Website & Company Information
The web domain of the company was privately registered on the 4th of June 2020 and was later updated in 2020–08–06. The website doesn’t provide any information about who owns or runs the company.
According to the incorporation certificate provided on the site, the company is based out of the U.K. This is definitely an attempt to look legitimate. The U.K. is one of the most favourable jurisdictions for scammers, and 90% of all the shady MLMs are registered in the U.K. Also, U.K. incorporation is dirt cheap.
At the time of writing this article, Alexa cites Vietnam (29.6%), Bangladesh (22.1%) and Turkey (16.7%) as top sources of traffic to Coinjob’s website. It is highly likely that the admin is operating from any one of these countries.
As always, if the company is not being transparent about its corporate structure, then you must think twice before handing over your hard-earned money to anonymous people on the internet.
The company has no retailable products and services, with affiliates only able to market CoinJob affiliate membership itself.
CoinJob’s Compensation Plan
Affiliates must invest a minimum of 0.002 BTC or more on the promise of a perpetual 4% daily ROI.
It also offers referral commissions on invested funds (bitcoin) via a unilevel compensation structure, capped at five team levels:
Referral commissions are paid out as a percentage of bitcoin invested across these five levels as follows:
- level 1 (direct recruit) — 5%
- level 2–2%
- levels 3 to 5–1%
Qualifying as a “Representative” allows these affiliates to increase their referral commissions to six levels:
- 8% on level 1
- 2% on levels 2 and 3
- 1% on levels 3 to 6
Criteria for qualifying as a Representative is not provided on the website.
The company claims of generating external revenue through cryptocurrency trading. No evidence of any trading activity is provided by the company, nor there is any evidence of other external sources of income used by the company to pay its affiliates.
In fact, the company fails the Ponzi logic test because if the owners are able to make 4% a day, what do they need your money for?
As we see, the only valid source of income entering into the company is the new investments and using these investments to honour existing withdrawals makes it a Ponzi Scheme.
Once recruitment slows down, so will the withdrawals — triggering a system collapse where the majority of the investors are destined to lose money.