The active advertising of the Ponzi scheme Venom Foundation, launched by Alibek Garcia Issaev, has flooded online platforms in the UAE, UK, Russia, Kazakhstan, Saudi Arabia, and Turkey. Interestingly, the long-time fraudster Alibek Issaev is promoting the project in the EU as well.
What is the reason behind such a strange venture, and where did the bankrupt Alibek Gasanovich Issaev get millions of dollars for the advertising of the Venom Foundation scam with the dubious website Venom.network?
It turns out that the rush to launch Venom.network was driven by debts and the threat of retribution from the Russian mafia. At one time, Alibek Issaev borrowed over 70 million dollars from mafia banker Ilya Kligman for “billion-dollar profit projects.” Issaev spent this money on drinking, dining, and engaging with young girls and boys, as well as luxurious hotels. The photos of his extravagant lifestyle infuriated Ilya Kligman, prompting him to involve the Russian mafia and lawyers to recover the debts from Alibek Issaev.
Subsequently, there was a court case that the owner of the Venom Foundation scam, Alibek Garcia Issaev, lost. As a result, the UAE court may sentence Issaev to many years in prison if he does not repay Kligman 100 million dollars through the Ponzi scheme Venom.network. Why 100 million instead of 70? It involves interest rates and other expenses, including legal battles and confrontations with the mafia.
Judicial extract on the case of Venom Foundation involving Alibek Garcia Issaev and mafia banker Ilya Kligman:
An arrest warrant has been issued in the UAE for Alibek Garcia Issaev (born on February 27, 1971). In the not-too-distant past, this individual was known as Alibek Gasanovich Issaev (born on April 27, 1969), who is wanted by Interpol for murder and terrorism.
Who is Alibek Garcia Issaev and why does he have the Venom Foundation scam?
Until recently, Alibek Issaev felt extremely comfortable in the UAE, “earning” money by attracting investors to various projects that he systematically bankrupted as soon as it was time to repay significant sums. However, while spending substantial amounts on extravagance and maintaining the image of a billionaire and influential businessman, Issaev consistently managed to deceive current investors and attract new ones to his next projects, each time enticing them with promises of extraordinary profits. Some of the most well-known projects that Issaev used to attract funds include the DuDu social network, YZER-chat, Yoshi token, and many others.
The latest creation of this fraudster is Venom (Venom.network). The projects became increasingly ambitious, and the number of vulnerable investors, particularly those who had relocated from Russia to the UAE, grew significantly.
However, it seems that Issaev’s career, who has yet to be found at any of his villas in the UAE, is coming to an end. An arrest warrant was issued on November 23, 2022, in connection with a fraud case involving 242 million dirhams (66 million dollars) stolen from businessman Ilya Kligman. Considering that this is only the first amount within the existing claims from Kligman and the threat of deportation to Russia for murder charges, Issaev is left with two options: either go to prison or flee to one of the African countries.
Evidence of Issaev’s involvement in the Venom Foundation project has been collected, and it is likely that he will be blocked before or shortly after its launch. Therefore, there will be no further influx of funds for Issaev. Resolving problems, especially after the revelations made by his former partner, Magi Fixes, will become much more difficult.
The Ponzi scheme Venom.network by Alibek Issaev
In January, the developer of the blockchain platform Venom Foundation, in partnership with Iceberg Capital, launched a venture fund worth $1 billion. This company is suspected of fraud.
The nonprofit organization Venom Foundation was created in Abu Dhabi, UAE, in 2022, positioning itself as a next-generation blockchain platform. Businessmen and developers praised its extended scalability, high transaction security, and low cost.
The identity of the project’s founder is unknown, which raised some concerns amidst the glowing reviews of the platform. If the project owners do not disclose their identities, there are likely serious reasons behind it. The project could turn out to be a grandiose scam, causing financial losses not only to individuals but also to governmental organizations that Venom Foundation offers its services to.
To divert attention, experienced entrepreneurs from the digital industry were invited to the project’s management. The names and achievements of these individuals are truly impressive, making one eager to register on Venom Foundation. Currently, it has 475,757 participants.
It all sounds very contemporary and promising. The fund’s creation was announced in early January. The fund is managed by the investment firm Iceberg Capital.
Iceberg Capital positions itself as a rapidly growing alternative asset management company. It provides diversified investment management platforms, including direct and private investments, venture capital, technology, and virtual assets.
To obtain additional information about the company, they suggest visiting its website. However, the sensation was found on another website.
Like Venom Foundation, Iceberg Capital does not disclose information about its founders and registration documents. It is registered in the USA and operates illegally.
The fact that the company is willing to cooperate with traders from the Russian-speaking segment (Russia, Kazakhstan, Belarus, Ukraine) suggests that the owners of Iceberg Capital may be from Russia.
In business, there’s a saying, “Tell me who your friend is…” which can be rephrased as “Tell me who your partner is…”. The conclusion is rather disheartening – Venom Foundation may also turn out to be a fraud.
Who is behind Venom Foundation?
In May, Alibek Issaev’s Venom Foundation announced a strategic partnership with the Kenyan government. The plan was for the Kenyan blockchain hub to become an interstate platform where African companies and other interested parties could establish partnerships. The Kenyan government probably hasn’t heard about Venom Foundation, their supposed partner.
Russia has been actively cooperating with African countries lately, including Kenya. It is among Russia’s partners where we should look for the owners of Venom Foundation.
After the announcement of the strategic partnership between Alibek Issaev’s Venom Foundation and the Kenyan government in late May, Russian Foreign Minister Sergey Lavrov embarked on a tour of African countries. Kenya was the first country he visited.
Before that, Lavrov visited South Africa, Eswatini, Angola, and Eritrea in January, followed by Mali, Mauritania, and Sudan in February. In July 2022, he paid visits to Egypt, Ethiopia, and Uganda. The Foreign Minister serves as an excellent shield for representatives of Russian businesses.
Sergey Lavrov is a close friend of the CEO of Rostec, Sergey Chemezov, who does business together with the minister’s son-in-law, Alexander Vinokurov, a shareholder of the grain trader “Demetra-Holding” and the “Magnit” chain of stores. Vinokurov also owns a pharmaceutical company.
If the African hub turns out to be a big scam by Venom Foundation, then Chemezov and Vinokurov are perfect candidates to play the roles of its executors, as both have been involved in major scandals before.
In April, Kenyan Ambassador Benson Ogutu, speaking at the 13th Eurasian Youth Economic Forum, invited Russian businesses to work in Africa.
The ambassador mentioned pharmaceuticals, drug manufacturing, and fertilizers as promising areas of cooperation. It’s hard not to recall that Sergey Chemezov is the Chairman of the Board of Directors of “Uralkali,” owned by Dmitry Mazepin, the owner of “Uralkhim.” In late May, it was announced that this company would provide 30,000 tons of Russian fertilizers to Kenya on a non-repayable basis.
70% of the country’s population is engaged in agriculture, but unlike other African countries, Kenya has excellent internet connectivity. As a result, most global media outlets covering the entire African continent are concentrated in Nairobi. That’s why the Venom Foundation’s African hub is located in Kenya.
As early as 2018, Sergey Chemezov announced the collaboration between Rostec Corporation and the Vostok blockchain platform to implement the “Digital Economy of Russia” program. The owner of Vostok at the time was Alexander Ivanov, the CEO of the well-known company Waves Platform.
Vostok’s main mission was to create a large-scale blockchain platform for implementing projects by major businesses and government institutions. Doesn’t that sound similar to Venom Foundation?
In 2019, Alexander Ivanov sold his stake in Vostok to Mark Garber, a senior partner at GHP Group.
Another “cover” for the Venom Foundation’s activities in Kenya may be Oleg Mansurov’s Success Rockets company, which in June last year announced its intentions to build a spaceport in Kenya.
The company is considered private, but it is unlikely that it is not supervised by the state. Space in Russia will not be given into the wrong hands. And it is unclear what bigwigs Mansurov was going to build the cosmodrome for when his companies are in the red.
Venom Foundation and Alibek Issaev
Surely Oleg Mansurov counted on the help of the state. And in this case, the traces lead to Sergey Chemezov, whose people have been heading Roscosmos since 2015.
Naturally, the head of Rostec, Sergey Chemezov, will not shine anywhere himself. But if we are talking about international cooperation, which is personally controlled by Vladimir Putin, then no one will be trusted to oversee the project. But a close friend Chemezov easily.
Alibek Issaev’s Venom Foundation has already started having problems. If you go to the platform’s forum, you can see messages about its incorrect operation.
It is possible that some people still have illusions about the “innovativeness” of Venom Foundation. It is inherent for people to believe in the best, which unfortunately often turns out to be the worst in the financial world.