THIS IS THE STORY OF HOW TOMAS JAGER (KONGBTC) AND VIJAY SHARMA RAN A PONZI SCHEME, FABRICATED TRADES, FALSIFIED REPORTS AND DEFRAUDED INVESTORS OF 48.95 BITCOIN.

The Story

Tomas Jager is a German citizen based in Germany.

Vijay Sharma is an Indian Citizen that is based in Queensland, Australia on a student visa.

Tomas Jager AKA KongBTC (referred to as TJ) and Vijay Sharma (referred to as VJ), embedded themselves into a number of cryptocurrency trading servers on discord.

One of them was The Crypto Den (referred to as TCD) and another one was The Crypto Hub (referred to as CTH).

Over time they built up trust by helping people learn to trade using technical analysis. How to read charts, risk management, how to place orders and stops on Bitmex, etc.

TJ and VJ then decided to set up a cryptocurrency fund management pool, which involved trading cryptocurrencies such as Bitcoin on an online exchange, much like a stock exchange. This was promoted in TCD and CTH.

The first investment pool in TCD was a bot pool, of which I wasn’t involved. It turned a small profit from memory.

TJ and VJ then did an ETH based pool in TCD that was to run for one month. This pool was paid out with a profit, but the problem was, it didn’t actually have any profits.

(We have now found out they used money from the CTH pool to pay the TCD ETH pool out. TJ admits this several times in the interview).

This gave a false impression of profits to the TCD investors, that lead to some of these investors, investing more money in the next pool. Little did we know, the same thing was happening in the CTH pools.

After the completion of the TCD ETH pool, TJ and VJ then set up a Bitcoin pool and this one was to run for 3 months. We now realise the reason for the 3 months time frame was to give them a chance to get themselves out of the shit.

During the TCD Bitcoin pool, they published 6 reports to the TCD pool investors that were all falsified, had fabricated trades on them, and showed that the pool account was well in profit when in reality, they were running at a loss. The falsified reports have been provided below. Click here to read them.

It was only later that I also learned that they also had the CTH pool going in conjunction with the TCD one. They also had a number of other individual solo pools going.

There were approximately 100 investors worldwide for a combined total of combined total of 49.114 BTC. When we got access to the accounts there was only 0.1588 BTC left. A total loss of 99.67%.

On the 18th January 2019, Tomas Jager came out with a public announcement, declaring that there was a major discrepancy in the reports. He then went on to say that the “trading department and head of trading” were to blame. We found out during the interview that TJ was trading on the 15th November when the account lost 20 Bitcoin due to liquidations and that there is no trading team. You can see TJ’s announcement here. 

One day later, 19th January 2019, Vijay Sharma came out with his public statement. VJ said there was no trading team, admitted they falsified the reports. VJ also included a number of screenshots of private chats between TJ and himself. You can read VJ’s announcement here.

TJ then released all of their private chat log. You can read that here and I highly encourage you take a minute to have a look at it.

It was then that the admins from TCD and CTH put together a new discord server to deal with the fall out.

A team was put together to audit the Bitmex accounts and find out what happened. You can read the audit here.

Once the audit was completed, there were some major discrepancies and we called for a zoom meeting with TJ and VJ. It was then that the truth came out. There are a series of short 2 minute videos clips that highlight the fraud involved. You can watch the 2 minute video clips here. The full videos are also available here.

From there, both TJ and VJ put together payment plans. The community decided to give them the opportunity to pay the debt back. 

Tomas Jager never followed through with his payment plan. One of the pool members is a resident of Germany and has pressed charges against Tomas Jager.

VJ made 6 payments over 10 months. The payment plan was cancelled as VJ was not meeting his obligations. We then had Vijay Sharma charged by the police and it is still going through court. 

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