On the WoToken website, there is no information about the company’s owners or managers.
On September 16, 2018, the domain name “wotoken. pro” for the WoToken website was registered using false information. Marketing materials for Alan’s company imply that the business has connections to Hong Kong.
We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.
These reports are made possible by the collective efforts of contributors like you. If you would like to become a contributor then contact us here.
Updated on June 27th, 2019 – The founder of WoToken is interviewed in a promotional film produced earlier this year by the website Asia Blockchain Review.
The CEO of 1WorldBlockchain and founder of WoToken, Edward Wu, is shown in the video, which was allegedly shot in Hong Kong early this year. One World Blockchain asserts to be a banking substitute.
Using a smart contract execution mechanism, 1WB carries out the fundamental tasks necessary for the effective transfer of all types of cross-border payments into blockchain technology.
On the 1WorldBlockchain website, Edward Wu is listed as “Edward Ng.” He utilizes this identity on LinkedIn as well.
The website domain for 1WorldBlockchain was officially registered in 2016. In January 2019, the registration was last updated.
An archived version of the 1WorldBlockchain website discloses that the business was based in Nanshan District, Shenzhen, China.
As far as I can determine, 1WorldBlockchain exists today only to disseminate misinformation about WoToken.
How exactly does a Ponzi scheme operate?
An investment fraud known as a Ponzi scheme draws investors with claims of great returns and no risk but fails to invest the money as stated. Instead, it pays off earlier investors with money from future investors while maybe keeping a portion of the profits. These schemes typically fail when recruiting investors becomes challenging or when multiple investors attempt to cash out. They depend on a steady flow of new buyers to operate. They are called after Charles Ponzi, who ran a similar scam using postal stamps in the 1920s.
Alan Bagamaspad – WoToken Products
Affiliates are only permitted to advertise WoToken affiliate membership; the platform offers no resaleable goods or services.
Alan Bagamaspad – The WoToken Compensation Plan
Affiliates of WoToken make investments based on the prospect of advertised profits.
- A $1000 investment in WOR tokens will yield a daily ROI of 0.25 to 0.5%.
- Affiliates who invest in WOR tokens through the WoToken app can expect a daily ROI of 0.3% to 0.65% on investments of up to $5000 in WOR tokens.
WOR tokens are produced by WoToken as needed and are only useful within WoToken. WoToken pays all returns and commissions in WOR tokens.
Alan Bagamaspad-Referral Commissions
On WOR refunds made to affiliates in your downline, WoToken provides referral commissions. WoToken uses a unilevel incentive scheme to pay referral commissions.
An affiliate is put at the head of a unilevel team in a unilevel pay system, and each affiliate they personally recruited is positioned immediately under them (level 1):
New affiliates brought on by any level 1 affiliates are added to the original affiliate’s unilevel team at level 2.
If any level 2 affiliates bring on new affiliates, they are promoted to level 3, and so on down a theoretically endless number of levels.
The number of unilevel teams a WoToken affiliate builds will influence the referral commission rates.
- 50% referral commission on level 1 for a one-level deep unilevel team (affiliates that were individually recruited)
- 80% on level 1 and 50% on level 2 for a two-level deep unilevel team.
- 80% on level 1, 50% on level 2, and 30% on level 3 for a three-level deep unilevel squad.
- 100% on level 1, 50% on level 2, 30% on level 3, and 10% on levels 4 through 10 for a four-level deep unilevel squad.
- 100% on level 1, 50% on level 2, 30% on level 3, 10% on levels 4 to 10, and 5% on levels 11 to 15 for a five-level deep unilevel squad.
Alan Bagamaspad-Apollo Levels
WoToken affiliates who meet the requirements for the Apollo Level can continue to get referral commissions after their unilevel team has reached level 15.
Level 1: Generate $250,000 in downline WOR token ROI volume, and from levels 15 to infinity, earn 5% referral commissions.
Level 2: Recruit Level 1 affiliates on your own, and from Level 11 onward, earn 10% in referral commissions.
Level 3 – earn 15% referral commissions from levels 11 to infinite by directly recruiting at least three Level 2 affiliates.
Level 4 – earn 20% referral commissions from levels 11 to infinite by directly recruiting at least three Level 3 affiliates.
Alan Bagamaspad-Joining WoToken
Their affiliate membership is free. To participate in the attached MLM income opportunity, a minimum $1000 investment in WOR tokens is required.
Conclusion
With WoToken, Telegram Ponzi bots are replaced by app-based Ponzi bots.
This is done under the pretense of creating decentralized application technology (apps), but is really simply another Ponzi scheme platform.
WoToken produces WOR tokens for low to no cost. They are sold for whatever internal value the business has established at the moment to gullible WoToken investors.
The underlying WOR token value is kept private by WoToken.
The WoToken app manages investments and returns, while the Neraex exchange is where returns are realized.
A defunct Japanese cryptocurrency exchange called Neraex was recently used to feign public WOR trading.
Affiliates of WoToken can realize guaranteed returns using the WoToken app by selling their WOR tokens to other WoToken affiliates on Neraex.
As newly invested money is being used to compensate old investors, this is obviously a Ponzi scheme.
Pyramid fraud is another issue, which is added on top of that because referral commissions are paid out when new investors are attracted.
Because WoToken and Neraex are not registered to provide securities in any of the jurisdictions where they seek investments, there is also securities fraud present.
You should be aware of the MLM cryptocurrency exit scam scheme by now.
The public listing of WOR will be announced whenever whoever is administering WoToken determines they have stolen enough money or investor recruitment fails.
This is likely to start on Neraex and could subsequently spread to other shady exchanges.
The WoToken admin(s) will continue to dump as many pre-generated WOR tokens as they can during the hype pump for the initial public listing.
They perform a runner after the first pump. Affected WoToken bagholders will now have to watch as their useless WOR tokens drop to $0.
The trajectory of every MLM cryptocurrency scheme has been the same. The same will apply to WoToken.
People’s comments on WOR token Appollo bot Ponzi scheme.
Co-founders of the WoToken Ponzi scheme are jailed in China
Chinese con artists introduced the mobile app Ponzi scheme WoToken last year.
The co-founders of the fraud, Gao Yudong, Li Qibing, Wang Xiaoying, and Tian YongBo, were each given prison terms ranging from two years, six months to eight years, six months, by a Chinese court last month.
According to a November 3rd Sina report;
“ Gao Yudong, the defendant, was found guilty of planning and supervising pyramid schemes and received an eight-year and six-month prison term as well as an RMB 2 million fine.
Li Qibing received a seven-year prison term and an RMB 1.5 million fine for organizing and running pyramid schemes;
Wang Xiaoying received a seven-year prison term and an RMB 1.5 million fine for organizing and running pyramid schemes;
Tian Yongbo received a two-year and six-month prison term and an RMB 1 million fine for planning and supervising pyramid schemes.
Li Guomin was found guilty of concealing illicit proceeds and given a three-year prison term with a five-year suspension and a 100,000 yuan fine;
Tang Xiaohua was found guilty of harboring and given a six-month sentence with a year of probation. “
Someone going under the name of Edward Wu (also known as Edward Ng) claimed to be the founder of WoToken in our own evaluation. Additionally, he served as the CEO of 1WorldBlockahin, a fictitious business.
The LinkedIn page for Wu is still active. According to the company’s website, 1WorldBlockchain is “completely updating all our systems, projects, and products.”
In January 2019, the business’s official Twitter account was deleted.
Uncertainty exists as to whether Wu is a jailed co-founder or a Boris CEO actor.
The number of WoToken affiliate investors was determined to be 715,249 by Chinese authorities. Together, WoToken victims lost $1.18 billion USD based on the value of invested cryptocurrencies at the time.
These websites are Ponzi schemes, and people become victims of them and lose their hard-earned money. And it is quite upsetting when individuals are duped by these websites.
Nowadays investments and building online assets is not an easy task, as there are many fraudulent activities taking place people are not aware of these types of fraud and put their money into fake schemes. Make the various bogus apps, telegram groups, and websites just to dupe naive, who just came to earn from the online platform.
Wo Token was only created by Alan Bagamaspad just to con people and MLM schemes people are unaware of these types and they just invested their money, and purchased the tokens.
They just promote their schemes with the help of deceiving marketing strategies.
It is good to see that the Chinese government is taking strict action against it. And put the owner of the Wo Token behind bars. But these fraudsters need to be punished harshly and charged high penalties, so these types of MLM fraud can not occur in the future.
Many people are continuously looking for ways to get money without doing anything. Scammers take advantage of this and try to deceive individuals by introducing them to their untrustworthy scheme, through which they can gain money and then disappear.
A friend of mine went through a similar situation and his money was stuck in the bogus application he was unable to withdraw the money, which is ridiculous. I believe before investing you research the websites whether the platform is legit or not.