WeFi Operators Target Critic with Legal Threat
Operators of the WeFi Ponzi scheme have issued a defamation cease-and-desist letter to independent researcher Danny de Hek. The notice, prepared by Paul Kulikov of PLL Legal & CBP (a Swiss boutique law firm), contains numerous inaccuracies and legal misrepresentations.
The letter primarily challenges de Hek’s article titled “WEFI Exposed: The ‘World’s First Decentralized Bank’ That Isn’t a Bank”, published on August 19, 2025. It references both de Hek’s work and BehindMLM’s independent research into WeFi.
Key Flaws in the Cease-and-Desist
Kulikov claims to represent Reeve Collins (Chairman) and Yusuf Mirakhmedov (Board Member). The letter makes several problematic assertions:
- It insists WeFi is a “registered business officially authorised” for foreign exchange, money transferring, virtual currency, and PSP services under Canada’s FINTRAC registration (No. M23563590). Reality: FINTRAC registration is for money service businesses and does not authorize securities offerings. WeFi’s unregistered ITO/node investment scheme remains illegal in regulated markets. Germany’s BaFin issued a securities fraud warning against WeFi in February 2026.
- It denies Mirakhmedov’s status as a wanted fugitive, citing a 2020 Interpol document and claiming no criminal record in North Macedonia. Reality: Multiple credible news outlets (Insajderi, MK News) reported on Mirakhmedov’s 2017–2019 criminal case and arrest warrant in Macedonia. A 2020 Interpol document does not disprove ongoing fugitive status or the underlying charges.
- It accuses de Hek of defamation for noting WeFi markets itself as a “decentralized bank” while lacking a banking license. Reality: WeFi’s own website and promoters have explicitly used banking-related language. Pointing out the absence of a license is factual, not defamatory.
The letter threatens legal action in the US, UK, or Australia and demands a response within 14 days, warning of “significant and material consequences.”
Context on WeFi’s Operations
WeFi operates through shell companies in Canada, Costa Rica, Hong Kong, St. Vincent and the Grenadines, and Saint Kitts and Nevis — jurisdictions often used for regulatory arbitrage in MLM schemes. Most known executives are based in Dubai, a known hub for such operations.
WeFi pitches passive returns through an unregistered ITO/node investment scheme, which triggered BaFin’s securities fraud warning. Traffic to related sites remains modest, with recent visitors primarily from Germany, the Dominican Republic, the UK, South Africa, and the US.
Investor Guidance
Cease-and-desist letters from entities involved in alleged Ponzi schemes are common intimidation tactics. Factual reporting based on public records and regulatory warnings is generally protected speech in jurisdictions like the US, UK, Australia, and New Zealand.
Investors should treat WeFi with extreme caution due to its MLM structure, lack of proper securities registration, and history of regulatory warnings. Always verify platforms through official regulators (e.g., BaFin, SEC, or local financial authorities) rather than relying on company claims.
Bitcoin (BTC) and broader crypto markets remain unaffected by this specific dispute.
