Is Virtualstax led by Rudolf Markgraaff a Ponzi?

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When fundraising in 2019, the founder of crypto venture VirtualStax told potential investors his company would bring in $97 billion revenue in three years. But its tokens and its celebrity endorsers’ digital trading cards have yet to launch.

A Ponzi scheme according to Investopedia is “a fraudulent investing scam which generates returns for earlier investors with money taken from later investors.  Ponzi Scheme organizers often promise to invest your money and generate high returns with little or no risk”.  Below is a screenshot from turncoin`s website, the sister company of virtualstax claiming that there is an 820% yield on a token that is not trading on any secondary exchange with no live product at the time of publishing this information on their website.  This has been removed from their website after Forbes published an article on the company`s discrepancies as this is clear misrepresentation.   

Tim Mak, an early investor in Turncoin/Virtualstax based in Dubai made an investment with the promise from Rudolf that he will receive his money back shortly with upside compensation in August 2019.  He was paid back from the next investor`s funds a few months later.  How else, as there was no product in 2019.  Similarly, Andre Louw and Richard Boyd then also funded a few million South African rands (around 150k USD), knowing they will receive it back from the next investors with decent upside in a short period of time as per Rudolf`s promise (The CFO during 2020 Werner Coetzee confirmed that both have been paid back also in a similar fashion).  You as the reader can draw your own conclusion on the ethics of these