SnapBots gives no info on its web site about who owns or runs the corporate.
SnapBots web site area (“snapbots.io”) was first registered in February 2018. The personal registration was final up to date on January twentieth, 2020.
Additional analysis reveals Torque Buying and selling CEO Bernard Ong citing himself as SnapBots’ Chief Monetary Officer on LinkedIn.
Ong formally held the place from March 2017 (previous to SnapBot’s launch) until August 2019.
Ong would go on to launch the Torque Buying and selling Ponzi scheme in October 2019.
Up till not too long ago SnapBots was listed as a mission on Snap Improvements web site:
Bernard Ong (proper) is a Managing Director at Snap Improvements. A number of Snap Improvements executives work in SnapBots and Torque Buying and selling.
Snap Improvements is a Ponzi manufacturing unit based mostly out of Singapore. Identified Ponzi schemes Snap Improvements is tied to incorporate Cloud Token and Torque Buying and selling.
Laughably, after Torque Buying and selling not too long ago collapsed Snap Improvements tried to distance itself from its scamming.
The one Snap Improvements acknowledged to be a part of SnapBots on the corporate’s web site is SnapBots Ambassador Amin Sukisawn.
SnapBots advertising and marketing materials moreover cites Snap Improvements executives Tan Duong and Donna Lee as SnapBots Ambassadors.
The remainder of Snap Innovation’s govt crew is credited as SnapBots’ “analysis crew”.
Learn on for a full evaluation of SnapBots’ MLM alternative.
SnapBots’ Merchandise
SnapBots has no retailable services or products, with associates solely capable of market SnapBots affiliate membership itself.
SnapBots’ Compensation Plan
SnapBots associates put money into SNAP tokens on the promise of an marketed month-to-month return.
On the time of publication a calculator on SnapBots’ web site gives a 1 SNAP = 0.845 USDT conversion charge.
SnapBot advertising and marketing materials suggests SnapBots solicits funding in BTC, ETH and LTC.
As soon as invested in SNAP tokens are parked with SnapBots on the promise of a 2% to five% month-to-month return.
The MLM facet of SnapBots’ compensation plan pays on recruitment of recent associates and returns they obtain.
SnapBots pays referral and recruitment 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 underneath 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.
SnapBots caps payable unilevel crew ranges at two.
Associates who pay a 1000 SNAP price qualify to earn recruitment and referral commissions as follows:
- degree 1 (personally recruited associates) – 30% of returns paid
- degree 2 – 15% of returns paid
Recruitment commissions are paid on the 1000 SNAP price charged to associates.
Referral commissions are based mostly on returns paid to degree 1 and a couple of unilevel crew associates.
Observe that associates who don’t pay the 1000 SNAP price solely obtain 30% of generated returns paid to personally recruited associates.
Becoming a member of SnapBots
SnapBots affiliate membership is 1000 SNAP.
Conclusion
Having surfaced in mid 2018, SnapBots seems to be certainly one of Snap Improvements’ earlier Ponzi schemes. I’m conscious of PixelTrade however I wasn’t capable of pin down enterprise mannequin particulars.
Nonetheless, based mostly on the whole lot else Snap Improvements is concerned in, it’s a protected guess it too was a buying and selling bot Ponzi scheme.
SnapBots sees Snap Improvements dump SNAP tokens it creates out of skinny air onto affiliate buyers.
That is carried out on the promise of an marketed return, which is Snap Improvements dumping extra SNAP tokens.
Customers can maintain main cryptocurrencies like Bitcoin, Ethereum, USDT, Litecoin, and SNAP to obtain rewards from 2%-5% A MONTH because the staking rewards!
Cashing out happens by the SnapBots backoffice (defacto inner change), which SnapBots will honor so long as there’s earlier funding to pay out.
When new funding runs dry, what’s occurring now with Torque Buying and selling will play out.
On high of that you’ve got pyramid recruitment and pay to play.
Referrer should deposit the minimal quantity to the Snap Pockets, earlier than being eligible to refer others.
One attention-grabbing side of SnapBots is, regardless of initially launching practically three years in the past, it’s being touted as a Torque Buying and selling reload scheme.
This seems to be occurring in social media personal teams for now.
In case you have a look at the Alexa site visitors graphs for SnapBots, the scheme was useless going into 2020. Round Could it picked up for a couple of months earlier than collapsing once more.
Then nothing till Torque Buying and selling collapsed final month. SnapBots web site is at the moment climbing the Alexa site visitors charts once more, nonetheless it’s too early to get a definitive image.
What we will state with certainty is that SnapBots is a Ponzi scheme from a crew of seasoned Ponzi scammers.
Regardless of Snap Improvements being linked to a number of Ponzi schemes, they proceed to function brazenly from Singapore.
Neither SnapBots, Snap Improvements or any of their different related corporations are registered to supply securities in Singapore.
So far Singaporean authorities have proven no real interest in pursuing the scammers behind Snap Improvements.
That is possible as a result of firm avoiding advertising and marketing of its varied buying and selling bot Ponzi schemes inside Singapore itself.
In any occasion, be it lengthy overdue regulatory intervention or the inevitable Ponzi collapse, nearly all of SnapBots associates will lose cash.
Cease falling for this rubbish. You understand how it ends.
Replace sixteenth February 2022 – The Snap Improvements scammers behind SnapBots have returned with RoboFi, a non-MLM crypto Ponzi.