Alibek Issaev's Venom Foundation Scam: Funded by Mafia Banker Ilya Kligman

The project is also being promoted in the EU despite Issaev's history of bankrupting his ventures as soon as it's time to repay investors. 

The rush to launch Venom.network was driven by debts and the threat of retribution from the Russian mafia. Issaev had previously borrowed over 70 million dollars from mafia banker Ilya Kligman for "billion-dollar profit projects." However, Issaev spent lavishly on dining, engaging with young girls and boys, and staying in luxurious hotels. Kligman, infuriated by the photos of Issaev's extravagant lifestyle, involved the Russian mafia and lawyers to recover the debts. Issaev lost the subsequent court case, and an UAE court may sentence him to many years in prison if he doesn't repay Kligman 100 million dollars through the Ponzi scheme. 

Alibek Issaev's Criminal Past 

Until recently, Alibek Issaev, known as Alibek Gasanovich Issaev in the past, felt comfortable in the UAE, "earning" money by attracting investors to various projects that he systematically bankrupted. He consistently managed to deceive current investors and attract new ones to his next projects, enticing them with promises of extraordinary profits. 

Some of Issaev's well-known projects used to attract funds include the DuDu social network, YZER-chat, Yoshi token, and many others. The projects became increasingly ambitious, and the number of vulnerable investors, particularly those who had relocated from Russia to the UAE, grew significantly. 

An arrest warrant was issued on November 23, 2022, in connection with a fraud case involving 242 million dirhams (66 million dollars) stolen from businessman Ilya Kligman. Considering that this is only the first amount within the existing claims from Kligman, Issaev is left with two options: either go to prison or flee to one of the African countries. 

The Venom Foundation Ponzi Scheme 

In January, the developer of the blockchain platform Venom Foundation, in partnership with Iceberg Capital, launched a venture fund worth $1 billion. The nonprofit organization Venom Foundation was created in Abu Dhabi, UAE, in 2022, positioning itself as a next-generation blockchain platform. 

The identity of the project's founder is unknown, which raised some concerns amidst the glowing reviews of the platform. If the project owners do not disclose their identities, there are likely serious reasons behind it. The project could turn out to be a grandiose scam, causing financial losses not only to individuals but also to governmental organizations that Venom Foundation offers its services to. 

To divert attention, experienced entrepreneurs from the digital industry were invited to the project's management. The names and achievements of these individuals are truly impressive, making one eager to register on Venom Foundation. Currently, it has 475,757 participants. 

Venom Foundation's Suspicious Partnerships 

In May, Alibek Issaev's Venom Foundation announced a strategic partnership with the Kenyan government. The plan was for the Kenyan blockchain hub to become an interstate platform where African companies and other interested parties could conduct business. However, the Kenyan government probably hasn't heard about Venom Foundation, their supposed partner. 

Russia has been actively cooperating with African countries lately, including Kenya. It is among Russia's partners where we should look for the owners of Venom Foundation. After the announcement of the strategic partnership between Alibek Issaev's Venom Foundation and the Kenyan government in May, Russian Foreign Minister Sergey Lavrov embarked on a tour of African countries, with Kenya being the first country he visited.