Jonny Blockchain gives no info on its web site about who owns or runs the corporate.
Jonny Blockchain’s web site area (“jonnyblockchain.com”) was first registered in 2019.
The personal registration was final up to date in February 2021, which I imagine is when the present proprietor took possession of it.
In researching Jonny Blockchain I seen a variety of promotion from Jeremy Rush.
Rush (proper) is thought to BehindMLM because the proprietor of the long-running however since collapsed Zukul Ponzi scheme.
Selling an organization isn’t sufficient to verify possession. So I poked round a bit extra and found Zukul’s final incarnation, Zukul Buying and selling, and Jonny Blockchain are hosted on the identical server within the Netherlands.
That is clearly not a coincidence.
BehindMLM revisited Zukul Buying and selling simply final month. That is in truth how Jonny Blockchain was queued up for evaluate, I simply didn’t know Rush was working it on the time.
Rush started selling Jonny Blockchain in early June 2021. The Jonny Blockchain smart-contract on June 14th.
In between Zukul Buying and selling’s collapse and Jonny Blockchain’s June launch, Rush has been selling numerous cryptocurrency Ponzi schemes.
Rush promotes and runs Ponzi schemes out of London within the UK.
Learn on for a full evaluate of Jonny Blockchain’s MLM alternative.
Jonny Blockchain’s Merchandise
Jonny Blockchain has no retailable services or products, with associates solely in a position to market Jonny Blockchain affiliate membership itself.
Jonny Blockchain’s Compensation Plan
Jonny Blockchain associates make investments 100 tron (TRX) or extra on the promise of an marketed 125% ROI.
On the time of publication Jonny Blockchain is pitching a mean 1.25% day by day ROI.
Referral Commissions
Jonny Blockchain pays referral commissions through a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel workforce, with each personally recruited affiliate positioned immediately below them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel workforce.
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.
Jonny Blockchain caps payable unilevel workforce ranges at 4.
Referral commissions are paid out as an unspecified proportion of TRX invested throughout these 4 ranges.
Becoming a member of Jonny Blockchain
Jonny Blockchain affiliate membership is free.
Full participation within the connected revenue alternative requires a minimal 100 TRX funding.
Conclusion
Jeremy Rush represents Jonny Blockchain generates exterior income through shitcoin mining.
Particularly, Rush claims Jonny Blockchain mines “poo cash that no person needs”.
We take these poo cash and we run them by way of our DiFi aggregator, and we swap them for tron.
And it’s a proportion of that tron that’s paid again into Jonny Blockchain.
In help of this, Rush gives footage of himself strolling by way of what he claims is a crypto mining farm.
For sure for the aim of due-diligence, this video is meaningless. It’s not proof of Jonny Blockchain utilizing exterior income to pay returns.
What would represent proof is audited monetary stories, which Jonny Blockchain is legally obligated to offer.
Naturally these stories aren’t supplied, as a result of Jonny Blockchain is nothing greater than a Ponzi scheme.
This shouldn’t come as a shock, given each incarnation of Rush’s Zukul rip-off was additionally a Ponzi scheme.
In an try and persuade you a serial Ponzi scammer has turned a brand new leaf, on July 2nd Rush uploaded a video titled “Is Jonny Blockchain a ponzi rip-off”.
On this video Rush argues Jonny Blockchain isn’t a Ponzi scheme as a result of:
- Jonny Blockchain pays returns by way of “revenue sharing”; and
- Jonny Blockchain pays returns by way of “crypto mining & DiFi [sic]”.
Rush additionally claims Jonny Blockchain doesn’t have to register with monetary regulators as a result of
not one of the funds paid to Jonny Blockchain by the members to make use of the JB merchandise is invested.
“Revenue sharing” is recycling affiliate funds to pay returns. If something this confirms Jonny Blockchain is a Ponzi scheme.
I’ve addressed Rush’s claims relating to crypto mining (and by extension DiFi) above.
With respect to not having to register with monetary regulators, any MLM firms providing passive returns is a securities providing.
All securities choices should be registered with monetary regulators in any nation they function in.
Within the UK, this may be the FCA. Not withstanding the FCA is dysfunctionally ineffective as a monetary regulator.
Even when one have been to purchase into Rush’s claims (which you completely shouldn’t), his declare that Jonny Blockchain funds aren’t invested is nonsense.
Rush’s pseudo-compliance has him claiming Jonny Blockchain funds are invested in mining tools, which is in flip used to generate returns.
On the finish of the day a smart-contract is a zero-sum equation. Funds go in, Rush and his pals who acquired in early steal most of it, no matter’s left trickles out.
Rush might have simply as simply known as Jonny Blockchain “Zukul Mining”.
As with all MLM Ponzi schemes, as soon as affiliate recruitment runs dry so too will new funding.
This may starve Jonny Blockchain of ROI income, ultimately prompting a collapse.
Jonny Blockchain doesn’t supply any refunds as all transaction are carried in a cryptocurrency through a wise contract.
A cryptocurrency transaction can’t be reversed or refunded.
The maths behind MLM Ponzi schemes ensures that after they collapse, the vast majority of contributors lose cash.
Replace twenty third December 2023 – Jeremy Rush has deleted the cited Jonny Blockchain YouTube movies on this evaluate.
This evaluate initially incorporates hyperlinks to the movies. Owing to Rush deleting the movies, I’ve disabled the beforehand accessible hyperlinks.