Five states have settled with the European crypto firm GS Partners over several crypto investment pyramid schemes. These included one in which the firm sold crypto "vouchers", each representing a single square inch of a 36-floor Dubai sksycraper, which they said would allow holders to earn passive income from rental leases. The group reportedly offered a 5% weekly guaranteed return. Other schemes involved selling metaverse land and a token purportedly backed by gold. GS Partners worked with various celebrity spokespeople, including eternal moth-to-the-flame of scammy crypto projects, Floyd Mayweather. The GS Partners firm shut down in the United States as of December 2023.Terms of the settlement include 100% repayment of investments made by victims in the five states that settled: Texas, Alabama, Arizona, Arkansas, and Georgia.
GS Partners has also faced regulatory scrutiny in other US states, as well as in Canada, Australia, and South Africa.
