Website & Company Information
The domain was registered on 02.01.20 and details of the domain owner are kept private.
The website (“fomo5k.io”) provides no legal information of the company. We do not know where the company was incorporated, and its operations are regulated under which regional regulatory body.
The question is simple, if a company is not transparent about its incorporation and ownership. Then do you really think they deserve your money?
FOMO5K’s — Products | Compensation Plan | Affiliate Ranks
The company has no products or services to market. Their business model is simple — affiliates pump users into the system to get rewards, the users pump more users into the system as affiliates to get rewards — this runs in a loop.
Existing affiliates receive ethereum as a gift from newly recruited FOMO5K affiliates — via a 2*5 matrix
In this matrix, an affiliate has two positions directly under it.
Look at the illustration below to have a better understanding.
The gifting payments are sequential across FOMO5K’s two 2*5 matrices. These are as follows:
The website states “every level works 100 days”. This means gifting payments take 100 days to mature.
Their website also states,
Only a single investment of 0.1ETH ($24.20) will give you a chance to get 5,000 ETH ($1,210,171.01) every 100 days.
After the analysis, it can be concluded that FOMO5K is a simple gifting system that uses ethereum smart contract system.
Users register, and they automatically gift payments to the people who are already signed up in the system.
And then, either through active recruitment or through passive recruitment, those newly registered users get payments from the users who joined after them.
Now, the thing is, it is the FOMO5K’s admins who are in the power position since they are sitting on the top and they are the ones who reclaim most of the ethereum pumped into the system. This happens because each matrix increases fund re-gifted into the system. And early adopters such as the fomo5k’s admins cash in the majority of the amounts.
The rest of the users will have to book a loss if the recruitment of new users slows down or stops — just like any other ethereum gifting scam system.