Thursday, January 3, 2019

Watching KWATT Burn - The Inevitable 4NEW Exit Scam?

While it may not be to my credit, this morning I am mainly lurking in the 4NEW Telegram, and engaging in something akin to "Schadenfreude", the German term for taking pleasure, in the misery of others.  Because with this new year freshly upon us, for 4NEW investors, and token-holders, 2019 has begun (and perhaps already ended) with a sickly-sour kick to the taste-buds, and a blow to the wallets.  As what many suspected would happen for a good while now; has seemingly come to pass...

Exit Scam Confirmed?

To be fair, the signs had been evident for a while, not only with 4NEW failing to provide any evidence of having secured any of the power-plants they claimed to operate, or of the mining equipment they claimed to possess.  But also within a slew of articles in mainstream media posts, such as this one, featured in the UK's Daily-Mail, that called 4NEW's CEO, Varun Datta, out by name - as being a "Serial Fraudster"...


Warnings, that whether due to the kind-hearted forgiving nature of those who invested in the project, or greed fueled by the more-than-generous promised payouts, many chose to ignore.  

Warnings I alerted my own Twitter followers to back in November.   

While 4NEW's CTO, Sandeep Golechha, was also embroiled in what The Independent labeled "Britain's Costliest Fraud Case".  And more recently, one of their most noted partners in crypto, AirWire, have issued a statement, dissociating themselves from the project entirely... 

What comes next?

What comes next for KWATT holders is unclear - and while the story of 4NEW might not yet have played out to completion, one thing is clear, that with the company having reneged on ALL of their promises, and commitments, to date, token holders are now forming lynch-mobs, and weighing up their options.  With everything from legal-action, to the employing of Dark-web hit-men being thrown into the ring for consideration, with death-threats and vigilante action being thrown-around in understandable anger.  With some claiming to have lost as much as $100K, having purchased KWATT tokens at their ICO price of up to $2 per token. 

But with the article in the Daily-Mail linked to above, suggesting that CEO Varun Datta has a history of perpetrating elaborate scams in one country, before hot-footing it on the lamb to another, to begin again in the next.  And with early reports suggesting that Varun may have already re-located to the shores of Dubai, with photos and videos of Varun partying in night-clubs, as his investors weep, already beginning to circulate - the unfortunate truth for KWATT's now out-of-pocket token holders could well be a case of, "catch me if you can", as with giant red-dildos painted all over the charts, the price of KWATT heads firmly towards zero...

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