n November 2021, Man City announced a new cryptocurrency partner, 3Key, but suspended the deal a few days later when it became clear that there was no verifiable information about the company. Man City subsequently refused to discuss the partnership or disclose exactly what kind of due diligence they had done on 3Key.

The club has left some serious questions unanswered:

Who are 3Key?
How did Manchester City sign a contract with a company they knew nothing about?
And, most importantly, was 3Key a legitimate but imperfect business – or a true fraud?
The answer we plan to reveal will shock you. Yes, almost unbelievably, Manchester City collaborated with a gang of alleged fraudsters.
The ever-changing cryptocurrency scam

In May 2022, a group of investors filed an application with the prosecutor’s office in Zagreb, Croatia, alleging that a number of cryptocurrency investment companies, most recently 3Key, were fraudulent enterprises and part of an interconnected complex of pyramid schemes.

The investor group, which includes more than 400 victims from around the world, is seeking to prosecute the architects of the fraud and recover £45 million – their share of the scheme, which was worth more than £1.1 billion.

According to the plaintiffs, 3Key was just the latest incarnation of a large-scale crypto-fraud that had been going on for several years. According to them, investors were offered to invest in schemes that promised significant returns, and then, when they collapsed, they were promised stakes in new schemes.

This is a type of so-called “exit scam,” where in principle it seems possible to get your money back, but in practice, procedural issues keep getting in the way. Often victims are told that they need to contribute additional funds before they can unlock their original investment.

Apparently, this was the model of 3Key’s predecessors, which included alleged cryptocurrencies called Jubilee Ace, AQUA coin, Jenco, and Globalytics Tech Research. Each stage seemed to involve the same core group of German promoters who sold coins at live and online seminars.

Continue reading here: https://altcoin.ng/former-manchester-city-sponsor-linked-to-crypto-fraud-of-over-1-1-billion-pounds/

Hmmn