Mitotic Money: Is this a Ponzi Scheme?
The Central Bank of Russia has issued a pyramid scheme fraud warning to Mitotic Money.
Mitotic Money exhibits “signs of a financial pyramid,” according to the CBR’s February 7th, 2023 warning.
Mitotic Money was reviewed by BehindMLM a few days ago. Mitotic Money is a Ponzi scheme as well as a pyramid scheme.
Mitotic Money associates put cash into Bitcoin with the promise of up to 2% daily returns. Mitotic Money re-invests newly invested cash to pay requests for withdrawals.
Mitotic Money pays commissions on affiliate investor recruitment, which is how the pyramid scam works. There is neither marketed nor offered to retail buyers.
Mitotic Money appears to be run by Russians, however, they are concealed underneath an elaborate “Boris CEO” marketing illusion utilizing South American actors.
The CBR’s fraud alert and BehindMLM’s evaluation both mention Mitotic Money as functioning from the name “mitoticmoney.com.” Mitotic Money changed domains to “mitoticmoney.live” within hours of BehindMLM’s assessment going live.
We can’t say for certain, but this could be a poor attempt to avoid CBR’s prior fraud warning.
What do know about Mitotic Money Investments Ltd.?
Mitotic Money claims to be a corporate conglomerate that assists clients in dealing with expenditures of various currencies, facilitating transactions, and the exchange of monetary assets.
They claim to have the expertise required for currency trading, portfolio management, and asset distribution. With forex and cryptocurrency as the foundation of their activities. Users from all over the world can participate and invest safely for confirmed converts on investments from the various marketplaces in which Mitotic Money operates.
Is it a Scam or Legit?
This Ponzi scheme, a mastermind of deception, refuses to reveal any information about its top executives or ownership on its website. Come let’s know how?
Exposing their Fake Promises and Lies
Clients from all over the world contribute to the business in the form of subscriptions. Each subscription includes a unique set of returns, referrals, and binary bonuses. They go over the additional benefits in a later section of this essay.
Huge sums of money are invested in numerous forex and cryptocurrency trade pairs. It allows them to choose high leverages; the risks are always present; they claim that they get it by the risks as well, but their limited effective management system ensures that customers are not impacted. But this is not the case.
The company claims that it is continually monitoring currency pairs in the FX market as well as cryptocurrency prices. According to their specialist’s analysis, they diversify the funds into several transactions. This allows them to profit from trading.
Excess money is transferred to a ‘Security deposit plan’ inside one of our departments. This is utilized as a reserve fund/escrow account.
In volatile times, this scam claims that it is always prepared to face the repercussions, even if deals go wrong, which is a one-in-billion likelihood given market volatility. At this stage, they assert that this payment is utilized to reimburse the consumers’ initial deposit as goodwill.
Mitotic Money Review – Thomas Baker Fake CEO Scam!
The website of this Ponzi scheme lacks verifiable ownership and executive information.
The executives of Mitotic Money are as follows:
In mid-2022, fake social media accounts were built for individuals.
Boris’s CEO performances are typical; a leased office with marketing props.
The performers in this scam’s previous marketing videos all have Latin American accents. Cesar Millan is from Venezuela, thus this makes sense.
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.
Boris is the CEO. MLM companies are usually the work of Eastern European con artists. To that goal, two marketing videos will be released on April 6th and 7th, 2023.
Mitotic Money utilized actors to promote their company and to make it trustworthy
This Ponzi scheme appears to have lost the initial South American acting cast. The firm posted a video of a “Russia Crypto Live Event” on April 12th:
Putting everything together;
- This scam began with South American actor executives, most likely from Venezuela;
- Boris CEO scams are typically the work of Eastern Europeans, and Mitotic Money’s Russian roots have emerged in marketing videos over the past month
- The fraudsters behind this scheme are using Indians to manage their social media and likely web development.
Their website displays two incorporation certificates in an attempt to conceal all of this:
- Mitotic Money Investments LLC is said to have been formed in the US state of Kentucky in February 2022.
- Mitotic Money Organization LTD was allegedly formed in the United Kingdom on January 5th, 2023.
The website for this scam was first developed in late 2021.
*As always, if an MLM firm is not honest about who runs or controls it, consider twice before joining and/or turning over any money.
Also, this scam offers no resalable goods or services. Associates can only promote Mitotic Money affiliate membership.
What is the Process of Joining this Pyramid Scheme?
The membership as an affiliate is completely free here. A minimum investment of $60 is required to fully participate in this additional income opportunity. Like any other shady scheme, this scam encourages cryptocurrency investment.
Conclusion
Finally, we can conclude that Mitotic Money is a Ponzi scheme and is completely untrustworthy. When we look for Mitotic Money reviews, we find a video where you can express your thoughts about the company. The following link is provided:
