What Is Multimine? It’s A HYIP Cryptocurrency Ponzi Scheme!

Multimine claims to be a HYIP or high-yield investment program running behind a MLM compensation structure.

The company is said to be run by  “William Simms”, but there’s no proof of any William Simms existing outside of this program. There’s no other verifiable information to be found on their website about the people behind the company.

Their domain name, multimine.io, was registered on June 26 2020 under a private registration. They also claim that they have incorporation details to make themselves look legitimate but even that fails.

If you’re in the UK and you’re a MLM company, incorporation is meaningless.

Multimine Product Line

There are no retail products or services available for Multimine. The only thing you’re selling here is membership into their income opportunity.

This in itself is a red flag because MLM companies are required by law to have retail products or services.

Does The Product Work?

Multimine claims that they generate their external revenue via cryptocurrency mining. As investor, you’re getting access to their high hashpower mining on the cloud.

Their investment plans are also based on their cryptocurrency mining, so the more you invest, the bigger the slice of the pie they mine.

However, there’s no evidence that there’s actual mining being done or anything to generate income.

Minebest, Multimine’s incorporation, doesn’t have anything on paper that would prove itself to be a legal company.

Now assuming that Minebest does offer mining as a form of passive income, it constitutes a securities offering. This means that they have to be registered to do that in any jurisdiction in any country.

As it stands, the only source of income that Multimine is relying on is through new investments, which are new people investing into the program.

These new investments are used to pay out the members via the daily returns they promise. This makes Multimine a Ponzi scheme.

Like all Ponzi schemes, once the recruitment stops, the company will eventually collapse.

The math behind Ponzi scheme also shows that it’s the members who stand to lose the most. Simms and his team are the only ones making money from this scheme.

There’s only one way to make money from Multimine and that’s through recruitment. There are no retail products or services, so there’s no way to make money by selling something.

How To Get Started with Multimine?

The membership is free if you want to join Multimine. But participation into their income opportunity requires you to invest in cryptocurrency, listed below:

Multimine Compensation Plan

Multimine members invest cryptocurrency on the promise of a 48-month ROI, paid daily.

Bitcoin

• Bitcoin Silver – $150
• Bitcoin Gold – $1050
• Bitcoin Platinum – $5150

Dash

• Dash Silver – $136
• Dash Gold – $1020
• Dash Platinum – $5032

Ethereum

• Ethereum Silver – $104
• Ethereum Gold – $1014
• Ethereum Platinum – $5044

Litecoin

• Litecoin Silver – $100
• Litecoin Gold – $1000
• Litecoin Platinum – $5100

Doge

• Doge Silver – $108
• Doge Gold – $1020
• Doge Platinum – $5016

Referral Commissions

Your referral commissions are paid out by 5% on the funds invested by your personally recruited members.

Members also have the option of expanding their referral commissions through three levels of recruitment following a unilevel structure:

• 10% on level 1 (personally recruited affiliates)
• 4% on level 2
• 2% on level 3

#1 It’s Just a Ponzi Scheme!

As I mentioned above, Multimine is nothing but a Ponzi scheme and their compensation plan proves it.

Their compensation plan just focuses on rewarding recruitment, and that’s one of the biggest red flags for a MLM company.

What doesn’t really make sense here is that if they are really into mining and investing, then why are they asking people to recruit others?

#2 It’s Committing Securities Fraud

On the promise of passive income, Multimine actually commits securities fraud because they are not registered to carry out these financial activities.

This means that if they get caught and you were one of those who were promoting the program, you could go to jail for it.

There’s nothing to like about Multimine. It’s just one big Ponzi scheme and it’s making cryptocurrency look bad.

Multimine is nothing more than a Ponzi scheme. It doesn’t even try its hardest to appear legitimate. There’s no verifiable information anywhere that could pinpoint us to the owners of the company, where they are located, and if their incorporation’s legitimate.

• Their recruitment incentives are what make this company stand out as a Ponzi scheme. If they have people investing into the program, it doesn’t make sense to rely on membership to generate profits. This means that there’s no trading or investments being done to increase your ROI.
• They are committing securities fraud. They are not authorized to carry out any financial transactions that require trading or investments to be done. You could go to jail for promoting this program.

Stay away from this program at all costs!

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• Wealthy Affiliate Review
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• Is Amazing Selling Machine a Scam?

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