WBank Wallet Review: WBT token securities fraud

WBank Wallet provides no information on their website about who owns or runs the company.

WBank Wallet’s website domain (“wbankwallet.com”) was privately registered in September 2019.

Despite not existing up until a few months ago, on its website WBank Wallet represents it has been around since October 2018.

An incorporation certificate for Singapore is provided on WBank Wallet’s website.

The incorporation corresponds to “WB Develop and Technology PTE. LTD.”, which was registered on January 22nd, 2019.

The address used to incorporate WB Develop and Technology PTE. LTD. is a virtual address provided by Davinci.

Two names feature in WB Develop and Technology’s incorporation, Joyce Lee and Charmaine Joshua.

Joyce Lee’s only tie to WBank Wallet appears to be curated social media content. I couldn’t find anything on Charmaine Joshua.

Given WB Develop and Technology appears to be a shell company, it’s highly likely these two individuals don’t exist.

WBank Wallet uses Fiverr actors in their official YouTube marketing videos:

One video claims to represent a WBank Wallet event held in Malaysia last October.

The video itself doesn’t contain any actual footage but does suggest WBank Wallet is being run out of Malaysia.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

WBank Wallet’s Products

WBank Wallet has no retailable products or services, with affiliates only able to market WBank Wallet affiliate membership itself.

WBank Wallet’s Compensation Plan

WBank Wallet affiliates deposit ethereum for WBT tokens.

Once acquired, WBT tokens are parked with WBank Wallet on the promise of an advertised daily return.

  • 1st Package – invest $100 to $300 worth of ethereum and receive a daily 0.2% to 0.5% ROI
  • 2nd Package – invest $3100 or more worth of ethereum and receive a daily 0.5% to 1% ROI

WBank Wallet state on their website that affiliates receive USD they can cash out at any time via an internal exchange.

The last published WBT internal value was 78 cents as of August 2018.

Referral Commissions are paid both on invested funds and daily returns.

Referral Commissions (investment)

WBank Wallet pays referral commissions via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

WBank Wallet caps payable unilevel team levels at fifty.

Referral commissions on investment are paid across these fifty levels as follows:

  • level 1 (personally recruited affiliates) – 5%
  • level 2 (recruit at least three affiliates who together have invested $500) – 3%
  • level 3 (recruit at least five affiliates who together have invested $5000) – 2%
  • levels 4 to 50 (generate $20,000 worth of investment via personal recruitment) – 0.5%

Referral Commissions (returns)

WBank Wallet pays referral commissions on returns using the same fifty-level deep unilevel team (see investment referral commissions above):

  • level 1 (personally recruited affiliates) – 10%
  • level 2 (generate $2000 worth of investment via personal recruitment) – 5%
  • levels 3 to 10 (generate $10,000 worth of investment via personal recruitment) – 1%
  • levels 11 to 50 (generate $20,000 worth of investment via personal recruitment) – 0.5%

VIP Leader Bonus

There are five tiers to WBank Wallet’s VIP Leader Bonus:

  • Level 1 – generate $500,000 in downline investment volume
  • Level 2 – personally recruit three Level 1 ranked affiliates
  • Level 3 – personally recruit three Level 2 ranked affiliates
  • Level 4 – personally recruit three Level 3 ranked affiliates
  • Level 5 – personally recruit three Level 4 ranked affiliates

Corresponding VIP Leader Bonuses are as follows:

  • Level 1 – 1% bonus commission on downline daily returns
  • Level 2 – an iPhone XS Max, 2% bonus commission on downline daily returns and share in 1% of company-wide ethereum investment volume
  • Level 3 – a Mercedes C250, 3% bonus commission on downline daily returns and share in 2% of company-wide ethereum investment volume
  • Level 4 – a Mercedes E300, 4% bonus commission on downline daily returns and share in 3% of company-wide ethereum investment volume
  • Level 5 – a Lamborghini Huracan, 5% bonus commission on downline daily returns and share in 5% of company-wide ethereum investment volume

Joining WBank Wallet

WBank Wallet affiliate membership is free.

Full participation in the attached income opportunity however requires a minimum $100 investment in ethereum.


WBank Wallet markets itself as the “hottest investment trend in 2020”. This is based on their claim of “good profitability 6%-30%/month”.

In reality WBank Token is another MLM crypto Ponzi scheme.

WBT is a worthless ERC-20 token. It serves no purpose outside of WBank Wallet and has zero external demand.

Gullible WBank Wallet affiliates hand over ethereum for WBT tokens.

WBank Wallet’s anonymous owners generate WBT tokens on demand at little to no cost, which as you can imagine is lucrative (for them).

From there it’s the same old MLM crypto token Ponzi model.

WBank Wallet pays returns with more tokens they generate on demand. This is why they can pay referral commissions down fifty unilevel team levels.

They’re “paying” with worthless tokens they click a button to generate.

Actual invested ethereum is paid out via an internal exchange.

WBank Wallet is pay out withdrawal requests for as long as new investment rolls in, and/or when the admins decide to do a runner.

WBank Wallet’s exit-scam of choice is the public exchange listing.

According to the company’s whitepaper, public exchange listing was supposed to start in late 2019.

Exchange Listing:

WBank token will undergo the listing process on top 10 major exchanges.

These undertaking will be completed within reasonable timeframe of the finalization of ICO.

As far as I can tell that never happened, and the date keeps getting pushed back.

For those unfamiliar with the public exchange exit-scam; typically scammers launch a worthless token or coin. When the time comes to exit-scam they list on some dodgy exchanges and disappear.

Desperate investors hype up their worthless coin causing an initial pump. Cue top recruiters and sometimes the admins dumping their coins/tokens and causing a dump.

This results in the majority of affiliates bagholding a worthless coin/token they can’t do anything with.

One last thing I want to address is WBank Wallet’s shell registration in Singapore, in that it’s meaningless.

All MLM passive investment opportunities are securities. Securities in Singapore are regulated by the Monetary Authority of Singapore. A basic incorporation is not the equivalent of MAS registration. 

WBank Wallet is not registered with MAS. Nor does the company provide evidence it has registered with financial regulators in any other country.

This means WBank Wallet is committing securities fraud and operating illegally the world over.

WBank Wallet’s anonymous admins are probably waiting for more victims before they pull the plug and exchange exit-scam. Don’t be one of them.

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