Recently I was contacted by someone who had reached out to me in the past under the pseudonym Louise Pan to share how they were scammed by RiotXAI, a project now collapsing.

At the time they didn’t feel comfortable using their real name. This time, writing as Jodie Heath, they wanted to be more open.

Despite having been burned badly, Jodie told me they believed they had finally found the “real deal.” They described WEFI as “the first decentralised bank, co-founded by Reeve Collins, fully legal and insured by Fireblocks, with a Visa card already live and a token that’s traceable.” They insisted they had done their research and that this project was different.

Update from our correspondence: in her own words, Jodie later confirmed she had created a Canva funnel website to promote WEFI as a “Key Opinion Leader” (their term for affiliates). The page wasn’t official—it even displayed a Canva watermark—and she used it to recruit people into WEFI. That’s not how real banks operate; that’s how MLM funnels operate.

The Big Promises

WEFI’s website and promotional material are filled with grand statements. They promise accounts that manage over 7,000 crypto assets, Visa cards accepted at 140 million merchants, zero foreign exchange fees, and even global ATM withdrawals. They push “mining without hardware,” advertise stablecoin savings accounts paying up to 18% APR, and gamify the process through their Energy system, which boosts profits and reduces fees.

In their own words:

“Mine without hardware. Open to all. Start mining instantly without the hassle of physical equipment.”

“WeFi isn’t just a better crypto bank, it’s a better bank. Period.” – Reeve Collins, co-founder of Tether

These are bold claims, but they collapse under scrutiny.

The Illusion of Legitimacy

To appear compliant, WEFI points to three entities: Wefi Payments Limited in Canada, Wefi Exchange Solutions LLC in St. Vincent and the Grenadines, and Nordpal Holding Limited in Hong Kong.

On the surface, this looks impressive. In reality, it is nothing more than a corporate smokescreen. A Canadian MSB registration is not a banking license. It allows for basic money transfers, not deposit-taking, lending, or securities trading. St. Vincent and the Grenadines is notorious as a fraud haven, home to countless collapsed scams. A Hong Kong shell company adds little more than marketing gloss.

Even WEFI’s own Terms and Conditions admit the truth:

“WEFI explicitly states that it does not operate as a registered investment advisor, broker/dealer, financial analyst, financial bank, securities broker, or financial planner.”

They call themselves a bank in marketing, while legally disclaiming that they are one.

Ponzi Economics in Disguise

The numbers WEFI advertises simply don’t add up.

Impossible Yields

No regulated platform in the world can sustainably pay 18% APR on stablecoins. These rates are the calling card of a Ponzi scheme.

The “Energy” Gimmick

Their Energy system is designed to keep users spending and recruiting. Energy boosts yields, reduces fees, and unlocks perks, turning finance into a game of loyalty points.

Recruitment First, Products Second

As with HyperFund, HyperVerse, and Validus, the real business model is not banking. It’s recruitment. The platform survives only as long as new money flows in.

The Privacy Trap: Amateur Hour

Perhaps even more dangerous than WEFI’s economics is the way it handles — and mishandles — user data. Their own Privacy Policy admits they collect passports, utility bills, identity numbers, banking details, crypto wallets, geolocation data, browser fingerprints, and even complete recordings of phone calls. They also acknowledge this information may be shared with affiliates and transferred internationally.

For victims, losing money might only be the beginning. The personal data handed to WEFI could be sold, misused for identity theft, or exploited by recovery scams.

And here’s the kicker: instead of hosting this critical Privacy Policy on a secure, permanent location like wefi.co/legal/privacy.pdf (as any legitimate bank would), WEFI links to a PDF sitting on cdn.prod.website-files.com — a generic content delivery network owned by Webflow, a drag-and-drop website builder.

This setup is amateur at best and reckless at worst. Real banks serve their compliance documents directly from their own domains, with clear audit trails and regulatory oversight. WEFI can’t even meet this basic standard. If they can’t be trusted to securely host their own legal policies, why should anyone trust them with passports, bank accounts, or crypto wallets?

The Promoters Behind WEFI

If the product itself doesn’t raise suspicions, the people pushing it should. One of WEFI’s most visible cheerleaders is Quentin Bradford, better known as Crypto Pays Me Daily. Bradford has built a career on promoting Ponzi schemes to his followers, only to move on once they collapse.

Over the years he has pushed Daisy, Paraiba, Fintoch, Coinmarket Bull, NexQloud, Smart Lab International, Intelligence Prime Capital, Liberium Crypto, GS Partners, PLC Ultima, MetaFi Yielders, Meta Bounty Hunter, Getfit Mining, MoveQuest, At Cost Metals, Decentralized Hedge Fund, Zeus Bounty, Tag Protocol, IHUB, IGENIUS, BNB Business, Etherconnect, Batched, Lions Share, Troncase, Digital Profit, Omega Digital, BNB Play, Shyne XL, QubitLife, Bitlocity, Crypto 300 Club, and PGI (Praetorian Group International).

Every one of these projects has been exposed as fraudulent, and most have already collapsed, leaving victims with huge losses. The fact that WEFI is leaning on Bradford for promotion isn’t just a red flag — it’s a neon sign flashing Ponzi scheme ahead.

The Video Marketing Circus

Even WEFI’s own Videos highlight how unprofessional the operation is. In one, Reeve Collins stumbles through a script, referring to the company as Weii, VFI, and WeFi interchangeably. Instead of a serious financial presentation, it looks like a rushed recruitment pitch.

The messaging isn’t about regulation, compliance, or audited financials. It’s about hype:

“Our community doesn’t just use the platform, they are the heart of it. They earn the rewards and reap the benefits.”

This is not the language of a regulated bank. It’s the language of an MLM.

The WEFI Domain Problem

The official WEFI website is wefi.co, a slick one-page operation dressed up with promotional videos, bold slogans, and references to offshore corporate registrations. This is the “face” of the so-called decentralised bank.

But during our research, an informant also pointed us to another site: wefibanking.net/wefibank. At first glance, it looked like an official secondary portal, full of recruitment language, affiliate perks, and Ponzi-style hype. However, after publication of this blog, the individual behind it admitted she had personally set it up using Canva as her own funnel. It wasn’t official — it even displayed a Canva watermark.

That admission doesn’t make WEFI look better — it makes them look worse. Real banks don’t allow random affiliates to spin up Canva sites to promote their “brand.” The fact that one of their promoters felt the need to build her own fake-looking website highlights how weak WEFI’s controls are and how desperate their marketing machine is.

And here’s the kicker: since this blog went live, the wefibanking.net/wefibank site has already been taken offline. Visitors now see only a Not Found (404) error. That is a familiar pattern in crypto Ponzi schemes: once exposed, recruitment funnels vanish overnight, leaving no accountability and no trace for victims to follow.

The existence of even one rogue funnel site raises the same red flags we saw in HyperFund/HyperVerse and Validus/Odecent. In those scams, promoters also ran parallel funnels, blurring the line between “official” and “affiliate.” It muddies accountability and allows the project to deny responsibility when things collapse.

The WEFI Playbook: A Timeline

  • 2024: The domain wefibanking.net/wefibank appears, a one-page recruitment site pushing the “decentralised bank” pitch.
  • Late 2024 / Early 2025: The more polished wefi.co launches, presenting itself as the official “crypto bank.”
  • 2025: Promotional videos roll out with Reeve Collins and other so-called “crypto veterans.”
  • 2025: Platform begins being pushed by Quentin Bradford (“Crypto Pays Me Daily”), whose résumé includes more than 30 collapsed scams.

Why WEFI is Dangerous

The conclusion is clear. WEFI is not a bank. It is a crypto MLM operating with Ponzi-style economics. They hide behind Canadian MSB registrations and offshore shells. They promise impossible yields and push gimmicks like mining without hardware. They harvest sensitive personal data and funnel users into Telegram groups instead of real customer support. And they rely on promoters like Quentin Bradford, who has never met a Ponzi scheme he didn’t like.

Final Word

WEFI markets itself as financial innovation, but in reality it is the latest in a long line of crypto Ponzis. Their promises are impossible, their legal structure is deceptive, their data collection is dangerous, and their promoters are proven fraudsters.

WEFI is not here to bank your money. It is here to take it. Don’t be fooled by buzzwords, celebrity faces, or empty promises of decentralization.

The future WEFI is building is not financial freedom — it is financial ruin.

This is excellent reinforcement material from Oz — he’s dug into areas we hadn’t covered in your blog. Here’s a summary of the new key points from his BehindMLM article, followed by a suggested amendment you could add to your blog to keep it current and build on your original work.

New Findings: Fugitive Director and Node Investment Fraud

Since this investigation was first published, additional reporting from BehindMLM has unearthed even more damning evidence about WEFI.

Most shocking is the revelation that Yusuf Mirakhmedov, one of WEFI’s listed board members, is actually a wanted fugitive. Macedonian authorities accuse him of embezzling more than $50 million through organized crime. He faces charges of money laundering and abuse of official position, with an international arrest warrant issued against him. Mirakhmedov fled Macedonia in 2017 and later resurfaced in Dubai as a “crypto entrepreneur.”

Dubai itself is a red flag. As BehindMLM points out, the city has become the MLM crime capital of the world — home to countless scams hiding behind weak enforcement. If a crypto MLM is run out of Dubai, history shows it’s almost certainly a scam.

BehindMLM also highlights that WEFI’s so-called “products” are nothing more than investment positions in ITO nodes, bought with Tether (USDT). These nodes promise fantasy-level returns of up to 350% per year, funnelling payouts in WFI tokens that are then staked in another Ponzi-style scheme offering 15–25% annual yields. Unsurprisingly, commissions are only unlocked when affiliates themselves invest larger sums, making recruitment the real product.

And despite hiding behind shell companies across Canada, Costa Rica, Hong Kong, St Vincent, and St Kitts & Nevis, WEFI has not registered its securities with regulators anywhere. Its own website disclaimer — that its services are “only addressed to Hong Kong residents” — is a joke. Real financial compliance doesn’t work like that.

Taken together, these findings make the case even clearer: WEFI isn’t just a fake “decentralised bank.” It’s a textbook Ponzi scheme run out of the world’s scam capital, fronted by a fugitive wanted for financial crimes.

Disclaimer: How This Investigation Was Conducted

This investigation relies entirely on OSINT — Open Source Intelligence — meaning every claim made here is based on publicly available records, archived web pages, corporate filings, domain data, social media activity, and open blockchain transactions. No private data, hacking, or unlawful access methods were used. OSINT is a powerful and ethical tool for exposing scams without violating privacy laws or overstepping legal boundaries.

About the Author

I’m DANNY DE HEK, a New Zealand–based YouTuber, investigative journalist, and OSINT researcher. I name and shame individuals promoting or marketing fraudulent schemes through my YOUTUBE CHANNEL. Every video I produce exposes the people behind scams, Ponzi schemes, and MLM frauds — holding them accountable in public.

My PODCAST is an extension of that work. It’s distributed across 18 major platforms — including Apple Podcasts, Spotify, Amazon Music, YouTube, and iHeartRadio — so when scammers try to hide, my content follows them everywhere. If you prefer listening to my investigations instead of watching, you’ll find them on every major podcast service.

You can BOOK ME for private consultations or SPEAKING ENGAGEMENTS, where I share first-hand experience from years of exposing large-scale fraud and helping victims recover.

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