The Blockchain Era has been identified as a risky opportunity by Intelligence Commissioner users.It is connected to Xera Australia. We’ve received over 4 complaints against The Blockchain Era.
On May 4, 2024, the Australian Securities and Investments Commission (ASIC) issued a warning concerning securities scams linked to The Blockchain Era. The Blockchain Era and its partner, Xera, have issued a notice raising major regulatory concerns about unlicensed financial activity in Australia. ASIC emphasizes the lack of required financial services and banking licenses, characterizing The Blockchain Era as a potential continuation of the WeWe Global Ponzi scheme. This scenario highlights the risks of dealing with unlicensed investment organizations.
Get Your Money Back From These Scammers!
Key Takeaways
Is The Blockchain Era Regulated? Do They Have a License?
The Australian Securities and Investments Commission (ASIC) warned people about securities scams in The Blockchain Era on May 4, 2024. This warning brings up important regulatory worries about how The Blockchain Era works, which is connected to a number of financial services being offered in Australia without the right licenses.
According to what ASIC said on April 23, The Blockchain Era has been actively offering financial services to Australian customers through its partnership with Xera. ASIC says that the main problem is that neither Xera nor The Blockchain Era has the necessary Australian credit license or financial services license. On top of that, they don’t have any licenses that allow them to provide banking services, which is against Australian law.
It was found that the Blockchain Era was the fourth version of the WeWe Global Ponzi scheme that had already failed. WeWe Global started out in 2021 with a simple crypto Ponzi plan based on multi-level marketing (MLM) and WEWEX tokens.
The lack of regulation or the presence of poor regulation is a huge red flag. It means The Blockchain Era is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of The Blockchain Era, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at The Blockchain Era
WeWe Global created new companies and tokens, like LyoFI and LyoPay, after the WEWEX token plan failed. Luiz Goes became the CEO of WeWe Global. With LYO coins, this reboot, on the other hand, used the same Ponzi scheme.
It also fell apart by the end of 2022, which led to a third version with LFI coins. This version also ended very badly when New Zealand issued a warning about securities fraud in February 2023, which led to another crash in August 2023.
Early in 2024, The Blockchain Era came out as a continuation of these Ponzi schemes. This time, it was linked to Xera and other scams that had already failed, such as Safir International and Success Factory. Because these scams kept happening, ASIC sent out a different warning on the same day that was specifically directed at Xera. This was done to stress the ongoing danger these companies pose.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
The Blockchain Era Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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The Blockchain Era Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like The Blockchain Era tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust The Blockchain Era reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of The Blockchain Era, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like The Blockchain Era enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “The Blockchain Era reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising The Blockchain Era.
You should always look out for consumer complaints. In the case of The Blockchain Era, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about The Blockchain Era? You can share your complaint in the comment section or submit an anonymous tip.
Is The Blockchain Era Legit Or a Scam?
The fact that ASIC issued these warnings shows that the governing body is serious about stopping illegal and dishonest financial activities. It’s a lesson for investors and a clear message to businesses that are doing or thinking about doing similar scams.
The Blockchain Era is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind The Blockchain Era can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust The Blockchain Era?
All the evidence suggests that The Blockchain Era is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The The Blockchain Era Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
