"...—También le dijo a tu padre que habían encontrado el néctar del
árbol azul, pero que debiste suministrárselo a él, pues había sido
mordido por una serpiente. Aparentemente es un científico: descubrió que
la dosis que le habías suministrado aún se mantenía latente en su
sangre y por ello, con una pequeña transfusión, era suficiente para que
yo sanara. Así lo hicieron y al poco tiempo empecé a recuperarme..."
Siglo XXI… La noticia impactó al mundo entero: Estados Unidos de
América, la potencia económica, tecnológica y militar más grande de los
tiempos modernos, cometió un error… Al igual que ocurrió con los
poderosos reinos e imperios del pasado, su afán de poder se volvió su
peor enemigo. Pero, ¿es posible que esto estuviera escrito? ¿alguna
civilización ya desaparecida habló alguna vez del fin de los Estados
Unidos de América?
This is not one of those mellow Korean dramas so popular nowdays, it's a
nightmare for the investors who were duped by this scam, especially for those
who recommended this project to other people and now are threatened, receiving
even death threats, requiring them to return the money this company robbed.
Many thought they were participating in a legitimate business and in the end it
only resulted in a big fraud. May these words serve as a warning for those who are offered with a
similar business, and when they recognize the same characteristics that will be
described here, they avoid being scammed as it happened in this case. The
actors and the stage may vary, but the plot usually still contain the same
fraudulent elements that will be related here.
A MODERN HISTORY OF A SCAM
Throughout history, there have always been scams of all kinds, the only
diffrence is that they evolve with time. This one is typical of our age.
Technological developments have brought radical changes in the way the people
of this planet interact with each other. The introduction of computers and then
the cell phones are some of those changes, but so drastic, that they have
substantially changed the way we behave, live and do business.
Among these technological changes emerged the Bitcoin. I won't go into the
details of its birth because its history is available in many websites
[https://en.wikipedia.org/wiki/Bitcoin]. I will only mention that it is a
decentralized, independent, virtual currency, which is not controlled by any
state, bank or financial institution.
At the time of its birth (2009), it did not have much boom or atention, but as
time advanced, more and more people began to use it and understand its use.
Obviously, when an instrument begins to be useful and therefore has the
potential to gain money, it is when the competition arises. Often they are bad
copies of the original or vulgar scams.
GOOD TIME LIFE: ALEX AND LINDA LEE HONG
It is in this moment that a multilevel company called GOOD TIME LIFE (GTL) was
founded by two South Korean citizens, called Alex Lee and Linda Hong (if those
are their real names). They also used the names of Mansik Lee and Juliana Hong.
Mr. Lee was promoted as a great businessman, which
was never credited anywhere but in a magazine provided by himself, which gave
no further detail of his experience. Information about Linda Hong is
They also were showed in interviews or receiving
People commented that before founding Good Time
Life, Alex Lee was a security guard. There was nothing wrong with that, except
for the hundreds of people he defrauded.
For its part, Good Time Life's official website [goodtime.life] held the
following presentation and greetings (the website stopped working):
Nice words, but false, as all that was offered
(this greeting was in different languages).
The company began developing his project with an attractive business plan (as
multilevel companies usually do) that revolved around a criptocurrency issued
by the company that initially was called UTACOIN and then was changed to
UTACASH (UTAC). But his hook or bait was based on a compensation system and
revaluation of these virtual currencies, which was quite creative, but completely
PREPARATIONS FOR THE SCAM
The first step was to invite potential investors and business promoters at the
opening of what would be a great company. For this they prepared a great
reception in South Korea as it is shown in the following video:
It was there explained to them that people will
have a chance to buy packages (as is done in all multilevel companies) and the
coins they would receive for those packages would come to have great market
value as the business develops.
For example, they offered a package of US $ 250 and the person who purchased it
would receive 2,500 coins, called UTACOIN. In other words, they would sell the
the coins at a value of 0.10 cents and if the currency called UTACOIN came to
be worth US $ 1 of the United States of America, the person will win US $ 2,500
(it was not a bad deal, except it wasn't true). With the package of $ 500, the
investor would receive 5,000 coins, but, for this amount, an extra bonus would
be granted, which for this particular package consisted of 10% (500 coins).
Then the investor would acquire a total of 5,500 coins. So, if the coin came to
be worth US $ 1, the investor will win US $ 5,500. With the $ 1,000 package
would receive 10,000 coins, plus a bonus of 15%, for a total of 11,500
UTACOINS. Thus reaching worth of $ 1, They would win US $ 11,500. Packages
continued to increase in value as bonuses, up to $ 30,000.
Meanwhile, those who promoted the business and
brought new investors to this "project" would receive bonusses to be
paid through a binary system (also called two-legged), you must enter at least
two people (one for each leg) in order to receive commissions, very usual for
Once the person acquired a package the so called
"company" gave them a username and password to access a section of
the company's website called "My office". There, they receive the
coins corresponding to the package purchased . If a person brought other
investors (binary systemen) they will receive a commission that were paid as
follows: a percentage of bitcoins, represented by the letter B (Green box);
Forex points, represented by the letter F (blue box); points to buy (shopping
points) represented by the letter S (red box).
At the bottom of the website you could see people entering in the business and
their nationalities represented by the flags of their countries.
Here it is a part of a video (in spanish)
explaining how the site works:
But how they intended to increase the value of the currency?
PLATFORMS TO INCREASE THE VALUE:
They promoted an "ecosystem" of what they called platforms, in which
UTACOIN would increase its value. At the end, they were totally false. It was
1- 3D TVs technology
This was a masterstroke in the scam. GOOD TIME LIFE led to believe that it was
the owner of 29% of a technology in 3D (three - dimensional TVs that do not
need glasses), whose sales in the future would worth millions. To prove that
they gave the following information:
They also promoted that tecnology with the following
video (in this case in Spanish):
They even invited potential investors and business promoters from
various parts of the world to the opening of the company in Seoul, South Korea
(2017), in which they showed that technology. People who were at the event say
that they indeed saw that technology, as seen in the following video, although
the third dimension it can not be appreciated, it shows that people who were
there witnessed that technology and that it was real and that Good Time Life
offered as its own:
As I stated, this was one of the masterstroke of
the scam: convincing people (investors and promoters of the business) that the
company owned the technology, that they had large contracts signed, especially
with China, and that when the sales of this tecnology started it would get rich
all the investors. This gave a sense of security with the investment in Good
Time Life. Obviously seeing this technology operate in the event of Seoul,
South Korea suggested to the participants that it was indeed true.
How they managed to show that technology as owned by Good Time LIfe is a
mystery yet to be solved. 2-Business Center, residential and a hotel in Jacarta
They also talked about building a business center, a residential and a hotel in
Jakarta, Indonesia, where you could buy only with the UTACOIN currency.
3- ATMs, Visa and Mastercard cards
They also promoted the idea that UTACOIN currency could be used at ATMs around
the world. They claimed they had a signed contract, the first in the world,
with Visa cards. Subsequently, they changed to Mastercard. At the end, there
They even kept the charade producing a video issued
in December 2017, in which they announced the approval of the card.
4- Virtual Mall
Another platform offered was a supposed virtual mall called GOOD TIME MALL, in
which people would buy famous brands items with UTACOIN. From the beginning,
this was on the screen when people accessed the page [www.goodtimemall.org]
The site did not have any traffic, started dead and thus always followed.
5- Commercial buisnesses to use Utacoin
Another promise was that the Utacoins could be used
in many business around the world. We can be certain there was none.
They also offered that the company would invest in FOREX (which is a
decentralized world market for all the currencies that are operating in the
world), which proved false, as all other platforms:
They even gave talks on how to invest the money on
this platform. Here's an excerpt from one of those talks:
7- Exchange houses and a virtual wallet
Another platform was a exchange house for the Utacoins that the investors had
acquired. There they could sell them and get a juicy profit. The site was
called [goodtimeuta.org], which also would have its own virtual wallet.
8- White Paper
Finally, although it is not a platform, it is an instrument used to revalue the currency.In the field of cryptocurrencies, the White Paper is a very important document, as it explains its purpose and technology, which helps attract potential investors.The document has a lot of information, such as the amount of coins to be issued, the financing phases, a roadmap, among other details.But like everything in Good Time Life, it was just another hoax.
In short, they promoted the company as if it were a
conglomerate of services, which never really existed.
BEGINING OF THE SCAM
Once they created all the infrastructure to sustain
the deception, they decided to start placing the packages, which was how they obtained
the money. To do this, one of their spokesmen, a man of Korean descent and
Brazilian nationality named Philip Han, who was the GLOBAL MASTER (whatever
that meant), began promoting the company in various countries, especially in
Latin America. Here it is an example of the promotion:
He also appeared with Alex Lee and Linda Hong in several videos, one
already shown above, another as follows (in Spanish):
One of the promises they made to attract investors
was that the first 100 people in each country who subscribed through a package
that they offered would be considered a founding partner and this person would
earn year after year an extra bonus, which consisted in, of the total earnings,
11% will be shared among all of these founding partners, as explained in
Spanish by Philip Han in the following video.
Many people, especially low-income, believed in the
project. People from America, Africa, Asia, Europe, India, made videos on
Facebook and Youtube promoting the company in meetings and promising what they
were promised: that they will get rich with this company. In fact, the company
itself claimed that people from 90 countries around de world had already
invested , which is highly likely to be so, because the scam was very well
People contacted family, friends, co-workers and
everyone they could to show this wonderful multilevel business that offered
The company also urged people to buy UTACOIN currency in exchanges houses
(Example: CCEX), so the criptocurrency could begin to revaluate itself. END OF LIES: FROM UTACOIN TO UTACASH
The deception began to be exposed gradually. There were small details such as
miscommunications, inconsistencies, delays, informal meetings with lousy
translators. Projects were not advancing and people began to ask questions
without answers. In that moment happened the first major setback that would be
the beginning of the fall.
GOOD TIME LIFE announced (of course they didn't do it through its official
website, because communication was always bad or zero) by the Global Master
Philip Han, that all people would lose over 90% of the coins they had bought,
due a conversion of coins from UTACOIN to UTACASH (UTAC).
This major shift in the investments was explained with a video and a paper.
That's right, it was not made through an official company statement. This
important information was delivered by Mr. Han using a piece of paper. Of
course, they never explained the reasons for such change.
In case someone doubts it was communicated this way
here is an extract of the video where the explanation was given, in this case
Those who had 2,500 coins will have now 227, those
who had 5,500 will have now 500, those who had 11,500 now will have 1,045 and
thus proportionately. Moreover, people who had bought UTACOINS in exchanges
houses where they they were urged to acquire them, will lose their purchases,
as the company would not recognize them. Something like buying a red car that
later would have no warranty, because the company now would only guarantee blue
This made people realize the scam they suffered.
It addition to this, in this part of the plot, "Philip Han" disappeared. The
company announced in one of the informal meetings occasionally performed, that
Mr. Han will no longer be the Global Master. That did nothing but exacerbate
the doubts and confirm the fear and widespread that everything was a lie.
Obviously other platforms were also ineffective. For example, the exchange
house [goodtimeuta.org] did not work either. It was a website with many flaws.
They changed it with a new one called COINSWORKS.
Needless to say this place did not work
either. GTL WINNERS
In its eagerness to continue with their lies, the company changed the platforms.
3D TV's Tecnology, Jacarta, the virtual mall, ATMs, the exchange house, Visa or
Mastercard cards and Forex no longer existed.
In one of the virtual and informal meetings conducted with lousy translators,
the founders asked for more time to investors. They said that now the currency
would be used in virtual casinos instead. That is, the currency ceased to be
the battle horse that would defeat the Bitcoin to become simply an old and
useless donkey, a casino chip.
To sustain the later, photos were taken allegedly signing agreements that
guaranteed their say about the casinos.
With no other possibility to recover their money,
hopeless people gave these lousy founders more time, hoping that everything
will be solved. Also they came out with photographs showing the places in which
the casinos would be working.
But like all scams, this came to an end. The
website [goodtime.life] stopped working and they don't answer emails anymore.
The testimonies of people who recommended the business and now were receiving death threats to return money they didn't have, were frightening,
because what started as a great business opportunity, became overnight a
Many people lost family, friends, coworkers, other people's confidence and their
reputation. The founders (Alex Lee and Linda Hong) disappeared, but there are
people trying to obtain justice and perhaps telling this story will help. If
you wish to contact other people who were affected, you can do so following this link to Facebook:
That said, this does not mean that all multilevel
or cryptocurrency businesses are fraudulent, but this story must teach you that
you should not be blinded by ambition, otherwise this will prevent you from
recognizing a great opportunity from a common scam.
As a final recommendation, if you are going to get into a business like this,
do it with your own money (an amount that you can lose without cause you any
problems) and do not recommend it to anyone else. It will always be less
painful and troublesome to lose your own than other people's money.