ShynXL launched in late 2020 and operates within the cryptocurrency MLM area of interest.
ShynXL represents it’s included within the UK, UAE, Europe and Nigeria.
Be aware that for the aim of MLM due-diligence, primary incorporation in any jurisdiction is meaningless.
Heading up ShynXL are co-founders Ahmed Hussain, Mohammed Moin Uddin and Nasir Uddin Mozumder (aka Nasiruddin Mozumder and Mohammed Nasir Uddin Mozumder).
Previous to co-founding ShynXL, Ahmed Hussain credited himself as a UK founding father of the PGI World Ponzi scheme.
Different Ponzi schemes Hussain has promoted embody AI Commerce and CashFX Group. Hussain was additionally a Endlessly Dwelling distributor.
In September 2020 PGI World appointed Nasir Mozumder as Grasp Distributor for Eire.
I wasn’t capable of tie Mohammed Moin Uddin to PGI World.
In a ShynXL advertising video nevertheless, Uddin states he’s recognized Ahmed Hussain “for over solely 25 years [sic]”, Nasir Mozumder for “a very long time as nicely”, and that the trio have labored “collectively for a very long time”.
PGI World collapsed again in March. It appears Ahmed Hussain and Nasir Mozumder cashed out earlier than the collapse and went on to launch ShynXL.
Based mostly on their respective social media profiles, Hussain, Mozumder and Uddin all have ties to Bangladesh however reside within the UK.
In a single ShynXL advertising video, Nasir Mozumder confirms the corporate is “based mostly within the UK”.
An MLM firm working or claiming to function out of the UK is an computerized pink flag.
UK incorporation is filth low cost and successfully unregulated. On high of that the UK’s high monetary regulator, the FCA, doesn’t actively regulate MLM associated securities fraud.
Because of this the UK is a popular jurisdiction for scammers trying to incorporate, function and promote fraudulent corporations.
Regardless of representations ShynXL is predicated out of the UK, the corporate’s advertising movies are shot in Dubai.
Dubai is one other pink flag as once more regulation is non-existent. Coupled with an absence of extradition treaties, the UAE has emerged because the MLM rip-off capital of the world since early 2020.
ShynXL’s official Fb web page is managed from Bangladesh, India and the Philippines.
Alexa at present pegs the one notable supply of visitors to ShynXL’s web site as Bangladesh (48%).
ShynXL promotion in Bangladesh seems to be spearheaded by “Shanto Hakim”:
Learn on for a full assessment of ShynXL’s MLM alternative.
ShynXL’s Merchandise
ShynXL particulars an “ecosystem” of services and products, all however one among which has something to do with their MLM alternative; foreign exchange and crypto buying and selling.
Be aware that none of ShynXL’s merchandise can be found to buy by retail prospects via their MLM alternative.
ShynXL’s Compensation Plan
ShynXL associates make investments bitcoin on the promise of a 0.3% to 2% every day return.
ShynXL presents eight affiliate funding tiers (quoted in USD equivalents):
- Metal – $100
- Copper – $500
- Bronze – $1000
- Silver – $5000
- Gold – $10,000
- Gold Elite – $20,000
- Platinum – $50,000
- Platinum Elite – $100,000
- VIP – $500,000
- VVIP – $1,000,000
Each day returns are paid till a complete 200% is obtained. After 200% is reached, reinvestment is required to proceed incomes.
Be aware that ShynXL costs a 5% withdrawal price and 10% of withdrawal quantities are withheld for obligatory reinvestment.
ShynXL additionally particularly limits what associates can withdraw.
ShynXL processed withdrawals weekly and permits associates to solely withdraw from one class:
- the every day ROI;
- residual and ROI match; or
- the Pool Bonus.
The MLM facet of ShynXL’s compensation plan pays on funds invested by recruited associates.
Referral Commissions
ShynXL pays an a referral fee on funds invested by personally recruited associates.
Referral fee charges are decided by how a lot a ShynXL affiliate has invested:
- make investments on the Metal tier and obtain a 6% referral fee fee
- make investments on the Copper tier and obtain an 8% referral fee fee
- make investments on the Bronze or greater tiers and obtain a ten% referral fee fee
Residual Commissions
ShynXL 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.
Funding quantity for residual commissions is calculated at 50% of bitcoin invested.
E.g. Platinum tier associates make investments $50,000, which counts as 25,000 BV in binary funding quantity.
On the finish of every week ShynXL tallies up new funding quantity on each side of the binary group.
Affiliate are paid 6% to eight% of funding quantity on their weaker binary group facet.
- Binary Qualifier (recruit two associates who every make investments at Copper or greater (positioned one on either side of the binary group) = 6% residual fee fee
- One Star Binary Qualifier (personally recruit two Binary Qualifiers) – 7% residual fee fee
- Two Star Binary Qualifier (personally recruit two One Star Binary Qualifiers) – 8% residual fee fee
As soon as paid out on, funding quantity is matched in opposition to the stronger binary group facet and flushed.
Leftover quantity on the stronger binary group facet carries over into the next week.
ROI Match
ShynXL associates obtain 10% of every day returns paid to personally recruited associates.
The ROI Match is paid out till 100% of funds invested by the affiliate being matched is reached.
Pool Bonus
Copper and better funding tier associates qualify for shares in two bonus swimming pools; the Leaders Pool and the Founders Pool.
The Pool Bonus seems to be funded by 10% of withdrawals, up till an affiliate receives 100% of their invested quantity (200% complete is paid out).
Along with investing at Copper or greater, to qualify for the Pool Bonus a ShynXL affiliate should recruit and keep ten associates who’ve every invested at Copper or greater.
Leaders Pool
- Copper tier associates obtain 1 share within the Leaders Pool
- Bronze tier associates obtain 2 shares within the Leaders Pool
- Silver tier associates obtain 3 shares within the Leaders Pool
Founders Pool
- Gold tier associates obtain 1 share within the Founders Pool
- Gold Elite associates obtain 1.5 shares within the Founders Pool
- Platinum associates obtain 2 shares within the Founders Pool
- Platinum Elite obtain 3 shares within the Founders Pool
Rank Achievement Bonuses
There are eight affiliate ranks inside ShynXL’s compensation plan:
- Tanzanite
- Blue Sapphire
- Shining Ruby
- Glowing Emerald
- Diamond
- White Diamond
- Black Diamond
- Crown Diamond
These ranks correspond with Rank Achievement Bonuses.
Be aware that ShynXL don’t disclose rank qualification standards or Rank Achievement Bonus specifics.
Becoming a member of ShynXL
ShynXL affiliate membership is $20 plus an preliminary $100 to $1,000,000 funding in bitcoin.
ShynXL Conclusion
Like most Ponzi buyers, ShynXL’s co-founders have realized it’s way more worthwhile to run Ponzi schemes than to put money into them.
And so coming off PGI World’s demise, we now have the launch of ShynXL.
In a ShynXL advertising video, Nasir Mozumder states;
We’re in crypto and foreign currency trading and we now have the world class, among the best merchants get collectively. And they’re buying and selling day and evening for our members.
No proof of ShynXL partaking in buying and selling is supplied.
Extra importantly, there isn’t a proof of ShynXL utilizing exterior income of any form to pay withdrawal requests.
Moreover neither ShynXL or its co-founders are registered to supply securities, within the UK or wherever else on the planet.
Because of this at a minimal ShynXL is committing securities fraud.
Because it stands the one verifiable income getting into ShynXL is new funding.
Utilizing new funding to pay current associates a every day return makes ShynXL a Ponzi scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve ShynXL of ROI income, finally prompting a collapse.
The mathematics behind Ponzi schemes ensures that once they collapse, the vast majority of members lose cash.
Replace eleventh January 2021 – ShynXL has collapsed.