Freebay Review – Ponzi Scheme –  MLM Scam

Website & Company Information

We were unable to get the domain registration feed. The website doesn’t provide any information about who owns or runs the company.

As we can see, Freebay was established in June 2020 and is a marketing reboot of Karatbars International. In an attempt to appear legitimate, Karatbars portrays Freebay as a strategic partner. Harald Seiz owns Karatbar, and he is the same person behind Freebay. These ‘intelligent’ shady characters often create a ton of corporate companies and use these names as a prop to bolster their image.

To face the public and augment a sober corporate reality, Jurgen Pulvermuller heads Freebay as the CEO. Prior to joining Freebay, Pulvermuller worked as Karatbars’ Head of Global Sales. He was also involved with Neora, Filabe and Visalus.

Freebay’s Products

The company has no retailable products or services, with affiliates only able to market Freebay affiliate membership itself.

They have a Freebay Academy, which can only be accessed by the affiliates. It is your introductory education section where they teach you about ‘Crypto Trading’ etc.

Freebay’s Compensation Plan

Affiliates of the company sign up and invest in V999 tokens. Following are the affiliate membership plans:

  • EVO Academy — €50 monthly or €480 annually
  • EVO Expert — €190 monthly or €1820 annually
  • EVO Life — €480 monthly or €4600 annually

An internal exchange facilitates the conversion of fiat to V999 tokens. Affiliates receive commissions when they recruit new people who then invest money in V999 tokens.

V999 Token Investment Rewards

V999 token investors receive a daily share in 0.02% of funds invested through the company.

A residual 0.02% bonus on V999 token investment is paid down ten levels of recruitment (unilevel).

Daily Investor Bonus

The company list its daily top ten biggest investors (by transaction volume) and rewards them with 0.01% of company-wide investment volume.

Daily Investor Bonus is rewarded daily.

Freebay Affiliate Ranks

There are twelve affiliate ranks within Freebay’s compensation plan.

Along with their respective qualification criteria, they are as follows:

  • One Star Sapphire — sign up as a Freebay affiliate
  • Two Star Sapphire — generate €5000 in downline monthly membership fee volume
  • Three Star Sapphire — sign up with EVO Academy or generate €10,000 in downline monthly membership fee volume
  • One Star Emerald — sign up with EVO Expert or generate €15,000 in downline monthly membership fee volume
  • Two Star Emerald — sign up with EVO Life or develop a unilevel leg generating €25,000 a month and €15,000 throughout the rest of your unilevel team
  • Three Star Emerald — develop a unilevel leg generating €50,000 a month and €30,000 through the rest of your unilevel team
  • One Star Ruby — develop a unilevel leg generating €100,000 a month and €50,000 through the rest of your unilevel team
  • Two Star Ruby — develop a unilevel leg generating €250,000 a month and €150,000 through the rest of your unilevel team
  • Three Star Ruby — develop two unilevel legs generating €500,000 and €250,000 a month respectively, and €100,000 through the rest of your unilevel team
  • One Star Diamond — develop two unilevel legs generating €1,500,000 and €1,000,000 a month respectively, and €1,000,000 through the rest of your unilevel team
  • Two Star Diamond — develop two unilevel legs generating €2,500,000 and €1,500,000 a month respectively, and €1,000,000 through the rest of your unilevel team
  • Three Star Diamond — develop two unilevel legs generating €5,000,000 and €2,500,000 a month respectively, and €2,000,000 through the rest of your unilevel team

Recruitment Commissions

Freebay pays a commission on recruited affiliate membership fees.

Recruitment commission rates are based on how much a Freebay affiliate pays when they sign up:

  • One Star Sapphires earn a 7% recruitment commission rate
  • Two Star Sapphires earn a 15% recruitment commission rate
  • Three Star Sapphires (or sign up with EVO Academy) earn a 21% recruitment commission rate
  • One Star Emeralds (or sign up with EVO Expert) earn a 23% recruitment commission rate
  • Two Star Emeralds (or sign up with EVO Life) earn a 25% recruitment commission rate
  • Three Star Emeralds earn a 26% recruitment commission rate
  • One Star Rubys earn a 27% recruitment commission rate
  • Two Star Rubys earn a 28% recruitment commission rate
  • Three Star Rubys earn a 29% recruitment commission rate
  • One Star Diamonds earn a 30% recruitment commission rate
  • Two Star Diamonds earn a 31% recruitment commission rate
  • Three Star Diamonds earn a 32% recruitment commission rate

Residual Recruitment Commissions

The company also pays residual recruitment commissions via a binary compensation structure. These commissions are based on volume generated on the recruitment of Freebay affiliates.

Volume (GV) across the binary team is generated as follows:

  • EVO Academy monthly payment equals 2 GV
  • EVO Academy annual payment equals 24 GV
  • EVO Expert monthly payment equals 5 GV
  • EVO Expert annual payment equals 60 GV
  • EVO Life monthly payment equals 10 GV
  • EVO Life annual payment equals 120 GV

GV = Group Volume

The company also pays Matching Bonus, Generation Bonus & Automated Trading Returns.

Joining Freebay

Joining affiliate membership is tied to an investment in any of these four tiers:

  • Free — Must rank qualify to earn MLM commissions
  • EVO Academy — €50 monthly or €480 annually
  • EVO Expert — €190 monthly or €1820 annually
  • EVO Life — €480 monthly or €4600 annually

Conclusion

The parent company, Karatbars International, started as a gold-themed pyramid scheme. It went on for a while, and when the new recruitments began to slow down, Harald Seiz started a crypto-themed Ponzi scheme in 2018, KaratBank Coin. The new narrative failed, and then Seiz decided to re-reboot the Ponzi scheme with a new name and hence, KaratGold Coin was born.

The hype was such in mid-2019 that hundreds of affiliates are jumping into this crypto bandwagon and they were promised that their worthless KBC shitcoin would be converted into 1 gram of gold. Within a short period, KBC dumped 62%, and the 1 gram of gold promise was predictably exposed as a lie.

Since KBC’s trading volume is dry, they have come up with a new shitcoin V999. Through V999, they are once again committing securities fraud by pushing their passive income narrative.

Beware! The regulators are already looking for these scammers and may lock up the big promoters if they want.