QubitTech Review – Ponzi Scheme – MLM Scam
QubitTech presents itself as an MLM cryptocurrency operation and its website claims its corporate address as a location in Estonia.
Various different companies seem to be using this address (as revealed by a quick Google search) so the address is probably bogus…therefore the likelihood is that QubitTech has no base is Estonia….
QubitTech is owned by CEO Greg Limon.
Here is an excerpt from Limon’s QubitTech corporate bio:
Limon is co-founder and shareholder of the Toronto-based (Canada) DigiMax Global, which helps companies from all over the world effectively conduct stos.
Greg has done two successful IPOs, participated in numerous venture projects.
In addition, excellent speaker, an expert in the field of STO.
On LinkedIn Limon presents himself as co-founder of DigiMax Capital, a company based out of Toronto, Canada.
Digimax Global’s website is ranked at 5 million with Alexa: nowhere does it mention Limon.
Limon is based out of London, Toronto and Moscow, according to his profile on ICO Bench
It looks like QubitTech is Limon’s first executive MLM venture.
Below is review of QubitTech’s MLM operation in detail.
- QubitTech’s Products
No retailable physical products or services are offered by QubitTech: affiliates are only able to market QubitTech affiliate membership itself.
- QubitTech’s Compensation Plan
QubitTech affiliates invest $100 to $100,000 on the promise earning an advertised 250% ROI.
- Bronze – $100
- Bronze+ – $500
- Silver – $1000
- Silver+ – $5000
- Gold – $10,000
- Gold+ – invest $25,000
- Platinum – $50,000
- Platinum+ – $100,000
- QubitTech’s Affiliate Ranks
QubitTech’s compensation plan is comprised of 10 affiliate ranks.
Here they are with their respective qualification criteria, they are as follows:
- Rank 1 – generate $1000 in personally recruited affiliate investment volume and $2500/$750 in binary team investment volume
- Rank 2 – generate $2500 in personally recruited affiliate investment volume and $5000/$1500 in binary team investment volume
- Rank 3 – generate $5000 in personally recruited affiliate investment volume and $25,000/$7500 in binary team investment volume
- Rank 4 – generate $10,000 in personally recruited affiliate investment volume and $50,000/$15,000 in binary team investment volume
- Rank 5 – generate $25,000 in personally recruited affiliate investment volume and $100,000/$30,000 in binary team investment volume
- Rank 6 – generate $50,000 in personally recruited affiliate investment volume and $250,000/$75,000 in binary team investment volume
- Rank 7 – generate $100,000 in personally recruited affiliate investment volume and $500,000/$150,000 in binary team investment volume
- Rank 8 – generate $200,000 in personally recruited affiliate investment volume and $1,000,0000/$300,000 in binary team investment volume
- Rank 9 – generate $250,000 in personally recruited affiliate investment volume and $3,000,0000/$900,000 in binary team investment volume
- Rank 10 – generate $300,000 in personally recruited affiliate investment volume and $5,000,0000/$1,500,000 in binary team investment volume
- Referral Commissions
A unilevel compensation structure is utilised to pay QubitTech’s referral commissions.
A unilevel compensation structure puts the affiliate at the head of a unilevel team, with every one of their personally recruited affiliates directly placed under them:
If any level 2 sub -affiliates recruit new affiliates they act as head-affiliates to their sub affiliates who are placed on level 3 and so on and on down a hypothetically eternal number of levels.
QubitTech limits its payable unilevel team levels to four levels.
Referral commissions are paid as a percentage of funds invested across these four levels based on how much the affiliate themselves have invested:
Bronze and Bronze+ affiliates earn 6% on level 1 (personally recruited affiliates) and 2% on level 2
Silver and Silver+ affiliates earn 6% on level 1 and 3% on level 2
Gold and Gold+ affiliates earn 7% on level 1, 3% on level 2 and 1% on level 3
Platinum and Platinum+ affiliates earn 8% on level 1, 4% on level 2, 2% on level 3 and 1% on level 4
Residual Commissions
QubitTech utilises a binary compensation structure to pay residual commissions.
QubitTech’s binary compensation structure puts an affiliate at the head of a binary team, which is divided into 2: a left and right side.
The first level of the binary team is comprised of two positions, second level is generated by dividing these first two positions into 2 more (4 positions) each one of those is then divided into two and so on.
Further levels of the binary team are generated as is necessary, with every new level accommodating twice as many positions as the previous level.
Affiliates are recruited either directly or indirectly to fill positions within the binary team. QubitTech places no cap on the number of levels that its binary teams may grow.
QubitTech collates all the new investment volume on both sides of the binary team at the end of every working day.
Affiliates earn a percentage of funds matched on both sides of the binary team, based on how much they invested. (minimum $100).
- Bronze and Bronze+ affiliates earn an 8% residual commission rate
- Silver and Silver+ affiliates earn a 9% residual commission rate
- Gold and Gold+ affiliates earn a 10% residual commission rate
- Platinum and Platinum+ affiliates earn a 12% residual commission rate
Any leftover volume on the stronger binary side carries over (min $100) once the volume paid out is flushed from both sides of the binary team.
- Matching Bonus
Residual commissions earned by downline affiliates are paid a matching bonus.
The same unilevel compensation structure is used to pay both the referral commissions and the matching bonus (see “referral commissions” above).
- Rank 1 affiliates receive a 10% match on level 1 (personally recruited affiliates)
- Rank 2 affiliates receive a 10% match on levels 1 and 2
- Rank 3 affiliates receive a 10% match on levels 1 and 2 and 5% on level 3
- Rank 4 affiliates receive a 15% match on level 1, 10% on level 2 and 5% on levels 3 and 4
- Rank 5 affiliates receive a 15% match on level 1, 10% on level 2 and 5% on levels 3 to 5
- Rank 6 affiliates receive a 15% match on level 1, 10% on levels 2 and 3 and 5% on levels 4 to 6
- Rank 7 affiliates receive a 15% match on levels 1 and 2, 10% on levels 3 and 4, 5% on levels 5 and 6 and 3% on level 7
- Rank 8 affiliates receive a 15% match on levels 1 and 2, 10% on levels 3 and 4, 5% on levels 5 and 6 and 3% on levels 7 and 8
- Rank 9 affiliates receive a 15% match on levels 1 to 3, 10% on levels 4 and 5, 5% on level 6, 3% on levels 7 and 8 and 2% on level 9
- Rank 10 affiliates receive a 20% match on level 1, 15% on levels 2 and 3, 10% on levels 4 and 5, 5% on level 6, 3% on levels 7 and 8 and 2% on levels 9 and 10
- Free Investment Positions
QubitTech offers a free investment position to affiliates who recruit four affiliates within fifteen days of signing up.
QubitTech calls the investment position the “margin contract”: its amount rewarded is “equal to the minimum investment package of (recruited) partners”.
QubitTech’s compensation info says that “margin contracts work until profit is 250% of the initial value.”
- Rank Achievement Bonus
Affiliates qualifying at Rank 1 and higher are rewarded with the following one-time bonuses:
- qualify at Rank 1 and earn $100
- qualify at Rank 2 and earn $200
- qualify at Rank 3 and earn $500
- qualify at Rank 4 and earn $2000
- qualify at Rank 5 and earn $5000
- qualify at Rank 6 and earn $7500
- qualify at Rank 7 and earn $10,000
- qualify at Rank 8 and earn $25,000
- qualify at Rank 9 and earn $50,000
- qualify at Rank 10 and earn $100,000
- QubitTech Membership
Joining QubitTech as an affiliate is free.
Participation in the related income opportunity requires either;
- recruitment of four investing affiliates within fifteen days of membership sign up; or
- a personal initial investment of between $100 and $100,000
QubitTech’s compensation plan is structured such that an affiliate’s income potential increases the more they invest (or convinces others to invest).
QubitTech only accepts investment in bitcoin and Ethereum despite the above amounts being specified in USD.
- Conclusion
QubitTech seems to be the latest chapter in the comi-tragedy that has been Greg Limon’s doomed adventures as a “cryptocurrency expert”.
QubitTech’s purported objective is to
provide retail investors with an efficient way to invest cryptocurrency assets in order to generate stable income.
One part of the company’s website boasts a daily average 1.77% ROI.
Nowhere can it be proven that QubitTech actually engages in trading whatsoever. Neither can it be proven that QubitTech pays returns with some other source of external revenue.
QubitTech’s MLM opportunity constitutes a securities offering because it is a passive investment opportunity
There is zero proof that QubitTech has registered its securities offering with any financial regulator, including the FSA (Financial Standards Agency) in Estonia, (where QubitTech claims it is based).
QubitTech is committing securities fraud and operating illegally at the very least.
Considering this, QubitTech’s dubious boast that it was “established in strong compliance with existing legal regulations” is a Joke.
In conclusion, there is no evidence whatsoever that QubitTech has any sources of external revenue to pay returns with and with no products or services to offer either, the company is clearly yet another Ponzi-scheme in the classic sense: A SCAM!
As with all MLM Ponzi’s, once affiliate recruitment dries up, so too will new investment.
This will deny QubitTech any ROI revenue, inevitably causing a collapse.
As with all Ponzi schemes, when they collapse, almost all of the participants lose their money…don’t be one of them!
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