Author Avatar



Share post:

Late in 2021, Enigma Network began operations. On January 18, 2022, BehindMLM posted a review of Enigma Network.

Reviewing Enigma Network revealed an MLM opportunity that gave users access to a trading robot.

J. Joshua Beistle and Doug Wellens were the organization’s founders, even though Dave Wiltz received credit as the company’s president and founder.

Although I am unable to pinpoint the precise date of Enigma Network’s demise, its official Facebook profile was deleted in May 2022.

Insignificant website traffic has been tracked by SimilarWeb for the last three months for Enigma Network.

The failure of Enigma Network led to the introduction of BFX Standard, a system that is essentially the same but goes by a new name.

Notable is the replacement of Richard Anzalone in the corporate lineup of Enigma Network.

Anzalone was charged with a crime in connection with Infinity2Global in 2017.

In May 2022, allegedly around the time Enigma Network failed, Anzalone admitted admission to the allegations.

Anzalone has not yet received his punishment, but unless he intends to take part from behind bars, I don’t think he is a member of BFX Standard.

May also saw the 2022 Terra/Luna crash, which resulted in a 66% market dump for cryptocurrencies.

I’m not sure whether that has anything to do with the Enigma Network failing.

Enigma Network claimed to be based in Texas. BFX Standard looks to be a Wyoming shell corporation that is likely also operated out of Texas.

The corporate leadership of BFX Standard consists of Dave Wiltz as CEO, Courtney Logan as COO, and Justin Johnson as CFO.

From the personal development scam, Courtney Logan rode till he discovered cryptocurrency in 2017.

Logan joined iMarketsLive at the end of 2017.

In 2018, the CFTC penalized iMarketsLive for commodities fraud.

Logan went on to start offering forex masterclasses after learning everything there was to know about forex in just a few short months from a pyramid scheme that was engaging in commodities fraud.

Logan began charging tens of thousands of dollars for his recently obtained forex knowledge under the names US30 Academy and RFX Academy.

Today, SimilarWeb only keeps track of a tiny amount of traffic to the websites of RFX Academy and US30 Academy. Logan most certainly joined BFX Standard as a result of this.

It is noteworthy that RFX Academy was a product of Enigma Network and has now been carried over to BFX Standard.

I was unable to piece together Justin Johnson’s MLM background. Before BFX Standard, Justin seemed to be a nobody, much like Dave Wiltz.

In the Enigma Network assessment by BehindMLM, J. Joshua Beistle’s MLM history of Ponzi and pyramid scams was discussed.

I haven’t noticed Doug Wellens in any of BFX Standard’s promotions, which is strange. I’m not sure if he has left the firm or is still employed there.

Similar to Enigma Network, BFX Standard promotes an app-based cryptocurrency and foreign exchange trading platform that is driven by “A.I. algorithms.”

The following is taken from a BFX Standard website marketing video:

A sophisticated A.I. algorithm that has four years of recorded market performance and is employed by a billion-dollar hedge fund with impressive outcomes is part of our bitcoin trading module.

Naturally, BFX Standard fails to give customers with proof of its marketing promises, which is against US securities and commodities legislation.

The automated trading portion of BFX Standard uses the same proprietary algorithms as Enigma Network:

Members of BFX have the option to take part in the daily market transactions created by this incredible A.I. technology.

BFX Standard requires affiliate investors to swipe on an app to start automated algorithm trading in what looks to be an effort at pseudo-compliance.

This is not the same as responding manually to a trade signal. It is the on/off switch for an automated trading bot.

Courtney Logan spoke at the same BFX Standard prelaunch event where J. Joshua Beistle promoted a 268% yearly ROI from his trading algorithm.

Let’s look at where things stand for… 2021. Between 135% and 147% is our increase.

This is what I refer to as basic returns, now. Now, I’d want to demonstrate the effects of compounding.

If you trade the up-or-down amount over time, which is known as compounding, you’ll notice that the 147% for the previous year increases to 268%.

If we look at compounding from January 1 of last year to the present, you have gained roughly 640%.

“Up 70% year to date for 2022,” according to Beistle, is his trading bot’s assertion.

Once more, no proof in the form of audited financial records is shown.

Around their automated trading software platform, BFX Standard offers the rest of its services as padding.

To supplement your academy experience and education, you will have the chance to meet with real educators at BFX Standard on a schedule that works for you.

We Provide Various Forex And Cryptocurrency Education.

It’s really simple for you to follow along from the comfort of any smart device since our qualified professionals let you peek over their shoulders during live training sessions during market hours.

There also seems to be a relationship with SmartFi as part of BFX Standard.

SmartFi promotes a 12% yearly ROI on bitcoin investments on their website.

The SEC does not have a record of SmartFi.

US authorities have targeted cryptocurrency investment schemes that conduct securities fraud, particularly this year. Examples worth mentioning include BlockFi and Nexo.

On the remuneration schedule for BFX Standard, I haven’t noticed anything in particular. Given that they mentioned “daily and weekly pay,” I don’t think it differs significantly from Enigma Network’s compensation plan (scroll down to “Enigma Network’s Compensation Plan”).

Again, I haven’t seen the BFX Standard price revealed.

For comparison, Enigma Network assessed

Enigma Network affiliate membership was $15 a month with a potential initial spend requirement of $60. It cost $99 for four months of access to the forex or crypto bot, $999 for an entire year of access to the forex or crypto bot, or $2499 for an entire year of access to the forex or crypto bot.

Despite using artificial intelligence (AI) trading bots to promise passive returns, neither BFX Standard, Dave Wiltz, nor J. Joshua Beistle is an SEC-registered broker.

For BFX Standard to offer passive returns through forex trading, the CFTC also requires registration.

The CFTC has not registered BFX Standard.

For their side, BFX Standard corporate seems to be cognizant of all applicable laws and regulations.

Wellman and Warren were the company’s representatives when BehindMLM evaluated Enigma Network.

The business has boosted the size of its legal staff with BFX Standard:

About legal compliance, David Wilx stated the following at a BFX Standard occasion, which is thought to have taken place in late September:

We’ve surrounded ourselves with attorneys. Our compliance is located over here. The group is here.

And because we want to make sure that everything we do is completely lawful, we’re going to adhere to it to the letter.

Wilx was followed by Courtney Logan’s assessment of BFX Standard conformance.

I have a legal background, then. I deal in forex. I own a Series 3, a Series 34, and another CTA license.

I originally came here to provide education, but as I got to know Dave and the team, it kind of evolved into being a consultant for the business because of my legal experience.

FINRA’s NFA tests are referred to as “Series 3” and “Series 34.”

Logan is not NFA-registered, but as of April 2022, he is a Commodity Trading Advisor registered with the CFTC.

Logan has registered as a sole proprietor and BFX Standard is unrelated to this. Furthermore, J. Joshua Beistle, not Logan, is in charge of BFX Standard’s trading division.

But the reason I’m bringing up Logan’s CFTC registration is that he recently posted the following on Instagram:

Logan failed this specific test sitting, therefore his Series 3 exam score of 97% on rules coupled with his CFTC registration makes reasonable denial impossible.

Returning to Logan’s discussion on compliance;

And one of my responsibilities was to make sure the legal groundwork was sound so that our business would be compliant. And it took a lot of effort.

One of the things we did was to seek assistance outside.

You go employ law companies when you are unsure of what to do. You then go employ advisers to help you.

Armstrong Teasdale is one of the legal companies that we visited and obtained. Google them to learn more. You can research them.

More precisely, the reason I choose Armstrong Teasdale is that they have a partner who was the director of the SEC for the state of Missouri. This partner is one of the firm’s top attorneys. is one of our legal team’s key attorneys.

Given that we work with blockchain, I found that to be relevant. It’s crypto time. And as some of you may already know, or as some of you may not, the SEC is the regulating body for a lot of the cryptocurrencies that are now available.

So we went and found a company. More significantly, we went and found the attorney who formerly oversaw an entire state’s SEC.

Additionally, they support us in our CFTC work, which is related to the FX market.

But we continued after that. There isn’t one lawyer here who handles everything. Our staff of attorneys handles a variety of tasks for us.

We employ trademark lawyers. We use trust attorneys. Our FTC attorney, Kevin Grimes, is working with us to make sure that our direct sales approach is legitimate and compliant.

Additionally, we have Strong & Hanni from Utah, who are also FTC lawyers. that are assisting us in ensuring the legality of our direct sales approach.

As a lawyer, I find this to be significant. As a former prosecutor, it is essential to me.

Because the one thing I don’t want to happen is for us to go down this road of building what we think would be an incredibly wonderful company just to have it shut down.

BFX Standard is not registered with the SEC or CFTC, as was already mentioned.

BFX Standard claims it’s not doing what it’s doing rather than signing up with financial regulators, submitting audited financial reports, and conducting business legally:

BehindMLM will think about writing a separate assessment if BFX Standard’s pay structure significantly changes from Enigma Network’s.

If not, it will be interesting to watch if BFX Standard outlives Enigma Networks’ six months.

Update: October 8, 2022. BFX Standard cost and compensation information in further detail:

A “Technology Pass” costs $150 to purchase and $60 each month after that.

$150 for affiliate members and then $75 each month.

Access to a bitcoin or FX trading bot for three months costs $299.

Access to a bitcoin or FX trading bot for a year costs $999.

Access to a bitcoin and FX trading bot for a year costs $2499. (4 automated trading accounts)

Retail consumers’ and affiliates’ recruited subscriptions to bots are rewarded with commissions.

3 months pay $60, 999 dollars a year pays $200, and 2499 dollars a year pay $500.

The rest seems to be identical to Enigma Network.

DataBank Review - Is a Fraud
Ruleta En unique casino fr internet Acerca de España

Leave a Comment

Your email address will not be published. Required fields are marked *