Finiko, launched in Russia in mid 2019 and then internationally in 2020, had been soliciting investment into CFR Ponzi points.
That introduction of FNK tokens has seen that model collapse.
CFR was an internal Ponzi token Finiko pegged at 1:1 for $1 USD.
FNK token was announced in December 2020.
The new token was integrated into Finiko shortly thereafter.
FNK has since been listed on dodgy exchanges, with most of the shitcoins volume trading through Bithumb Global.
Finiko managed to keep investor recruitment going through 2020, however in 2021 thats leveled off.
Having gone the shitcoin exit-scam route, when its admins want to disappear Finiko will disable internal withdrawals.
This will leave affiliates scrambling to sell off on public exchanges, only to realize there are no buyers outside of Finiko itself.
Cue FNK dumping to $0 and sorry for your loss.
What makes Finiko interesting is the Ponzi scheme is primarily targeting Russian investors.
At the time of publication Alexa pegs Russia as the largest source of traffic to Finikos website (57%). Germany comes in at second (34%), and that investment is presumably whats currently keeping Finiko afloat.
Basically a transfer of money from new gullible Germans to Finikos OG Russian investors.
Russian authorities typically turn a blind-eye to MLM Ponzi schemes targeting international victims.
With Finikos heavy Russian investor-base, its collapse might signal the first MLM crypto intervention by Russian authorities.
Pending Finikos eventual FNK token exit-scam, stay tuned.