IconX fails to supply possession or government info on its web site.
IconX’s web site area (“iconx.tech”), was privately registered on March ninth, 2024.
The one names disclosed on IconX’s web site are Danyal Islam, Rado Mulej and Hind el Hadaj, purportedly members of a “group trustees council”.
Additional analysis reveals Islam, Mulej and Hadaj are promoters who’re a part of IconX’s advertising.
Salman Butt is one other identify we are able to add to the record.
As to who’s truly working IconX, additional analysis reveals ties to Dubai’s Al-Maktoum ruling household (click on to enlarge):
- Saeed bin Hasher Al-Maktoum – IconX’s Chairman
- Solaiman Al-Rifai – IconX Board Member
- Ram Alsridi – IconX Managing Director and Board Member
- Ali Abuzinjal – IconX Neighborhood Director
Al-Maktoum, Al-Rifai and Abuzinjal are Dubai-based MLM crypto fraudsters. All three had been beforehand concerned in Safir Worldwide’s Zeniq Coin Ponzi scheme.
Safir Worldwide went on to break down in 2023.
As a result of proliferation of scams and failure to implement securities fraud regulation, BehindMLM ranks Dubai because the MLM crime capital of the world.
BehindMLM’s pointers for Dubai are:
- If somebody lives in Dubai and approaches you about an MLM alternative, they’re making an attempt to rip-off you.
- If an MLM firm relies out of or represents it has ties to Dubai, it’s a rip-off.
If you wish to know particularly how this is applicable to IconX, learn on for a full overview.
IconX’s Merchandise
IconX has no retailable services or products.
Associates are solely capable of market IconX affiliate membership itself.
IconX’s Compensation Plan
IconX associates enroll and spend money on Mining Race “mining card” and “mining machine” positions.
- Starter – $100 a yr for entry to 2 mining card positions
- Premium – $300 a yr for entry to 9 mining card positions and 4 mining machines
- Platinum – $1000 a yr for entry to twenty mining card positions and fifteen mining machines
Funding right into a mining card place prices round $400 and pays out 118% each 90 days.
Mining machines aren’t outlined in IconX’s advertising materials however are assumed to require a bigger funding and pay out a better ROI.
Mining card and mining machine positions pay out so long as an IconX entry membership stays energetic.
The MLM facet of IconX pays on recruitment of affiliate buyers.
IconX Affiliate Ranks
There are 9 affiliate ranks inside IconX’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Star 600 – generate $600 in counted quantity on all sides of the binary group
- Star 2000 – generate $2000 in counted quantity on all sides of the binary group
- Group Coordinator – generate $10,000 in counted quantity on all sides of the binary group
- Group Chief – generate $30,000 in counted quantity and have a Group Coordinator or larger on/in all sides of the binary group
- Regional Director – generate $100,000 in counted quantity and have a Group Chief or larger on/in all sides of the binary group
- Regional Vice President – generate $300,000 in counted quantity on all sides of the binary group and have three Regional Administrators or larger within the binary group (cut up 2:1 both facet)
- Vice President – generate $1,000,000 in counted quantity on all sides of the binary group and have three Regional Vice Presidents or larger within the binary group (cut up 2:1 both facet)
- Senior Vice President – generate $3,000,000 in counted quantity on all sides of the binary group and have three Vice Presidents or larger within the binary group (cut up 2:1 both facet)
- Icon – generate $9,000,000 in counted quantity on all sides of the binary group and have 4 Senior Vice Presidents or larger within the binary group (cut up 2:2)
Counted quantity is a mix of entry membership charges and mining card and mining machine funding.
- entry membership payment quantity is counted at a 100% ratio of charges paid
- funding quantity is counted at 10% of funds invested
Referral Commissions
IconX associates are paid a referral fee on entry membership charges and funding by personally recruited associates:
- 10% referral fee on entry membership charges
- 5% referral fee on mining card and mining machine funding positions
Residual Commissions
IconX pays residual commissions by way of a binary compensation construction.
A binary compensation construction locations an affiliate on the high of a binary group, cut up into two sides (left and proper):
The primary stage of the binary group homes two positions. The second stage of the binary group is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary group are generated as required, with every new stage housing twice as many positions because the earlier stage.
Positions within the binary group are stuffed by way of direct and oblique recruitment of associates. Be aware there isn’t a restrict to how deep a binary group can develop.
On the finish of every week IconX tallies up new counted quantity (see “IconX Affiliate Ranks” above) on either side of the binary group.
Residual commissions are paid as 10% of latest quantity on the weaker binary group facet.
As soon as paid out on, quantity is matched towards the stronger binary group facet and flushed. Leftover quantity on the stronger binary group facet carries over.
ROI Match
IconX pays a ROI match by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel group, with each personally recruited affiliate positioned instantly below them (stage 1):
If any stage 1 associates recruit new associates, they’re positioned on stage 2 of the unique affiliate’s unilevel group.
If any stage 2 associates recruit new associates, they’re positioned on stage 3 and so forth and so forth down a theoretical infinite variety of ranges.
IconX caps the ROI Match at twenty unilevel group ranges.
The ROI Match is paid as a proportion of each day mining card and mining machine returns paid out throughout these ranges based mostly on rank:
- Star 600s earn a 4% match on stage 1 (personally recruited associates), 2% on stage 2, 1% on stage 3 and 0.5% on stage 4
- Star 2000s earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5 and 0.25% on stage 6
- Group Coordinators earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven and 0.2% on stage 8
- Group Leaders earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on stage 10
- Regional Administrators earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on ranges 10 to 12
- Regional Vice Presidents earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on ranges 10 to 14
- Vice Presidents earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on ranges 10 to 16
- Senior Vice Presidents earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on ranges 10 to 18
- Icons earn a 4% match on stage 1, 2% on stage 2, 1% on stage 3, 0.5% on ranges 4 and 5, 0.25% on ranges 6 and seven, 0.2% on ranges 8 and 9 and 0.1% on ranges 10 to twenty
Rank Achievement Bonus
IconX rewards associates for qualifying at Star 2000 and better with the next one-time Rank Achievement Bonuses:
- qualify at Star 2000 and obtain $100
- qualify at Group Coordinator and obtain $300
- qualify at Group Chief and obtain $1000
- qualify at Regional Director and obtain $3000
- qualify at Regional Vice President and obtain $10,000
- qualify at Vice President and obtain $30,000
- qualify at Senior Vice President and obtain $100,000
- qualify at Icon and obtain $300,000
Becoming a member of IconX
IconX affiliate membership is by way of annual subscription:
- Starter – $100
- Premium – $300
- Platinum – $1000
The Extra an IconX affiliate pays in charges the upper their earnings potential.
IconX Conclusion
IconX affords a mix of pyramid and securities fraud.
IconX is a pyramid scheme by the use of nothing being marketed or bought to retail clients. All commissions paid out are tied to affiliate recruitment.
IconX’s passive returns funding scheme constitutes a securities providing. This requires IconX to register with monetary regulators in each jurisdiction it solicits funding in.
As of December 2024, SimilarWeb tracked 100% of IconX’s web site site visitors from Slovenia.
It ought to be famous Mining Race is about up by itself web site area, “miningrace.com”. Slovenia is once more the one supply of site visitors to Mining Race’s web site as of December 2024.
Securities in Slovenia are regulated by the Securities Market Company (ATVP). IconX fails to supply proof it has registered its Mining Race funding scheme with ATVP.
Providing unregistered securities constitutes securities fraud.
This ties in with IconX failing to supply customers with audited monetary stories filed with regulators, a authorized requirement in nations with regulated monetary markets.
That is the one approach for customers to confirm IconX is definitely producing exterior income by way of claimed crypto mining.
Because it stands, the one verifiable income getting into IconX is new funding.
Utilizing new funding to pay ROI withdrawals would make IconX a Ponzi scheme. That is in keeping with Safir Internationa’s Zeniq Coin Ponzi, which the identical shysters working IconX had been behind.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
This may starve IconX of ROI income, finally prompting a collapse.
The mathematics behind Ponzi schemes ensures that after they collapse, nearly all of individuals lose cash.