Trijo News has previously written about various types of crypto-related scams and suspected pyramid schemes such as Bitcoin Code and Crowd1.
This spring, we were also able to report on another crypto-related MLM company, which the Swedish Financial Supervisory Authority, among others, has warned about. The company is called Jubilee Ace and is based in the British Virgin Islands, and claims to offer so-called arbitrage trading (to make money on imbalances in markets) with the help of cryptocurrencies and artificial intelligence.
Warning from Swedish Financial Supervisory Authority
What we then could see was that there was no evidence whatsoever that Jubilee Ace was actually investing its members’ money. In addition, this system does not appear to be completely legal.
The Swedish Financial Supervisory Authority’s warning regarding Jubilee Ace refers to a statement from the agency’s equivalent in Austria. In this, the public is made aware that the company is not allowed to perform banking services that require a license in the country.
Launches new branch
Now Jubilee Ace has launched what seems to be a new branch of its business, namely “Jubilee Energy and Commodities” or “Jenco” as it is also abbreviated.
“This new business within the Jubilee Group is described by the company as its most important investment in the financial industry to date. It targets a market that is significantly larger than that covered by the previous Jubilee Group arbitrage system”, reads a now removed press release.
Smart contracts and tokens
The new investment is alleged to be partly an opportunity for trading in the areas of energy and commodities, partly cryptocurrency trading and decentralized arbitrage trading.
If you go to Jenco’s website, it appears that they want to connect traditional finance with the crypto market “through smart contracts and solutions with token finance”.
It’s also marketed as a “defi” platform that will make financial crypto products such as derivatives trading, loan bots and tokens available.
Crypto expert: Wants to ride the defi hype wave
According to Totte Löfström, crypto expert and CEO of the Swedish crypto exchange Trijo, Jubilee Ace’s new venture is most likely a fraud.
According to him, they seem to want to ride on the defi hype wave that has swept the crypto world during the year.
– In my eyes, this seems to be a way for Jubilee Ace to trick even more people into sending money to them by trying to ride the wave of interest we’ve seen for decentralized finance companies over the past year. By creating a new “product”, you can attract people who have not been interested in trading cryptocurrencies, but who think that commodity trading is interesting, Totte Löfström tells Trijo News and concludes:
– I recommend everyone to stay far away from both this new project and from Jubilee Ace. The risk is very high that everything you send to them disappears, and it is simply not a smart way to invest your money.
