Vancouver’s Wealth-building Arsenal: Forex Trading And Mining Strategies

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Vancouver’s Wealth-building Arsenal: Forex Trading And Mining Strategies – Football Index’s owners transferred around £15m of customer stakes to a related company, which it used to build technology to sell similar products in foreign territories when the gambling site collapsed.

Reveals an eight-figure sum was transferred from BetIndex, the Jersey-based company that ran the Football Index, to its holding company Index Labs as part of “Project Hadron”.

Vancouver’s Wealth-building Arsenal: Forex Trading And Mining Strategies

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

The plan was to repackage the Football Index technology and sell it elsewhere as a cricket platform in India, a soccer platform in Germany or an NFL platform in the US.

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The Football Index marketed itself as a “virtual stock market for footballers” with players’ “shares” traded for money online, with users earning monetary “dividends” based on the footballers’ real-life performance on the pitch.

“Dividend” payouts fell by up to 90 per cent in March, causing the biggest disaster to hit British gamblers in history as ordinary football fans lost huge sums of money overnight.

A damning review of the company’s collapse, published last month, revealed that around £124 million existed in virtual share portfolios on the site, but only a small proportion of this was in cash, meaning the company was unable to cope with the decline in assets. A largely unanswered question over the past few months has been where that money actually went.

However, a presentation made by receivers BDO this August is the Lynx project, an attempt to raise additional funding from investors to continue building the Hadron project – even after the collapse of Football Index. It outlines plans for an ambitious global expansion and a product called “Token Trader”.

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Many users who have lost money feel as though Football Index has taken their money and – while knowing the business model is failing – continues to try to spend on speculative foreign projects that are unlikely to materialize. ever realized.

The “Hadron Project” was only 40 percent complete in August after spending £15 million on it.

Learned that Index Labs employees had been laid off over the past few weeks and had not been paid for their work over the past month as it was apparent that the company had run out of funds.

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

“They took our money to create a new product,” says one Football Index user who lost £215,000.

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“If we had the choice, we would never in a million years agree to them taking our shares and using them like that,” says a member of Football Index Action, who knows exactly what goes on behind the scenes. “It looks like they spent almost £15m of our money on this thing.”

BetIndex, which received revenue from customers buying virtual shares of football players, paid Index Labs as a technology service provider.

The “Hadron Project” became a symbol of Football Index’s ambitions in the tumultuous months before the pandemic took its toll on the platform.

The project has been repeatedly cited in podcasts, tweets and statements from the company’s founders as evidence of their plan to expand Football Index beyond the UK.

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Users hoped that this would lead to connections between different countries, meaning more buyers and more demand, thereby increasing the value and ability to trade customers’ “shares”.

“Germany was a plan within the company for a long time,” says a former employee. “It went crazy. (The customers were) really excited. They thought it would mean pooled liquidity and all share prices would go up.”

A video from Football Index’s engineering staff in February 2021 – just one month before the collapse – describes how the company planned to completely replace the product in the UK with some kind of new product.

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

“It’s a completely separate new product,” the engineer said. “The existing Football Index platform will never be migrated to the Hadron product. He’ll live another year or two.”

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But different gambling laws in different countries make it very difficult to combine products across borders. The so-called “pooled liquidity” between countries was seen as a non-starter internally, but was never shared with enthusiastic customers who continuously poured money into the platform and early adopters were financially rewarded.

Football Index sponsored the shirts of Bristol Rovers (pictured), Nottingham Forest and Queens Park Rangers (Photo: James Baylis – AMA/Getty Images)

One former employee also recalls internal excitement about expanding into India and the US, with Football Index looking to capitalize on the huge popularity of cricket and American sports.

Reveals huge sums of money transferred to UK-based holding company Index Labs over the past two years.

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It reveals how Index Labs presented itself to investors, showing the company received £4.45m in 2019, £9m in 2020 and £3.8m in the first few months of 2021 from BetIndex, its sole client and source revenue – a huge majority of which comes from selling virtual shares to UK customers.

Index Labs’ creditors’ proposal, recently published at Companies House, says that “as its sole customer, Index Labs’ traffic is (wholly) derived from BetIndex”. BetIndex’s turnover came from selling “shares” to clients and charging a commission for the shares traded by clients.

“We never thought they would use our shares to pay. We should keep this to pay our winnings. Most companies get investment for things like this,” says one member of the Football Index Action group. “We could never have imagined that the Gambling Commission would allow this.

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

“The worst thing is that now it turns out that due to regulation, they could only expand internationally in markets that are separate from ours, so the whole thing was not even in our favor anyway. It was for theirs.”

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The documents also reveal how Football Index was losing big sums at the start of 2021 as it increased dividend payouts to keep things afloat while revenues dried up. This throwing of good money after bad is why the business model has been compared to a Ponzi scheme.

In March before the company entered administration. “We categorically reject all allegations that Football Index’s model is in any way similar to a ‘pyramid scheme’ model.”

The BDO document says the “Hadron project” is only 40% complete after years of expensive development and after investors were asked for more money to pursue expansion into Germany and India – despite the platform’s epic failure in the UK.

It proposes the possibility of acquiring a stake in the “businesses and assets of a UK sports trading platform and the activities of an established provider”, notably avoiding the use of the name “Football Index”, which has been so publicly discredited.

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The “opportunity” is to license the technology that underpinned the Football Index to “expand the brand into alternative sports categories and new geographic jurisdictions”, with January 2022 suggested as a return to market.

“This new platform is designed to allow rapid system change for multiple different sports and the ability to operate in multiple currencies/multilinguals and effectively in any territory.”

The presentation cites Germany as the best place for the restart, a plan that calls for £4.5m of new investment this year.

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

“Revenue is expected to start flowing from this point and before the company becomes self-funding, an additional £14.5 million in funding is forecast to be required to get to that point in August 2023.”

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In other words, despite the colossal failure of Football Index in the UK, the company was looking for a £19 million investment to chase the dream of making a profit in Germany. Perhaps more surprisingly, the plan to enter India with a cricket product “could be funded by business and money generated from Germany”.

Basically, it reveals where some of the customers’ money went – into a speculative overseas expansion project. He even points to the fantastic possibility that “there is still the possibility of a relaunch in the UK market if clarity is gained around licensing”.

“I joined Football Index after seeing all the marketing,” says one user who lost £215,000 and suffered a heart attack after the stress of the collapse. “I have to take some responsibility for it, but it’s on the front of Nottingham Forest shirts. It’s not some sort of shady detour, it’s been in everyone’s eyes.”

This user – who was interviewed in more detail on The Athletic Football Podcast – had a dedicated account manager, which was available to large clients. The employee repeatedly said that the German expansion will happen, as well as the integration of the football index with the technology of NASDAQ, the American blue-chip stock exchange, which would give the platform a lot of credibility.

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Saw a document prepared by NASDAQ in February 2020 for Football Index describing the possibilities of creating a new technology platform for the company.

This user is not shying away from personal responsibility and says he feels stupid for making a decision that will affect his family for decades.

But in explaining why the situation is more complicated than that of an irresponsible gambler, he uses the analogy of betting on a horse in the Grand National. If a horse breaks a leg or is

Vancouver's Wealth-building Arsenal: Forex Trading And Mining Strategies

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