TrustBet fails to offer possession or govt info on its web site.
TrustBet’s web site area (“trustbet.io”), was privately registered on November eighth, 2023.
In an try to seem authentic, TrustBet offers UK incorporation for TrustBetIO LTD.
TrustBet represents itself to be an MLM cryptocurrency alternative. It needs to be famous that the UK’s FCA outright banned MLM cryptocurrency funding schemes on October eighth, 2023.
In TrustBet’s official advertising materials, “Paul Cassar” is cited as its founder and CEO.
As per the screenshot above, Cassar is represented by an AI avatar. The identical avatar was used to characterize MeroBit’s CEO:
Clearly neither Paul Cassar or Manny Stalomn exist.
MeroBit is an MLM crypto Ponzi working the identical web site template as TrustBet. It’s apparent the identical scammers behind Merobit are behind TrustBet.
Whereas the FCA issued a Merobit securities fraud warning on November thirtieth, 2023, up to now TrustBet seems to have flown below their radar.
Whether or not the Merobit/TrustBet scammers have launched further scams is unclear.
As at all times, if an MLM firm is just not overtly upfront about who’s working or owns it, suppose lengthy and exhausting about becoming a member of and/or handing over any cash.
TrustBet’s Merchandise
TrustBet has no retailable services or products.
Associates are solely in a position to market TrustBet affiliate membership itself.
TrustBet’s Compensation Plan
TrustBet associates make investments USD equivalents in cryptocurrency.
That is executed on the promise of marketed returns:
- Starter – make investments $25 or extra and obtain 5% a day for 30 days
- Premium make investments $2500 or extra and obtain 6% a day for 40 days
Notice that if a TrustBet affiliate needs to withdraw earlier than 30/40 days, a 20% withdrawal price is charged.
TrustBet pays referral commissions on invested cryptocurrency down three ranges of recruitment (unilevel):
- stage 1 (personally recruited associates) – 5%
- stage 2 – 2%
- stage 3 – 1%
Becoming a member of TrustBet
TrustBet affiliate membership is free.
Full participation within the connected earnings alternative requires a minimal $25 funding.
TrustBet solicits funding in numerous cryptocurrencies.
TrustBet Conclusion
TrustBet’s Ponzi ruse is “asset administration tailor-made for the bold investor”.
Given we all know that is only a clone of Merobit from the identical scammers although, that is apparent baloney.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve TrustBet of ROI income, ultimately prompting a collapse.
The maths behind Ponzi schemes ensures that after they collapse, the vast majority of contributors lose cash.