FomoEX operates within the cryptocurrency MLM area of interest. The corporate fails to supply a company deal with on its web site.
Heading up FomoEX is Stephen Meade (President) and David Hung (CEO).
Stephen Meade (proper) is an unknown within the MLM business. Over the previous few years he’s reinvented himself as a crypto bro.
Meade’s crypto bro adventures seem to have culminated in MonetaPro, a failed cryptocurrency ecommerce platform.
Over the previous two years or so Meade has additionally jumped on the podcast bandwagon.
The final episode of “The BullsEyeGuy” was uploaded to YouTube on September twenty third, 2021. It has 11 views.
FomoEX’s web site credit David Hung as
Proprietor of the biggest Filecoin farms in Singapore, Maintain mining farm in Singapore and USA. [sic]
Apart from that there’s not a lot on the market on Hung. He seems to be one other crypto bro with nothing a lot else happening.
Primarily based on his look in a FomoEX advertising video, and Chinese language-language spam articles speaking up his ties to FileCoin, Hung is believed to have ties to China.
This tracks with FomoEX operating on a Shanghai time fee schedule.
On Fb Stephen Meade represents he’s based mostly out of California within the US.
FomoEX just lately held a prelaunch occasion in Dubai. Each Meade and Hung had been in attendance.
Whether or not the pair have taken the precautionary measure of relocating there but although is unclear.
Dubai is the MLM rip-off capital of the world. The emirates lack of regulatory enforcement sees it appeal to MLM scammers from everywhere in the world.
Not less than for now, FomoEX has chosen Dubai to launch its enterprise operations from.
On the pseudo-compliance aspect of issues, FomoEX pretends it’s based mostly out of the British Virgin Islands in its web site Phrases of Service:
GOVERNING LAW
These Phrases of Use shall be ruled by and construed in accordance with BVI regulation.
BVI is one other hidey-hole with no energetic MLM fraud associated regulation. Due to this it a favourite jurisdiction for scammers to include shell firms in.
Learn on for a full evaluate of FomoEX’s MLM alternative.
FomoEX’s Merchandise
FomoEX has no retailable services or products.
Associates are solely capable of market FomoEX affiliate membership itself.
FomoEX’s Compensation Plan
FomoEX solicits funding in cryptocurrency on the promise of marketed returns.
- Package deal-1 – make investments $100 and obtain as much as 10% a month
- Package deal-2 – make investments $300 and obtain as much as 11% a month
- Package deal-3 – make investments $500 and obtain as much as 12% a month
- Package deal-4 – make investments $1000 and obtain as much as 13% a month
- Package deal-5 – make investments $5000 and obtain as much as 14% a month
- Package deal-6 – make investments $10,000 and obtain as much as 15% a month
- Package deal-7 – make investments $25,000 and obtain as much as 16% a month
Returns are paid as much as 300%, after which reinvestment is required to proceed incomes.
FomoEX solicits funding in USDT, ECN and MOF:
- 100% of the required funding quantity might be made in USDT
- as much as 70% of the required funding quantity might be made in USDT, the remaining 30% might be made in ECN or MOF
The MLM aspect of FomoEX pays on recruitment of affiliate buyers. Word that FomoEX associates will need to have an energetic funding to earn MLM commissions.
FomoEX pays month-to-month returns and MLM commissions in F-USD.
F-USD is an inside shit token. It’s nugatory outdoors of FomoEX.
Associates convert F-USD into USDT (1:1) of their FomoEX backoffice for withdrawal.
FomoEX Affiliate Ranks
There are six affiliate ranks inside FomoEX’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Bronze – generate $50,000 in downline funding quantity
- Silver – generate $100,000 in downline funding quantity and have two Bronzes in your downline (one in two separate unilevel crew legs)
- Gold – generate $250,000 in downline funding quantity and have two Silvers in your downline (one in two separate unilevel crew legs)
- Ruby – generate $500,000 in downline funding quantity and have two Golds in your downline (one in two separate unilevel crew legs)
- Diamond – generate $1,000,000 in downline funding quantity and have two Rubys in your downline (one in two separate unilevel crew legs)
- Black Diamond – have three Diamonds in your downline (one in three separate unilevel crew legs)
Recruitment Commissions
FomoEX associates earn a 5% fee on 50% of funds invested by personally recruited associates.
Residual Commissions
FomoEX pays residual commissions by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel crew, with each personally recruited affiliate positioned instantly beneath them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel crew.
If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.
Residual commissions are paid as a share of month-to-month returns paid to associates.
- ranges 1 and a couple of – 5%
- degree 3 – 4%
- degree 4 – 3%
- ranges 5 to fifteen – 2%
Word that to earn on every degree a corresponding variety of associates with energetic investments should be recruited.
E.g. to earn on degree 1, one investing affiliate should be recruited.
To earn on as much as degree 5, 5 investing associates should be recruited and so forth and so forth.
FOMO Linear Commissions
FomoEX locations everybody who joins right into a company-wide compensation construction.
The construction itself isn’t all of the clear:
Virtually talking regardless of the particular construction is, it nonetheless features as a company-wide straight-line downline.
FomoEX feed this straight-line right into a binary crew.
Fomo linear commissions are paid 10% of recent funding matched on either side of the binary crew. weekly from funds invested after you as soon as positioned within the line.
To qualify for Fomo Linear commissions, every affiliate should personally recruit a minimum of three investing associates.
FOMO linear commissions are capped at thrice the utmost they earn in returns and MLM commissions.
There additionally seems to be an arbitrary weekly cap that FomoEX set every week.
I imagine a brand new Fomo Linear commissions place is created every time a FomoEX affiliate reinvests.
Management Pool
FomoEX takes 8% of company-wide funding quantity and locations it into six Management Swimming pools.
Management Pool qualification is tied to rank:
- the Bronze Pool is made up of 1% and is distributed equally to Bronze ranked associates
- the Silver Pool is made up of 1% and is distributed equally to Silver ranked associates
- the Gold Pool is made up of 1% and is distributed equally to Gold ranked associates
- the Ruby Pool is made up of 1% and is distributed equally to Ruby ranked associates
- the Diamond Pool is made up of two% and is distributed equally to Diamond ranked associates
- the Black Diamond Pool is made up of two% and is distributed equally to Black Diamond ranked associates
Becoming a member of FomoEX
FomoEX affiliate membership is tied to a $100 to $25,000 preliminary funding.
FomoEX solicits funding in USDT, ECN and MOF.
Conclusion
BehindMLM got here throughout FomoEX as a reboot of the collapsed eOracle Ponzi scheme.
This was a number of days in the past and since then there’s been a good bit of confusion as to who’s really behind FomoEX.
That is primarily attributable to FomoEX’s integration of ECN and MOF, the respective Ponzi tokens utilized by eOracle and HyperFund.
To that finish when FomoEX held its closed-door prelaunch occasion in Dubai earlier this week, phrase shortly unfold that Sam Lee was in attendance.
Sam Lee (believed to be an Australian citizen, proper) is a part of HyperFund proprietor Ryan Xu’s posse of crypto bros. Most of them fled to Dubai earlier this 12 months.
Lee is formally credited as CEO of HyperFund.
Whereas they’re completely happy to maintain the character of the monetary relationship between FomoEX and HyperFund secret, the corporate quickly realized recruitment would tank if FomoEX was marketed as a alternative.
Cue an emergency discover pushed out to the HyperFund affiliate backoffice on October twenty third:
Issues are a bit totally different at eOracle, the place FomoEX is being pitched as “section 2” of the Ponzi scheme.
There isn’t any pushback from eOracle on this as a result of their Ponzi scheme has already collapsed. Twice in actual fact.
HyperFund is probably going on its method to collapse however isn’t fairly there but – therefore the discover.
Like I mentioned, the financials between FomoEX, eOracle and HyperFund are shrouded in thriller.
What is evident nevertheless is that high earners in eOracle and HyperFund had been preloaded into FomoEX:
Stephen Meade and David Hung seem to have been plucked from obscurity. Whether or not they’re simply entrance males or really operating FomoEX is unclear.
Appears a bit odd two crypto bros would randomly meet up in Dubai to launch a successor to 2 failing MLM Ponzi schemes.
This is also a part of a wider exit-scam, within the hope eOracle and HyperFund executives would possibly dodge regulatory warmth.
Actually with respect to HyperFund, regulators around the globe have began to take discover.
Behind securities fraud notices are investigations, the outcomes of which have but to play out.
How regulators will deal with the plague of MLM Ponzi schemes and scammers hiding out in Dubai stays to be seen.
Within the meantime there may be nothing exceptional about FomoEX. It’s your customary MLM crypto Ponzi scheme.
Make investments crypto, get again 300% of some bullshit token that took 2 minutes to arrange.
The MLM aspect of FomoEX is a pyramid scheme, paying on recruitment of recent affiliate buyers.
Like all Ponzi scheme, this works till withdrawals exceed new funding.
Having merged their fraudulent schemes collectively, both eOracle, FomoEX and HyperFund will triple collapse at that time. Or we’ll see a brand new migration.
How convoluted the Dubai MLM crypto Ponzi sphere will get is a piece in progress.
One closing level I wish to deal with is the digital shares Stephen Meade is advertising FomoEX with.
[0:20] We’ve created a cool plan, and we’ll present you how one can probably take part in an IPO of the mining firm.
(We’ll) offer you an opportunity to earn shares very early within the firm with out price.
You’ll have the ability to accumulate them by the compensation plan that’s been created.
FomoEX pretends returns are generated by way of mining. I imagine that is the tie in to David Hung’s supposed FileCoin fame.
What’s lacking is registration with monetary regulators and audited monetary experiences.
At time of publication Alexa ranks high sources of visitors to FomoEX’s web site because the US (29%), India (17%) and Russia (12%).
This is sensible, seeing because the US and India are the highest sources of funding into HyperFund and eOracle respectively.
Neither FomoEX, Stephen Meade or David Hung are registered to supply securities within the US or India. Or wherever on this planet for that matter.
As beforehand said, high eOracle and HyperFund earners have already been preloaded into FomoEX.
Members of the general public can enroll now however can’t throw their cash away till October twenty eighth.
