Crypto Scam Report

Reported by : cheater888, 08/09/2020

Votes: 76 scam

Scam description
QubitTech operates in the cryptocurrency MLM niche. A corporate address in Estonia is provided on QubitTech’s website. A search of this address reveals multiple companies using the same address, suggesting the address is virtual in nature. This would mean QubitTech has no actual physical ties to Estonia. QubitTech is headed up by CEO Greg Limon. On LinkedIn Limon cites himself as co-founder of DigiMax Capital, a company based out of Toronto, Canada. Digimax Global has a website up. It’s Alexa ranking is above 5 million (which for a business is dead), and Limon isn’t featured anywhere on it. According to his profile on ICO Bench, Limon is based out of Toronto, London and Moscow. QubitTech has no retailable products or services, with affiliates only able to market QubitTech affiliate membership itself. QubitTech affiliates invest $100 to $100,000 on the promise of an advertised 250% ROI. QubitTech represents that it generates external revenue via “algorithmic and manual trading methods”. A box on the company’s website pitches a daily average 1.77% ROI. No evidence of QubitTech engaging in trading of any kind is provided. Nor is there any evidence QubitTech is paying returns with any other source of external revenue. Being a passive investment opportunity, QubitTech’s MLM opportunity constitutes a securities offering. QubitTech provides no evidence it has registered its securities offering with a single financial regulator. Thank includes the FSA in Estonia, which is where QubitTech pretends it is based out of. At a bare minimum QubitTech is committing securities fraud and operating illegally. Given this, QubitTech’s claim that it was “established in strong compliance with existing legal regulations” is laughable. Upon consideration QubitTech has no verifiable sources of external revenue to pay returns with, the company also operates as a Ponzi scheme. As with all MLM Ponzi schemes, once affiliate recruitment dies down so too will new investment. This will starve QubitTech of ROI revenue, eventually prompting a collapse. The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money. THIS IS PONZI SCAM! STAY AWAY!
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greg imon scammer
greg imon scammer

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