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 via.
BehindMLM reviewed Solmax World again in December 2018. It’s a easy sufficient Ponzi scheme, during which associates spend money on SMG tokens.
The MLM facet of the enterprise pays on recruitment of recent 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.
Probably the most outstanding of those was Igniter 100.
Solmax Provides a world alternative in referral advertising and marketing to these, who like to attain 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 occurred via “I100” packages.
By its numerous parts, Solmax World is actually run by Europeans who’ve teamed up with… I wish to say Pakistanis however I’m not 100% certain.
Solmax World has a big Pakistani contingent so Abdul Rehman Sandhu and associates is likely to be from there, or a neighboring nation (India and many others.).
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 look like any distinction. You’re nonetheless investing in SMG tokens within the hope you’ll have the ability to steal cash from those that make investments after you.
From what I’ve been capable of collect this all got here crashing down just a few weeks in the past (possibly earlier).
That is possible on account of recruitment in Pakistan, Solmax World’s unique 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 visitors nonetheless has been and stays in decline.
That appears to have occurred after Solmax World didn’t record itself on the London Inventory Change as promised.
Now you’ve acquired Rehman Sandhu and associates 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 shifting 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 will likely be no weekly or each 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 record on a number of the largest 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 will likely be dwell. The token will likely be dwell and whereas the token is listed on an change with over a billion turnover each day, the worth will begin going up.
While we’re listed on BitMart, all of the withdrawals and purchases will likely be (on) the open market.
Appears like a very good previous public change 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 alleged to resume in tether. The credit score bank card processing remains to be being arrange, little question via 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 lifeless.
(cue “bUt I gOt PaId YeStErDay!” shills with damaged English within the feedback beneath)
Replace ninth January 2022 – YouTube has deleted the channel internet hosting the Rehman Sandhu video cited on this article.
As such I’ve needed to disable the beforehand accessible video webinar hyperlink.