Website & Company Information
The web domain of the company was privately registered on the 26th of June 2020 and was later updated in 2020–08–25. The company is run by William Simms and Steven Spell.
These characters don’t really exist outside the company’s marketing materials.
Multimine provides UK incorporation details for Multi Mine Services LTD on its website. This is definitely an attempt to appear legitimate. The UK is one of the most favourable jurisdictions for scammers, and 90% of all the shady MLMs are registered in the UK. Also, UK incorporation is dirt cheap.
At the time of writing this article, Alexa cites Russia (12.0%), Venezuela (10.5%) and Egypt (5.6%) as top sources of traffic to Multimine’s website. It is highly likely that the admin is operating from any one of these countries.
The company has no retailable products or services, with affiliates only able to market Multimine affiliate membership itself.
Multimine’s Compensation Plan
Affiliates convert their funds into cryptocurrencies and invest their crypto on the promise of a 48 month ROI, paid daily. Following are the investment plans:
- Bitcoin Silver — $150
- Bitcoin Gold — $1050
- Bitcoin Platinum — $5150
- Dash Silver — $136
- Dash Gold — $1020
- Dash Platinum — $5032
- Ethereum Silver — $104
- Ethereum Gold — $1014
- Ethereum Platinum — $5044
- Litecoin Silver — $100
- Litecoin Gold — $1000
- Litecoin Platinum — $5100
- Doge Silver — $108
- Doge Gold — $1020
- Doge Platinum — $5016
Referral commissions are initially paid 5% on funds invested by personally recruited affiliates. Affiliates can also become a ‘promoter’ and earn referral commissions down three levels of recruitment (unilevel):
- 10% on level 1 (direct recruit)
- 4% on level 2
- 2% on level 3
Multimine affiliate membership is free. However, full participation in the attached income opportunity requires a minimum investment of $100.
Multimine claims that it is generating income through cryptocurrency mining. We could not find any evidence that proves that they are really indulged in any kind of crypto mining.
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.