Randy Couture Exposes Eric McNeel’s Onyx Crypto Fund Scam

UFC Hall of Famer Randy Couture played an accidental but pivotal role in exposing what appears to be a significant financial scam run by Eric McNeel, an influencer and investor. McNeel, known for his lavish lifestyle and claims of generating 5-10% monthly returns with his "Onyx fund," primarily targeted professional athletes.

The Accidental Unraveling

The investigation began when Eric McNeel approached Randy Couture online, knowing Couture's connection to one of his fighters, Danny Ingay. Ingay, a young and successful fighter, was looking for investment opportunities. Couture, who had a trusted team of wealth managers, became suspicious of McNeel's claims, which seemed "too good to be true." His team's skepticism initiated a deeper look into McNeel's operations.

McNeel presented himself as a reputable investor, claiming to be featured in Forbes, appearing on podcasts, and managing over $100 million for more than 100 professional athletes. He projected an image of a family man who wasn't driven by money. Despite these typical "social proof" tactics, Couture's team was unconvinced.

Undercover Investigation

Couture agreed to an undercover call with McNeel, posing as an interested investor, with the true intention of gathering information. During this call, McNeel made several extraordinary claims:

• Exceptional Returns: He stated that Onyx had achieved over 101% returns year-to-date for November, marking four consecutive years of 100%+ returns. This would place him among the most successful fund managers globally, a claim that raised immediate red flags given his online persona.
• Low-Risk, High-Reward Trading: McNeel asserted that their trading strategy, which involved leveraging only 5% of the portfolio per trade, was less risky than investing in the S&P 500. He claimed they exclusively traded Bitcoin, going long or short like a hedge fund, and described it as "very easy."

These claims, particularly that Bitcoin trading is less risky than the S&P 500 and offers high returns with low risk, are considered fundamental red flags in finance. As Couture himself admitted, without his team's expertise, he might have fallen for the scheme.

The Role of Hindenburg Research

Couture's team recorded the conversation and initially sent it to Hindenburg Research, a well-known short-selling firm famous for exposing scams like Nikola. Hindenburg conducted a deep investigation, but unfortunately, they never published the story before shutting down their operations over a year ago. This meant McNeel's alleged activities remained largely unexposed to the public.

Connections to a $300 Million Ponzi Scheme

The case was later picked up by Coffeezilla, who had just concluded an investigation into a $300 million Ponzi scheme called Goliath Ventures. Coffeezilla discovered a strange connection: Matt Burks, who helped Goliath Ventures access retiree money, was listed as the operations guy on Onyx's team page.

Further investigation revealed more links to the exposed Goliath Ponzi scheme:

• Black Block: Listed as Onyx's compliance firm, Black Block had previously vouched for Goliath, claiming it was 115% backed—a clear falsehood. Many investors mistakenly believed "Black Block" was "BlackRock," adding to the confusion.
• Alston & Bird: Onyx claimed Alston & Bird as their legal department. However, this firm was facing a massive class-action lawsuit for "structuring and legally endorsing the Goliath joint venture enterprise," accused of legal malpractice and constructive fraud.

These numerous connections to an exposed Ponzi scheme made it difficult to ignore the potential implications for Onyx.

Fabricated Audits and Impossible Trades

Coffeezilla reached out to Eric McNeel for comment, but McNeel immediately blocked him on Instagram. Digging into the cold case file, Coffeezilla focused on McNeel's key claim: audited Bitcoin trades. McNeel had offered "reviewed financials" and "audited numbers pulled directly from Binance," claiming four years of every single trade.

The audit was supposedly conducted by David Rosenbal, a CPA. However, when Hindenburg Research contacted Rosenbal, he denied any involvement: "I have no idea how my name got on there. I don't even know who these people are."

Analysis of Onyx's supposed trades revealed further inconsistencies. Many trades showed identical open and close times, implying they occurred in zero seconds, yet generated substantial profits (up to $40,000). This defies the mechanics of actual trading.

McNeel's explanation for their trading success was vague, stating they "make money whether it's in a bull run or a bear run" by "tracking one vehicle, Bitcoin only" and letting "Bitcoin tell us where it's going." This simplistic explanation, combined with the impossible zero-second trades, further highlighted the fraudulent nature of the claims.

Referral Program and Legal Claims

During the undercover call, McNeel even attempted to recruit Randy Couture into a referral program, offering 5% annually on funds brought in. He claimed to have "full legal paperwork" and an "ambassador program" document "written by an SEC attorney" and "battle tested by a company that actually went public," assuring Couture that "getting compensated for raising capital is all legal." McNeel confidently stated, "I don't look good in orange, Randy. I look good in black," implying his operations were entirely legitimate.

Conclusion and McNeel's Denial

While Coffeezilla emphasized that these were opinions based on reviewed data and footage, the evidence strongly suggested a Ponzi scheme. The lack of regulatory action over a year after Hindenburg's initial investigation was concerning.

Eric McNeel eventually responded to Coffeezilla and another journalist, denying that Onyx was a Ponzi scheme. He conveniently claimed they no longer engaged in crypto trading and that investors had received their money. Furthermore, he shifted responsibility, stating that at the time of the Randy Couture call, Onyx "operated a fund strategy" but "were not the underlying traders." He asserted that the information he communicated about strategy and performance was "provided to us by the partners and managers we worked with."

This denial directly contradicted his earlier statements on camera, where he discussed proprietary trading software, AI-generated trading, and owning the algorithms developed by his partners. The conflicting claims further underscore the deceptive nature of his operations.

The incident serves as a stark warning about individuals promoting "too good to be true" investment opportunities, especially those targeting vulnerable populations like athletes, and the importance of due diligence and skepticism towards claims of high returns with low risk.