for not getting excited that the new Torkgo platform is ‘paying’. The oldest trick in the Ponzi book is to pay the first believers to gain popularity. Then up next, rug pull. Easy. Done.
I’ll give Torkgo some plaudits here – it’s refreshing and a far cry from the usual brainless Ponzi schemes. But, if you ain’t familiar with Ponzi schemes, you just might miss the signs on this one.
Torkgo.biz claims to be a metaverse gaming launchpad and IGO. Fancy right? Nothing suspicious about that, really, as IGOs are the new buzz terms used in the crypto/blockchain niche. IGO stands for Initial Game Offering and refers to the process of raising capital for the latest web 3 games in the industry by selling crypto tokens/coins of the project. Launchpads, where these IGOs are organized, help give much-needed visibility to these new games and expose it to their community of crypto investors, of course, for a sizable commission. Win-win for launchpad and project, no issues. This is all fair game, nothing illegal so far. And some popular and legit launchpads include the Binance launchpad, Erax, Luna Pad and more.
This is what Torgo claims to do with its platform. It is already scheduled to launch IGO of gaming projects such as Soccer X, Battlezone, Fire Xon, etc. And you can get allocated some of their tokens based on tier levels you opt-in for. Tiers are a way of segmenting investors based on their financial commitment to the projects, and Torkgo has 4 tiers listed on its website.
Please take note. I do not have any strong belief in any project that will list on a platform like Torkgo.
All that has been said so far makes the platform look legit right? Until you look more in-depth and discover the following alarming red flags and similarities it bears to too many Ponzi schemes:
- Domain age: Torkgo.biz domain name was registered on 2022-08-15 to expire exactly one year later on 2023-08-15. Ponzi platforms register for 1 year because it’s unlikely they’ll be around longer than that.
- Torkgo.biz Ponzi-esque tier system: While all launchpads have a tier system, as explained above, none can guarantee that purchasing any project’s tokens can guarantee you profit in the long run because no one really knows what the market sentiment would be upon listing the tokens. Besides, it’s supposed to be a mid to long-term investment. Only Ponzi schemes make guaranteed promises. Torkgo promises hourly returns. Yes, you read that right. Hourly…lol. I see right through you Torkgo. Believe them at your own risk.
3. Suspicious project listings: How do you reconcile that all of the projects listed on Torkgo have the same amount raised and the same number of participants? It’s not just adding up.
4. Anonymous team members: On the Torkgo website, there is no team section or mention of any of the names behind this Ponzi scheme.
Final words
Don’t get greedy y’all. Stay away from Torkgo. Enough said.
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