MinerX fails to offer possession or government info on its web site.
MinerX’s web site area (“minerx.tech”), was privately registered on Could sixteenth, 2024.
MinerX’s official FaceBook web page is managed from Thailand:
MinerX advertising and marketing locations its purported headquarters in Phuket:
On October 1st, MinerX uploaded a video titled “MinerX International Neighborhood Go to KL” to its YouTube channel.
The video options what seems to be a bunch of randoms (actors?), and a person cited as “Dr. Jeffrey”:
“Dr. Jeffrey” is Jeffrey Gan. Gan’s particular function inside MinerX is opaque however he’s introduced as the company face of MinerX.
My analysis into Gan led me down a rabbit gap resulting in a Chinese language crypto mining cartel working out of Texas. Issues get a bit difficult so bear with me as I lay all of it out.
In MinerX advertising and marketing materials, Gan is represented to be a US citizen with ties to Malaysia and Singapore (click on to enlarge)
4 years in the past Gan was the Chief Advertising and marketing Officer and face of “G-Energy“:
G-Energy was run by these people…
…and was connected to a bunch of corporations:
G-Energy itself was a 300% smart-contract staking Ponzi constructed round “unig” tokens.
In the present day, neither G-Energy or its “unig” tokens exist.
Gan additionally runs “Proper Arms Mission”, which he claims launched in 2018.
Proper Arms Mission, which is evidently as much as model 3.0, operates from the area “rightarms.io”. Versus 2018, Proper Arms Mission’s web site area was registered in January 2023.
Presently Proper Arms Mission’s web site is nothing greater than a signup/login kind:
So far as I can inform, Proper Arms Mission is the fruits of Gan’s crypto Ponzi scamming over time… now rolled into MinerX.
Hooked up to Proper Arms Mission we now have one thing known as “Meeting of Gods”. Sounding very cultish, Meeting of Gods seems to be a gaggle of Gan’s Chinese language buyers.
Meeting of Gods’ brand featured prominently in an August 2024 MinerX “kick off” occasion held for Chinese language buyers.
Analysis into the connection between Meeting of God and MinerX led me to Kewusuma, an MLM ecommerce retailer that additionally dabbles in MLM crypto fraud.
As above, Kewusuma presents Meeting of Gods as
the first investor in Miner X which had invested $10 Million and has entrusted the Proper Arm Neighborhood to handle the promotion, subscription, and advertising and marketing of the challenge.
Kewusuma is without doubt one of the key member in Proper Arm Neighborhood.
Miner X collaborates with international mining farms, like BitGood, to spice up their Bitcoin output with out rising prices, and sharing the additional earnings generated.
BitGood is the title of a Chinese language owned purported crypto mining facility in-built Texas.
The very first thing guests to BitGood’s web site see is that this:
We’ll get into why BitGood has a North American disclaimer on its web site within the conclusion of this assessment.
What’s pertinent to the introduction of this assessment is BitGood is owned by a Chinese language outfit going by Dbank.
BitGood is a platform that depends by itself North American mining websites to offer international buyers with a one-stop clever Bitcoin mining pool service.
In early 2023, the Dbank Group, a frontrunner in blockchain finance, launched into establishing a mega Bitcoin mining facility (120 megawatts) in Texas, USA – a state famend for its ample power sources and compliance-friendly mining setting.
Embracing Dbank’s imaginative and prescient of creating a globally compliant mainstream cryptocurrency trade ecosystem, BitGood launched its mining service merchandise based mostly out of its self-operated Texas mining websites.
Based in 2017, Dbank Group started its journey with the event of the Dbank pockets in the identical yr.
Since 2018, the group has strategically invested in a blockchain expertise R&D heart, a conventional monetary administration establishment, and two mainstream compliant buying and selling platforms globally.
Aside from it being Chinese language owned and operated, I don’t have any specifics on who owns and/or runs Dbank and BitGood.
Dbank and BitGood don’t seem to straight interface with the MLM crypto funding corporations tied to them.
That’s dealt with by one more firm, PrymeBit:
On Could third, 2024, Finxfeed printed a press-release citing PrymeBit as an “approved companion” of BitGood;
PrymeBit, acknowledged as a distinguished challenge licensed by the Finxeed Certification Program, performs a pivotal function in exterior promotion and supplies indispensable assist to quite a few companions.
Because the unique approved companion of BitGood, PrymeBit advantages considerably from BitGood’s cutting-edge mining facility expertise and clever hash energy pool providers.
Finxeed pitches itself as a “certifier” and is run by CEO Jaz Pee, aka Wei Haw Pee and “Mr. JP”.
Pee seems to be a Malaysian nationwide and is on the heart of all the things.
We’ll cowl Pee’s direct involvement in MinerX and the MLM crypto Ponzi it’s a clone of within the conclusion of this assessment.
On Twitter, Pee cites BitGood as a challenge of Finxeed’s. This ties Pee to possession of BitGood, Dbank and MinerX.
Pee clearly isn’t working alone. These people are represented to be house owners of Dbank’s/BitGood’s mining facility in Texas:
At time of publication I don’t know who any of them are.
Advertising and marketing movies on BitGood’s web site has Dbank’s/BitGood’s house owners talking Chinese language, which brings us full-circle to Chinese language scammers working throughout Texas and Asia (Malaysia and Thailand).
As all the time, if an MLM firm is just not overtly upfront about who’s working or owns it, assume lengthy and onerous about becoming a member of and/or handing over any cash.
MinerX’s Merchandise
MinerX has no retailable services or products.
At time of publication associates are solely in a position to market MinerX affiliate membership itself.
MinerX’s Compensation Plan
MinerX associates make investments tether (USDT). That is executed on the promise of day by day passive returns paid in bitcoin (BTC):
- Shared Contract – make investments 100 to 900 USDT and obtain a 290% ROI
- Single Contract – make investments 1000 USDT and obtain a 290% ROI
MinerX’s 300% ROIs are paid out day by day at a fee of 0.00007 to 0.00015 BTC.
The MLM facet of MinerX pays on recruitment of affiliate buyers.
MinerX Affiliate Ranks
There are seven affiliate ranks inside MinerX’s compensation plan:
- Member R0 – join as a MinerX affiliate
- Royal R1 – recruit three affiliate buyers, generate 10,000 USDT in personally recruited affiliate funding quantity and 40,000 USDT in complete downline funding quantity
- Royal R2 – recruit three Royal R1 associates
- Royal R3 – recruit three Royal R2 associates
- Royal R4 – recruit three Royal R3 associates
- Royal R5 – recruit three Royal R4 associates
- Royal R6 – recruit three Royal R5 associates
Referral Commissions
MinerX pays referral commissions on USDT invested by personally recruited associates:
- Member R0 and Royal R1 ranked associates earn a 5% referral fee fee
- Royal R2 ranked associates earn a 6% referral fee fee
- Royal R3 ranked associates earn a 7% referral fee fee
- Royal R4 ranked associates earn a 8% referral fee fee
- Royal R5 ranked associates earn a 9% referral fee fee
- Royal R6 ranked associates earn a ten% referral fee fee
Be aware that MinerX referral commissions are coded, that means greater ranked associates earn the distinction between their rank referral fee fee and decrease ranked downline associates.
This caps out at 10% for Royal R6 associates.
ROI Match
MinerX pays an identical bonus on day by day ROI funds to personally recruited associates:
- Member R0 ranked associates earn a 5% match
- Royal R1 ranked associates earn a ten% match
- Royal R2 ranked associates earn a 15% match
- Royal R3 ranked associates earn a 20% match
- Royal R4 ranked associates earn a 25% match
- Royal R5 ranked associates earn a 28% match
- Royal R6 ranked associates earn a 30% match
As with referral commissions, the ROI Match is coded. This implies greater ranked MinerX associates earn the distinction between their rank match proportion and that of decrease ranked associates.
This once more caps out at 30% for Royal R6 ranked associates.
Be aware that if a personally recruited affiliate is on the identical rank as you (for Royal R1 and better), the ROI match is mounted at 10% no matter rank.
Becoming a member of MinerX
MinerX affiliate membership is free.
Full participation within the connected revenue alternative requires a minimal 100 USDT funding.
MinerX Conclusion
MinerX is a clone of the beforehand launched BitHarvest MLM crypto Ponzi.
Each schemes make the most of a “bitcoin mining booster” ruse, crafted round USB units that purportedly “increase” bitcoin mining by as much as 150%.
Right here’s MinerX’s system:
And right here’s BitHarvest’s equal:
If plugging in a USB system to pump crypto mining output by as much as 150% is unnecessary, it’s not presupposed to.
BitHarvest’s and MinerX’s purported units don’t exist past advertising and marketing props used to impress potential buyers.
MinerX and BitHarvest are a part of a wider sequence of fraudulent funding schemes.
BitGood runs a passive returns funding scheme by way of gives passive returns by way of an app.
To get round Google’s Play Retailer restrictions on fraud, BitGood has Android customers sideload the app.
Apple customers are offered entry to MinerX’s app through abuse of Apple Retailer’s TestFlight platform.
TestFlight is supposed for use by builders to offer beta entry for testing. The apps aren’t licensed by Apple like common apps are.
A developer can abuse TestPilot by importing a brand new beta model each 90 days.
PrymeBit pitches buyers on annual passive returns straight from its web site:
As beforehand said, central to all of those funding schemes is Jaz Pee.
We’ve already established Pee’s possession of Finxeed, the corporate that owns PrymeBit, which feeds as much as Dbank.
Pee was additionally a speaker at MinerX’s “kick off” occasion:
And right here’s Pee signing some advertising and marketing settlement with BitHarvest’s CEO Logan Lee, performed by Singaporean nationwide Stephen Ng.
I’ll moreover level Pee that includes Ng as BitHarvest’s CEO on PrymeBit’s web site, citing them as “our investor”.
This all brings us again to the beforehand cited North American disclaimer on BitGood’s web site.
Resulting from present compliance necessities, BitGood briefly doesn’t supply providers to prospects topic to the legal guidelines of america and Canada.
In case you meet these standards, please shut the web site/app. We take compliance very critically to make sure that all our providers adhere to authorized and regulatory requirements.
Placing apart the disclaimer being meaningless with respect to regulation, no such disclaimer is offered by PrymeBit, BitHarvest or MinerX.
By representing itself to be based mostly out of Texas and working a number of passive returns funding schemes, purportedly producing ROI income through cryptocurrency mining, Dbank, BitGood, PrymeBit, BitHarvest and MinerX are required to be registered with the SEC.
Not one of the Dbank related corporations or anybody working them, together with Jaz Pee, are registered with the SEC.
The excellent news is BitHarvest, launched earlier than MinerX, has already caught the eye of US regulators.
California’s Division of FInancial Safety & Innovation issued a BitHarvest securities fraud desist and chorus in August 2024.
The enforcement order explicitly names BitHarvest, Logan Lee, Lenni Herlin and Jan Gregory Cerato.
Lee is to BitHarvest as Jeffrey Gan is to MinerX. Whereas nonetheless culpable for committing securities fraud, each are primarily government puppets for Jaz Pee and his Dbank associates.
Jan Gregory, a Canadian nationwide beforehand busted for securities fraud, is a serial promoter of MLM crypto Ponzi schemes. Gregory is basically the face of BitHarvest advertising and marketing.
Pending additional motion by US authorities, it’s unclear whether or not Jaz Pee’s and his Dbank associates are working from Texas, or whether or not they’re unfold out throughout Malaysia, Thailand and different Asian international locations.
Who precisely mans Dbank’s Texas purported crypto mining facility stays unclear. Jaz Pee refers to Dbank’s “head of mining” as “Albus”.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
This may starve MinerX of ROI income, ultimately prompting a collapse.
The maths behind Ponzi schemes ensures that after they collapse, the vast majority of individuals lose cash.