This Year has already been darted by the new arrivals of companies into cryptocurrency niche. One such company offering Lending Ponzi Scheme whose domain (saxocoin.io) was registered privately on 4th January 2018, is SaxoCoin. There is no information provided regarding the name of the founders of the company.
There is an address that the company has listed on the website. But, it seems to be a virtual address with only post facility available. ServCorp which provides virtual address across Hong Kong is been used for the same.
Obviously, there is no products or services apart from the affiliate membership program is available with SaxoCoin. If you wish to join their network, you need to pay a minimum of $100. There is a free membership option available as well. But, this option will only provide you access to the referral commission.
However, it would be wise the other way around. A company which is not transparent, should not be trusted with our hard-earned money.
SaxoCoin has played the similar trick that most of the companies have done before. It claims to have the trading bot for generating ROI for the affiliates. However, the lack of evidence makes this claim a mere lie.
There is no other source for generating revenue either which makes affiliate membership program, the only option for paying ROI to its affiliates. In short, the funds invested by the new affiliates are used by the anonymous admins to pay the existing ones.
This makes the entire program eligible to be listed with the other Ponzi Scheme in the market. As per the rules, once the recruitment would die, the incoming revenue into the system would also die.
Before starting the scheme, the admins set the threshold limit. After reaching the threshold limit, the admins will stop paying the ROI to its affiliates. Those who would be joining early would be able to earn some profit. However, the majority of the affiliates will lose money in the hands of these anonymous admins. After the platform will collapse, these admins will run away with whatever is left.
- This is how the scheme is going to play its part and not the way it has mentioned on the website. So, if you wish to save yourself from the great loss later, avoid joining SaxoCoin.