squaretoken.org — Historical ArchiveGoArbit: The 200% ROI Ponzi
GoArbit launched around 2020 as a cryptocurrency investment platform targeting Spanish-speaking communities in Latin America. Its core offer was simple and aggressive: daily returns of 0.5% to 1.5% through alleged cryptocurrency arbitrage and mining operations.
The platform never produced verifiable documentation of its claimed arbitrage activities. No audited financial statements were published. No regulatory licenses were obtained in any jurisdiction where it operated — including the European Union, United States, United Kingdom, or Australia.
Geographic Targeting
According to traffic data from GoArbit's peak period, the platform concentrated its recruitment in specific Latin American markets:
Source: HypeStat / SimilarWeb traffic data, GoArbit peak period
The Business Model
Independent analysis by MLM watchdog site BehindMLM ↗ and regulatory bodies identified GoArbit as a classic Ponzi structure. Early investors were paid using capital from newer participants. As recruitment slowed, withdrawal pressure increased until the platform could no longer sustain payouts.
"GoArbit is a simple 200% ROI Ponzi scheme. The introduction of GoToken would appear to be the beginning of a shitcoin exit-scam."
At its peak, GoArbit attracted an estimated 3.2 million monthly visitors and held a global Alexa rank of approximately #5,591. The domain accumulated over 5,438 backlinks from 611 referring domains — reflecting the scale of its affiliate recruitment network.
Dubai Relocation & The GoFintech Rebranding
By mid-2021, GoArbit began showing the classic signs of a Ponzi scheme under withdrawal pressure: delayed payouts, blocked withdrawals, and increasingly vague communications to community members.
Máximo Martínez
GoArbit's founder and CEO, Máximo Martínez, claims Dominican Republic origin. In late 2021, Martínez relocated to Dubai — a jurisdiction with limited extradition agreements and historically light-touch regulation of MLM-related financial products. The GoArbit Facebook page was abandoned in September 2021. Its Twitter account had been abandoned even earlier, in March 2020.
Dubai has become a common destination for cryptocurrency and MLM scheme operators facing legal pressure in their home countries. The UAE has limited extradition treaties with most Latin American jurisdictions and has historically offered relatively permissive conditions for financial scheme operators — though this has been changing in recent years.
BehindMLM noted: the move to Dubai "is likely groundwork for the inevitable collapse" rather than any genuine business relocation.
GoFintech Group: Rebranding Without a Product
The GoFintech Group domain was registered in November 2021, concurrent with Martínez's Dubai relocation. The rebrand was announced as a new chapter — a legitimate fintech group that would encompass multiple products and services. In practice, as BehindMLM documented, GoFintech existed only as "branding and a placeholder website" with no actual product or financial infrastructure.
GoFintech held an office opening event in Dubai in January 2022 — a common legitimacy-signaling tactic — but produced no verifiable business operations, no licensed financial services, and no independently audited revenue.
GoArbit → GoFintech → Square Token: The Pattern
Square Token was not GoArbit's first attempt at a token-based exit mechanism. The scheme went through multiple cryptocurrency instruments before arriving at SQUA:
| Version | Token/Brand | Period | Status |
|---|---|---|---|
| v1.0 | GoArbit (original) | 2020 – mid 2021 | Collapsed; withdrawals blocked |
| v1.5 | GoToken | 2021 | Exit vehicle; worthless |
| v1.6 | GoArbit Coin (GoCoin) | Early 2021 | Failed; abandoned |
| v2.0 | GoFintech Group / SQUA | Nov 2021 – Jan 2025 | Flopped by early 2023; site offline Jan 2025 |
| v3.0 | GoArbit (reboot) | Feb 2023 – ? | Reported inactive; no meaningful activity |
How Square Token Fit the Pattern
Each iteration followed the same structural logic: when the current platform could no longer meet withdrawal demands using fiat or established crypto, a new token was introduced. Participants who wanted to withdraw were directed to invest in the new token instead — effectively converting their stuck positions into a freshly generated asset with no underlying value.
"GoArbit affiliates invest in square tokens (generated on demand out of thin air) … GoArbit's new fraudulent business model can be summed up as: [affiliates buy tokens] to fund withdrawal liability."
This mechanism is significant in the context of SQUA's tokenomics: the entire 5,000,000 token supply was minted to the owner's wallet at deployment. This meant the project team could distribute tokens to cover withdrawal obligations at any time, with no cost beyond gas fees. The tokenomics page covers the on-chain data in detail.
Fraud Alerts, Bans & Legal Actions
Argentina: CNV Securities Fraud Alert
Argentina's Comisión Nacional de Valores (CNV) — the country's securities regulator — issued a formal securities fraud alert against GoArbit and its associated entities. A detailed account of this alert and its context was documented by BehindMLM ↗. The alert named the platform's operations and flagged it for operating without authorization as a securities dealer or investment fund in Argentina.
Global Regulatory Status
| Jurisdiction | Status |
|---|---|
| Argentina | Formal fraud alert (CNV) |
| European Union | No license; services illegal for EU residents |
| United States | No license; unregistered securities offering |
| United Kingdom | No FCA authorization |
| Australia | No ASIC license |
| Colombia | No license; primary victim country |
| Dominican Republic | Claimed registration; unverified |
| UAE (Dubai) | Operational base post-relocation; no confirmed license |
If you invested in GoArbit, GoFintech Group, or purchased SQUA tokens and suffered financial losses, you may have legal recourse depending on your jurisdiction. In Argentina, the CNV fraud alert creates a formal record. In EU countries, unregistered investment schemes may be subject to civil or criminal complaints. We recommend consulting a legal professional with experience in crypto fraud or financial regulation in your country.
From 4.5 Million Monthly Visits to Zero
The scale of GoArbit's reach is visible in traffic data. At its November 2022 peak — during the GoFintech/SQUA reboot phase — the ecosystem attracted 4.5 million monthly website visits. This was not organic search traffic; it was predominantly direct traffic (96%) from the affiliate network checking for withdrawal news and updates.
Who Was Affected
GoArbit and GoFintech Group's victims were concentrated in Latin America — primarily working and middle-class people who encountered the scheme through social networks and family or friend referrals. The platform made heavy use of religious and motivational language to retain participants during periods of withdrawal failure.
WikiBit's aggregated user reports describe a consistent pattern: initial small withdrawals processed normally, followed by escalating delays, then complete blocking of withdrawals accompanied by requests to deposit more funds to "unlock" existing balances.
As of 2025, BscScan records 66,830 wallets holding SQUA tokens ↗ — the clearest on-chain measure of how many people interacted with the scheme at the Square Token stage. The actual number of GoArbit/GoFintech victims across all iterations is likely significantly higher, as earlier token instruments predated on-chain tracking.
295 reviews of GoArbit are published on Trustpilot. The majority describe withdrawal failures, lost investments ranging from hundreds to thousands of dollars, and the platform's use of religious language and community pressure to prevent withdrawal requests. Several reviews reference Square Token specifically as the mechanism through which their BNB was effectively confiscated.