IM Academy, the "crypto-sect" that captures thousands of young people from Europe in Spain in a pyramid scam


IM Academy, the "crypto-sect" that captures thousands of young people from Europe in Spain in a pyramid scam

In recent days, in the city hall of Badalona, in Spain, a massive event of a company judicially investigated for an alleged pyramid scheme took place under the facade of a cryptocurrency investment training academy.

IM Mastery Academy rented the Palau Municipal d'Esports to hold a three-day convention with a program to "encourage" investments in cryptocurrencies, costing 200 euros ($215) a ticket.

The place was packed with more than 9,000 young people who came from Germany, Holland, Italy and Cyprus, among other European countries, and after the first day of the event, the organizers "prohibited" the participants from speaking with the media.

For the publication El PaĆ­s, a mother stated: “they have kidnapped our children”. She and other families united through RedUne, a sectarian prevention association, seek to end IM Academy, supposedly based in New York, which is already being investigated for fraud.

In March, after a year of investigation, 8 people were arrested throughout Spain as part of the network that uses "persuasion techniques typical of sectarian organizations" and are accused of fraud, misleading advertising, psychological coercion, criminal organization and crimes against the public estate. However, the defendants continue their process in freedom and were able to attend the event in Badalona, ​​from which the city council disassociated itself.

The company has been operating since 2019 and is the "successor" of another organization also linked to fraud called Awaken Dreamers or iMarketsLive. Its main members show on social networks a life full of luxuries, according to them, thanks to the trading training offered by the academy.

The premise is simple, get rich without working, starting with an online course after which, according to another mother, her daughter dropped out of school to dedicate herself to "personal development, recruitment and consolidation within the sect," she says. .

The structure of the academy is pyramidal. After paying the cost of the initial course, a membership of 150 euros per month must be paid, however, if the student brings two people, it is free; if he manages to carry a third, he begins to earn money and climb the ladder that has names like Platinum 600, referring to the $600 they receive as income. The goal is to reach Chairman, with 30,000 subscribers.

Young people agree that studying is "an outdated paradigm" so they dedicate themselves to "opening people's eyes" and "digital empowerment".

According to the Spanish newspaper, a 19-year-old who left IM Academy wrote in a diary phrases such as "I am Platinum 500, I am successful, I have my cars", referring to the visualization of the future they want to have.

“He has not been vaccinated. He believes that everything is a setup, even the war in Ukraine, ”says his mother.

The structure moves on digital platforms to carry out allegedly fraudulent investment operations with cryptocurrencies, activating investment orders in certain products that the entire organization must carry out at the same time.

According to some witnesses, the organization pressures young people to abandon their studies and cut family and friendship relationships to concentrate on the activities of the academy, that is, attract more young people.


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