PROBIT FOUNDER ADMITS IT’S FEEBLE! IS PROBIT THE NEXT EXCHANGE TO FALL
In an amazing development in the Probit Exchange fraud case, Probits’ founder, Mr Hun Hilsoon, admits that Probit Exchange is small, feeble operation with only 5 staff!
His admission comes from a recorded video conference called by him with NuGenesis CEO and Estonian lawyer, Anet Jaks. Hilsoon’s pleads for mercy where Probit cannot even afford to return NuGenesis’ listing fee paid to Probit by fraudulent misrepresentation.
A revelation that will unnerve Probit customers in whose custody they have trusted their financial well-being. With the collapse of crypto projects and the domino effect from 3 Arrows, Voyager and Celsius, concern is escalating about Probit’s ability to meet withdrawals from customers.
Why is Hilsoon initiating the communication rather than the CEO, Esmond Hwee, or self-proclaimed boss, Jake Lee? The inference is that when NuGenesis appoints a Liquidator over the Probit entities, the Liquidator has powers to compel documents and answers under oath which a range of colourful characters involved in setting up Probit and its sources of fund, may prefer not be looked into.
Further, because the conduct being prosecuted involves criminal fraud, the authorities may take an interest into matters that may displease Mr Hilsoon.
NuGenesis is suing WHENMOON Oü (formerly known as Probit Exchange Oü) and the more recent PROBIT GLOBAL SERVICES Limited, incorporated in the Seychelles when Probit Exchange failed to meet the conditions to maintain its exchange licence in Estonia after July 2021.
The proceedings showcase a complete chronological log of communications and video calls which Probit’s Jake Lee destroyed the evidence, but not before NuGenesis had secured a copy. The Probit exchange fraud is a disgraceful case study on the behaviour of centralised exchanges, hiding in tax havens, contemptuous and believing themselves to be above the law.
PROBIT EXCHANGE OU was established in Estonia Registry code 14894573. By Licence Number FRK001266. It was licensed to provide “a virtual currency wallet service” in Estonia between 17.02.2020 until 21.07.2021, when it could no longer satisfy the regulatory requirements to maintain its licence.
Having incorporated PROBIT GLOBAL SERVICES Limited in the Seychelles, both entities purported to carry on the exchange business jointly from Estonia. These entities approached NuGenesis to list NuCoin, boasting a large Korean user base. In October 2021, they entered into an agreement and NuGenesis paid the listing fees.
With their systems, financial structure and personnel unable to maintain licencing in Estonia and resorting to the tax haven money laundering centre of Seychelles, Probit instead misrepresented itself as somehow favourably approved by the Korean Government.
The chronological log shows that Probit had no intention or capacity to integrate NuCoin for listing it. Furthermore, it also misrepresented that Probit would be providing marketing services for a $50,000 fee, to build NuGenesis’ Korean users. A misrepresentation that NuGenesis relied upon in establishing a Korean office, producing Korean speaking videos and articles.
Probit had limited bandwith. It struggled over a year to integrate Cosmos and had no capacity integrate NuGenesis, even though NuGenesis is a more lightweight layer 1.
Yet the chronological log records that Jake Lee continued to make fake promises, stringing NuGenesis along. Probit had made public announcements that it would be listing NuCoin and NuGenesis has marshalled its user base for the listing. The failure of which cost them over $1.5m in damages from lost sales, increased software and storage and infrastructure builds.
Ultimately, Jake Lee came clean. Lee offered to refund NuGenesis’ listing fee. But, again, this proved false. A lesser amount to the full fee was then offered. It too proved false. In the ultimate display of arrogant disregard, Lee destroyed the communication log. Lee then dismissed NuGenesis saying it would not return any fees and NuGenesis can go do what it thinks best, because they are in the Seychelles and untouchable.
Most people can’t do anything more. They simply get ripped. Hence the universal concern about centralised exchanges in tax havens having custody of client’s crypto. When they decide to help themselves to your assets, they feel they can and do so without consequence.
However, NuGenesis has turned this into a crusade with a mission to expose the putrid behaviour of centralised exchanges. NuGenesis enjoys a powerful in-house legal team and engages the best external lawyers, such as TSG Baltic, to recover, from what will be Probit’s assets including its business, as compensation.
By maintaining pressure on investigative and regulatory authorities in Estonia, Seychelles and Korea, NuGenesis is hoping to contrast corrupt centralised exchanges with its own fully fledged crypto-fiat decentralised exchange, Ledger X. Its mission is to promote the new generation decentralised exchanges, which unlike DEXs, operate as fast as centralised exchanges, but allow users to keep their assets and keys, and there is no central point of attack.
The battle to be played out with Probit promises to be epic. It will be a historic show case make pubic to the crypto world. For Probit, it is just another scam victim to fight off. For NuGenesis, it is the quest to terminate corrupt centralised exchanges. For regulators, investigators and Liquidators, it will be deep dive into the evil underbelly of the last bastion of rogues in the crypto market. For Probit clients, it will be a test of blind faith of having their assets in the custody of a financially feeble exchange, with dubious behaviour and an ominous barrage of attention. We look forward to the next development.