Solmax World seems to have collapsed.
Withdrawals are disabled, commissions aren’t being paid out and, as I perceive it, new funding isn’t going by means of.
BehindMLM reviewed Solmax World again in December 2018. It’s a easy sufficient Ponzi scheme, through which associates put money into SMG tokens.
The MLM aspect of the enterprise pays on recruitment of latest buyers.
As a part of the advertising and marketing nonsense surrounding the corporate, Solmax World pretended to be in partnerships with a bunch of corporations.
Essentially the most distinguished of those was Igniter 100.
Solmax Gives a world alternative in referral advertising and marketing to these, who like to realize extra and dream extra.
We’re companion with Igniter100 to market its Fairness Tokens and earn rewarding commissions.
To that finish funding into Solmax World happened by means of “I100” packages.
By its varied elements, Solmax World is actually run by Europeans who’ve teamed up with… I need to say Pakistanis however I’m not 100% positive.
Solmax World has a big Pakistani contingent so Abdul Rehman Sandhu and buddies is likely to be from there, or a neighboring nation (India and so on.).
If anybody higher versed the geography of Solmax World’s executives desires to make clear, that’d be appreciated.
Getting again to Igniter100, it collapsed collapsed a while in the past. This prompted Solmax World to launch Igniter200 with “I200” packages.
Materially there doesn’t seem like any distinction. You’re nonetheless investing in SMG tokens within the hope you’ll be capable to steal cash from those that make investments after you.
From what I’ve been in a position to collect this all got here crashing down a couple of weeks in the past (perhaps earlier).
That is doubtless resulting from recruitment in Pakistan, Solmax World’s authentic recruitment base, drying up.
There was a push into the Philippines however the SEC put a cease to that again in February.
Since then Solmax World has unfold to Nigeria, Saudi Arabia and Bangladesh. Total Solmax World web site site visitors nonetheless has been and stays in decline.
That appears to have occurred after Solmax World did not checklist itself on the London Inventory Alternate as promised.
Now you’ve bought Rehman Sandhu and buddies telling Solmax World victims a brand new compensation plan is on the way in which.
[14:52] We’re launching on twenty third of October in new workplace, with seventeen languages.
[16:57] (undecipherable) matter is being resolved within the Philippines, so we’re transferring in the direction of an open market, primary.
Quantity two backoffice with 13 languages (and) debit, bank card is coming.
We’re going to make merger of the packages, primary. There might be no weekly or every day withdrawal restrict.
That can end within the new workplace. Individuals can withdraw as a lot as they will.
And let me give one other replace on SMG token.
SMG token was listed on some reasonable exchanges however now we’re going to checklist on a few of the greatest exchanges on the planet.
So we’re going to work with BitMart this week.
We’re simply ready for an audit and authorized opinion over the coin … when that is cleared we’ll begin (the) itemizing course of on BitMart.
BitMart might be reside. The token might be reside and whereas the token is listed on an alternate with over a billion turnover every day, the worth will begin going up.
While we’re listed on BitMart, all of the withdrawals and purchases might be (on) the open market.
Appears like a superb previous public alternate exit-scam to me. As to the Philippines, Solmax World are prohibited from working there as per the SEC.
That hasn’t modified. There is likely to be some shell firm nonsense being arrange there, but when the underlying enterprise is Solmax World, these too are simply as unlawful.
Solmax World withdrawals are purported to resume in tether. The credit score bank card processing remains to be being arrange, little doubt by means of new shell corporations registered who is aware of the place.
Whether or not any of that occurs stays to be seen.
For his or her half Solmax World’s victims seem over it.
Even when a reboot occurs by the top of the month, it appears investor confidence isn’t there. Which for a Ponzi scheme means it’s nearly as good as useless.
(cue “bUt I gOt PaId YeStErDay!” shills with damaged English within the feedback beneath)
