Holton Buggs, a prominent figure in the multi-level marketing (MLM) industry, is at the center of a growing controversy involving Organo Gold and a series of cryptocurrency ventures. The story unfolds as Buggs takes on a role in a partnership between Organo Gold and Digital SkyNet, leading to questions about his involvement in alleged Ponzi schemes linked to Ormeus Global and IQ Chain. With accusations flying and conflicting statements from various stakeholders, the situation raises concerns about the integrity of the ventures and Buggs’ position within Organo Gold.
The Partnership Announcement
In September 2018, Organo Gold announced a partnership agreement with Digital SkyNet. This partnership included the creation of a joint venture aimed at leveraging blockchain technology. As part of the deal, Holton Buggs was appointed executive advisor to both Digital SkyNet’s Ormeus subsidiary and the newly formed joint venture.
While the partnership’s initial announcement focused on technological innovation, it quickly drew scrutiny due to Buggs’ connections to the MLM cryptocurrency space. The move raised concerns that Organo Gold’s reputation might be at risk due to Buggs’ involvement with controversial ventures such as Ormeus Global and IQ Chain.
Ormeus Global: A History of Controversy
Ormeus Global, a subsidiary of Digital SkyNet, has been widely criticized as an MLM Ponzi scheme. At the center of Ormeus is ORME, a cryptocurrency that experienced a meteoric rise to over $5 in December 2017 before plummeting to around 17 cents by late 2018. The value collapse coincided with reports from affiliates of non-payment of commissions for over a year.
In an effort to revive Ormeus, John Barksdale, the figure believed to be behind the operation, launched IQ Chain earlier in 2018. IQ Chain introduced ORV points, a non-publicly tradeable currency manipulated internally by the company. Critics have labeled ORV points as “Ponzi points,” following the same trajectory as ORME before its crash.
Buggs’ Role and MLM Crypto Ties
Holton Buggs’ appointment as executive advisor to Digital SkyNet’s ventures immediately raised eyebrows. Buggs, known for his success within Organo Gold as its Chief Visionary Officer and Global Brand Officer, has a significant influence in the MLM industry. His involvement with Ormeus and IQ Chain has led many to question whether he’s steering Organo Gold toward risky crypto schemes.
Buggs has publicly denied any intentions of promoting cryptocurrency sales. In response to speculation, he stated, “Selling crypto is something I have been against my entire career, and that will never change. Too many people have been hurt by the scams. We decided to do something the right way and use blockchain as innovation, not a product.”
Despite these reassurances, comments from associates suggest otherwise. Jeremy Roma, an affiliate claiming to be part of Buggs’ “prelaunch team,” countered criticisms by promoting a new project that’s reportedly in development. Roma’s claims have fueled rumors of a crypto-related MLM opportunity involving Buggs, adding to the confusion surrounding his true intentions.
Organo Gold’s Position
Organo Gold has worked to distance itself from the controversy, emphasizing that the partnership with Digital SkyNet is solely focused on blockchain technology development. Patrick Miranda, General Counsel for Organo Gold Canada, clarified that the joint venture does not involve cryptocurrency or MLM-related activities.
“Our joint venture with Digital SkyNet is a technology development JV; there is no pre-launch or launch. The JV has nothing to do with coins or cryptocurrency. There is no comp plan associated with this joint venture,” Miranda stated.
Organo Gold’s leadership has been explicit in rejecting any association with cryptocurrency MLM schemes, highlighting the potential risks to their financial stability and brand reputation.
Conflicts of Interest
Buggs’ dual roles as Organo Gold’s Chief Visionary Officer and a key player in Digital SkyNet’s ventures have raised concerns about conflicts of interest. Miranda acknowledged these challenges, stating, “While we can’t restrict Holton from providing consulting services to them, there is certainly a fine line which he cannot cross given his relationship with OG.”
The joint venture agreement between Organo Gold and Digital SkyNet includes non-compete provisions designed to prevent competition and protect Organo Gold’s goodwill. However, Buggs’ involvement with Ormeus Global and IQ Chain appears to contradict these terms, potentially jeopardizing the partnership’s integrity.
Mixed Reactions from the MLM Community
The MLM community has responded to the controversy with a mix of skepticism and support. Buggs’ defenders argue that he’s pursuing legitimate blockchain innovations, while critics see his actions as a calculated move to exploit the cryptocurrency craze.
The situation has also reignited debates about the ethics of MLM crypto schemes, which often promise high returns but lack transparency. Ormeus Global’s track record of commission delays and manipulated currencies exemplifies the risks associated with these ventures.
The Broader Implications
Buggs’ involvement with Digital SkyNet and its subsidiaries raises broader questions about accountability in the MLM industry. As one of Organo Gold’s most recognizable figures, Buggs’ actions have significant implications for the company’s reputation and distributor base.
Organo Gold’s efforts to distance itself from cryptocurrency MLM schemes are commendable but may not be enough to mitigate the damage caused by Buggs’ associations. Distributors are left wondering how their Chief Visionary Officer’s “new vision” aligns with the company’s core values.
Conclusion
The controversy surrounding Holton Buggs, Organo Gold, and the cryptocurrency ventures of Digital SkyNet underscores the complexities of navigating innovation within the MLM industry. While blockchain technology offers promising applications, its misuse in MLM schemes has tarnished its potential.
For Organo Gold, the challenge lies in maintaining its commitment to ethical practices while addressing the fallout from Buggs’ actions. As the situation unfolds, the MLM community will be watching closely to see whether Buggs’ crypto ambitions lead to innovation or further controversy.
