Dubai’s EcoX boss Jorge Sebastião cheated 136 million Euros in Spain


Jorge Sebastião, Chief Executive Officer of a company named Nimbus, which was swindled 136 million Euros from people in Spain became a hero in Bahrain and was awarded ‘E-Government Excellence Award’. This award is under the Patronage of HH Sheikh Mohammed Bin Mubarak Al Khalifa, Deputy Prime Minister, Chairman of SCICT, Kingdom of Bahrain.

The award declaration said:

Mr. Jorge Sebastião is a seasoned CEO, CTO, CISO, Advisor and International Speaker, with experience in Blockchain, DeFi, Asset Tokenization, Cyber Security, AI, IoT, 5G, Cloud, Disaster Recovery, Big Data, and Managed Services.

He is a professional advisor for several innovative startups using disruptive technologies and focused on generating business value and enabling sustainability. He is also the creator of a powerful A6 security framework: Assess, Architect, Apply, Administer, Awareness & Agility.

He is a speaker at numerous international conferences on topics including: ICS Security, ICT Security, Business Continuity, ICT Architecture (TOGAF), Wireless Security, Regulatory Compliance, Physical Security, Biometrics and Smart Cards, Ethical Hacking, ISO27001, ISO27002 (ISMS), ISO2000 (ITIL), ISO13335 (Risk Management), ISO22301 (BCMS), CobIT, Basel II, EMV-2, PCI-compliance, SOX, Info warfare, Fraud, Identity Theft, SAP-Security, CISSP, Forensics, and Incidence Response.

Mr. Sebastião has co-authored the book La Face Cachée du Credit.

But, according to numerous reports in the Spanish media, Jorge Sebastião is a dangerous fraud, who has swindled 136 million Euros from people in Spain.

Spanish newspaper Cronica Business in its report said, Jorge Sebastião (Jorge Sebastiao), CEO of Nimbus Defi has cheated 136 million Euros from people by giving them false hopes through fake cryptocurrency.

The Nimbus cryptocurrency trading platform ensures that, despite the fact  that a forensic report from the Civil Guard ensures that it would have defrauded nearly 136 million euros in an alleged pyramid scheme, it is still fully operational and that it is not involved in any fraud. The firm claims to be operating in 121 countries and has more than 50,000 investors.

The platform is being investigated by the investigating court number 4 of Huelva, which has opened preliminary proceedings for alleged fraud at the request of a complaint from a law firm, and this court would have recused itself in favor of the National Court due to the possibility of that have affected other provinces. For the moment, the National Court has returned the case to the Huelva court to continue with the investigation process and will adopt its decision later.

READ: YEM coin and Bank Bene Merenti cohort EcoX boss Jorge Sebastiao flees Dubai

Nimbus is among the entities that the CNMV periodically warns about, either because they are financial beach bars and do not have the authorization to act as investment services entities, or because they are other entities about which it prefers to warn potential users. This is the case for Nimbus and the big crypto-asset exchanges like Binance and Coinbase.

The platform, based in Malta and which has Jorge Sebastião as executive director, assures that it is being investigated for alleged pyramid schemes due to the accusations of a person. He is a lawyer about whom he has filed a complaint with the Madrid Provincial Prosecutor’s Office. According to Nimbus, “the source of these serious accusations has its origin in a single lawyer, Mr. Carlos Aránguez, who heads a complaint.”

In the Nimbus complaint, it is noted that the lawyer is carrying out a smear campaign towards the platform “in order to qualify clients for the alleged legal action that he has undertaken (…), without there being evidence to prove it” and he sees indications of fraud, if what has been published to date has served to “attract investors to the office”.

Nimbus further clarifies that the Italian Andrea Zanon is neither a founder nor one of its shareholders and that he was hired as an external CEO to build the Nimbus team, after which his contract ended in June 2020. Since then, he claims, there is no employment relationship between the platform and the World Bank consultant.

A victim of Nimbus fraud racket, LABE Abagados in a statement said:

LABE Abogados is the leading brand in the ranking of Cryptocurrency consultancies in Spain, whose purpose is to fight against deception and scams from new platforms, such as the new pyramid scam of Nimbus Platform Ltd. A company registered in Malta which was promoted as a great opportunity for users who wanted to be investors in the world economy in an accessible, complete, safe and regulated way. 

The new technologies department of LABE Abogados has carried out an exhaustive follow-up of the alleged Nimbus Platform scam. For this reason, our specialists have always asked those affected to be cautious until it becomes clear which is the best path to follow in terms of legal action.   

Our recommendation to those affected is to immediately take legal action following specific steps that we set out so that in this way the affected user can recover the investment made, and even obtain benefits from the possible damages that may have been caused to them. 

“It is estimated that the number of affected could reach 32,000 with damage that could exceed 100 million euros. Those affected are investors in cryptocurrencies.

Jorge Sebastião and his Nimbus scam

Crypto space-focused forensics firm Tulip Research published a comprehensive report whose conclusion declares the Nimbus platform a “classic arbitrage software Ponzi scam”. Jorge Sebastião is the Chief Executive Officer (CEO) of Nimbus DeFi.

On September 14, 2020, BelnCrypto published an investigative article related to Nimbus due to its apparent relationship with Arbistar. It may be mentioned here that, Arbistar has been charged as a Ponzi scam with a class action lawsuit.

Tulip Research reaffirmed the suspicion, describing point by point the irregularities of the Nimbus company, from its operations, through its funds, to regulatory warnings from competent entities such as the CNMV.

Research published by Tulip Research described the company behind the Nimbus platforms as Nimbus Platform Ltd, whose registration is in Malta.

Its first business model began with a cryptocurrency arbitration service through its Avalon App product. With it, Nimbus intended to provide users who deposited funds on its platform with returns of 7 percent to 15 percent monthly, depending on the amount invested.

The alarms were heightened when the existence of a Nimbus own token was included, called NMBT, which was intended to be the means by which investors acquired their investment position in Nimbus.

On the other hand, this job acquisition was only possible through a referral, a suspicious feature for a Ponzi scheme.

According to Tulip Research, the Nimbus scheme collapsed and its investors were left without payments since October 3, 2020.

Given the difficulty in keeping money flowing, Nimbus thought of pivoting its “business system” by taking advantage of the rise of decentralized DeFi platforms.

One of the most radical changes was seen in the way of paying its investors. For this, Jorge Sebastião (Jorge Sebastiao) and his Nimbus DeFI created two new tokens called GNBU and NBU, intended for payments of users according to the amount of money they have entered on the platform.

It is worth noting that these new tokens would have an unlimited issuance directed by Nimbus, since this company would be responsible for their creation, and therefore, responsible for their functional code.

Nimbus underscored its suspicions when promoting its NBU token with its “listing” on the decentralized exchange Uniswap. Actually, in the same way that anyone can create an ERC20 token in a couple on minutes, anyone can create a Uniswap trading pair with any token through a first liquidity pool. In fact, creating a pair on Uniswap required a couple of clicks of a few seconds. This is part of its functionality as a fully decentralized exchange. While entering the NBU-ETH pair on Uniswap, the platform warns that anyone can create an exchange pair without liquidity, making it impossible for someone to buy this token to sell it later.

READ: Grand scam cartel of Jorge Sebastiao, Dan Settgast and YEM coin

In brief, Jorge Sebastião (Jorge Sebastiao) aka Nuno Jorge Da Cruz Sebastiao is a grand scammer, who currently is directly affiliated with Bank Bene Merenti, EcoX, YEM Foundation, YEM coin, ‘EcoShuMi Foundation’ and few more scam projects. Everyone putting their money in these fraudulent ventures would be certainly cheated.

*Dubai authorities as well as law enforcement agencies should initiate immediate investigation into this dangerous scam cartel, declare Jorge Sebastião (Jorge Sebastiao) as Persona Non Grata, shut-down his scam company named EcoX in Dubai and ban all companies and individuals in Dubai and the UAE from establishing any affiliation with this man.


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