The downfall of a deceptive cryptocurrency initiative operating under the name Lightning Shared Scooter Co. Ltd (LSSC) has left numerous investors in the United States and Canada in distress, with losses amounting to millions of dollars and a fractured trust within immigrant communities.
The orchestrators of this operation, who for years masqueraded as entrepreneurs claiming to expand a Hong Kong scooter-sharing enterprise into North America, notified participants late Friday that no withdrawals would be permitted until March 2027—a statement broadly interpreted as an acknowledgment that investors’ funds have disappeared.
For many victims, the repercussions have been devastating. Some, particularly African immigrants who constituted the scheme’s primary demographic in cities across the U. S. and Canada, lost life savings totaling tens of thousands of dollars. Others incurred substantial debts from banks, colleagues, and relatives, drawn in by promises of guaranteed daily returns. Those who encouraged friends and family to join are now being pressured to repay funds that never materialized, straining relationships and intensifying despair.
At its peak, LSSC promised returns so extraordinary that only the most astute scam deterrents would have questioned them. Participants were informed that an investment of $2,000 would yield $67 daily, while a $5,000 investment could generate $154 each day.
The company purported to categorize investors by tier, offering higher returns for larger investments. Investors who recruited others were designated as “managers” and awarded stipends, while recruitment campaigns were embellished with luncheons, staged raffles, and promotional videos showcasing alleged winners driving away in luxury vehicles. These theatrics, combined with timely payouts to initial investors, fostered a façade of legitimacy and convinced many to invest further.
By mid-2025, the operators initiated an aggressive promotional effort aimed at expanding to “five million members. ” Within weeks, they claimed to have achieved this milestone, announcing that LSSC was on the brink of formalizing its operations in the U. S.
Concurrently, they rolled out special promotions: for $4,000, investors could purchase into “five limited-time scooters” and receive $231 daily indefinitely, with $11,760 supposedly available for withdrawal after just 20 days. Such allure attracted waves of new participants, many of whom were recruited through immigrant organizations and church groups.
As the influx of new funds increased, the organizers shifted their approach. Withdrawals began to slow in June, attributed to “system upgrades. ” Investors were then instructed to remit exorbitant “verification fees” before accessing their accounts—$498 for a $5,000 investment, and as high as $12,000 for deposits of $60,000.
The fraudsters subsequently lowered the fee to a flat $75 in a final attempt to entice holdouts, even distributing falsified videos of purported investors successfully completing the process. The scheme’s central figure, an individual identifying himself as “Francois” who primarily communicated through obscure chat platforms like Bonchat, became the face of these appeals.
