A Crypto Ponzi Scheme by Greg Limon
Crypto is a complicated field and because of its complexity, it has garnered a lot of interest. However, not many people know about this field and some organizations try to take advantage of this fact. One such company is QubitTech, a crypto trader that operates more like an MLM company. In my QubitTech review, I have analysed their claims and verified their information to see whether they are reliable or not so you know whether you should invest your money with them.
What is QubitTech
QubitTech claims to be a platform to help people get access to quantum technologies and profit off of them. This seems like a great proposal at first but it’s very vicious from the start. QubitTech claims to offer the opportunity in quantum technologies but it only offers crypto trading.
Both of them are two very different things. Quantum technology is related to heavy research whereas crypto trading is related to cryptocurrencies such as Bitcoin and Ethereum.
QubitTech aims to reach 10 million users and a net worth of 10 billion dollars by 2025. These claims are certainly made up or to make people deceive into thinking they are a successful enterprise.
The person behind QubitTech is Greg Limon, who claims to be a shareholder at DigiMax Global. However, at the website of DigiMax Global, you wouldn’t find any mentions of Greg Limon, which puts his claims into question.
QubitTech claims to offer many products and services. They have an affiliate program for selling their digital licenses, which you must buy from them to become a part of their investment funds.
They claim to sell their own phones called QubitPhones but they don’t mention how you can get them. I don’t know what to say about that. However, I have discussed their digital licenses and promised profits in detail later in my QubitTech review.
Why You Should Avoid QubitTech
Before I even start discussing the details of QubitTech’s ponzi scheme and services, I must point out the reasons why it’s a ponzi scheme and a scam. Here are they:
No Real Offices
QubitTech provides many addresses in their ‘Contacts’ page which can confuse someone regarding the origins of the company. Moreover, all of those addresses are of virtual offices, making it more difficult to understand their original location.
However when you check the foot-holder of the company’s website (the lowest section of their web pages), you’ll see one address mentioned there.
Companies place their primary address there and QubitTech has done the same. When I checked that address on Google, I found that it was actually a virtual address and not a real one.
Virtual addresses are addresses various companies share as it’s not a brick and mortar location. When you’d go there, you wouldn’t find anyone belonging to that company.
Here’s the website of the virtual address provider:
Notice the mention of ‘5000 companies’? That service provider helps companies with registration and virtual offices.
QubitTech doesn’t provide an address to any real office location. This is frightening because it means they can vanish with your funds (or after a mistake) in a second and you’d have no place to find them. A lack of a brick and mortar office is a huge red flag for a crypto trader.
No Regulatory License
No matter how many times they mention quantum technologies on their website, QubitTech is a crypto trader. And as a crypto trader, they should have a license to operate as a financial services provider.
As QubitTech claims to be based in Estonia, they should have at least a license from the FSA (Financial Supervisory Authority). But there’s no mention of such a license on their website which only means that they are unlicensed and thus, are operating illegally.
A licensed service provider would have to adhere to the strict laws and regulations of FSA, but QubitTech isn’t licensed so they don’t follow any rules.
They are running an illegal operation and that alone is the biggest red flag. You shouldn’t invest in an illegal business.
QubitTech makes pretty humongous claims about its profits and returns. They claims to offer up to 25% monthly returns on their digital licenses (fancy word for investment). And according to these people, your returns can go up to 250% of the original investment!!
That’s extraordinarily high. But they don’t tell you how they make such high profits. On top of that, there’s no way to figure out how they are making such humongous profits.
And it makes you wonder if they can make such amazing profits themselves, why do they need other people’s funds? Such extraordinary claims are common among “get rich quick schemes” and scams. So it’s not surprising that they have resorted to such shady marketing tactics.
It is another reason why I don’t recommend doing business with QubitTech as well.
Only Accept BTC
For a company that claims to make quantum technology accessible for everyone else, QubitTech offers very limited payment methods. You can only pay them through bitcoin or ethereum, both of which are cryptocurrencies and leave no traces. This means, if they chose to run away with your funds one day, they can remove their traces and your money would be lost forever.
Scammers have used this tactic before and it’s a big reason why people don’t trust crypto a lot. However, it’s not the fault of the currency but more of the person who’s using it. Restricting the number of available payment options makes them very suspicious and it’s one of the reasons why QubitTech seems shady.
“Overall, QubitTech operates illegally, has no real offices, accepts only cryptocurrencies, and claims to offer profits unheard of in the real world. All of these red flags point to the fact that QubitTech is a scam and should not be trusted.
Let’s now discuss QubitTech’s extensive license list. They offer four kinds of digital licenses to their customers:
- Bronze Group
You need to invest $100 to join this group. It has a Bronze+ version which requires $500 to join.
- Silver Group
This digital license costs $1,000 and like its Bronze counterpart has a Silver+ version which costs $5,000.
- Gold Group
You’ll have to spend $10,000 to join the Gold Group. The Gold+ license costs $25,000 to join.
- Platinum Group
This licenses costs $50,000 and its plus version called Platinum+ costs $100,000 to join.
QubitTech claims to offer you a monthly profit of up to 25% of your investment per month. The minimum amount you can withdraw from your account is $10. And the maximum amount of profit you can get is 250% of your investment. After that, QubitTech will deactivate your account.
The maximum amount you can withdraw per month is equal to your license’s cost. So, if you bought a Gold license, you can withdraw $10,000 per week maximum.
Greg has kept these programs very attractive and they can easily convince a person into buying these unreliable licenses. I have already pointed out why these licenses are untrustworthy.
First, QubitTech doesn’t tell you how it’s generating these profits. Second, it doesn’t have any regulation so there’s no assurance that your money will remain safe with them.
However, these licenses are only the starting point. The main bread and butter of QubitTech is its affiliate program.
QubitTech Affiliate Program
QubitTech’s affiliate program makes it a proper MLM ponzi scheme. Unlike the usual affiliate program, where you refer to a product and get compensated for it, QubitTech has followed the MLM approach.
They have 12 ranks for their affiliates which offer bonuses ranging from $100 to $500,000. This program is most definitely a scam as you’ll see when we discuss it in detail. QubitTech has put a lot of effort into making their affiliate program seem attractive. They claim to offer various kinds of bonuses in this program:
Quick Start Bonus:
If you can invite two new users to the strong leg and two to the weak leg within two periods of 15 days, you can get an unlimited number of digital licenses ranging from $100 to $100,000. The license you get is equal to the minimum license amount of the people you recruited.
QubitTech follows a unilevel compensation structure. Suppose you join their company as an affiliate. So we can say you’re on level 0. Now when you recruit someone, they will be a level below you as they join through your referral so they are on level 1. Similarly if they recruit someone, they will be on level 2 (from your perspective). Depending on your investment level, you can get compensated for the amount the people on level 1 and 2 invest in your network.
You’ll get a percentage of their investment as a bonus. Here’s the list according to their plans:
- Bronze Group:
You’ll get 6% of the level 1 investment and 2% of the level 2 investment.
- Silver Group:
Here, you’ll receive 6% of level 1 investment and 3% of level 2 investment.
- Gold Group:
You get 7% of level 1 investment, 3% of level 2 investment, and 1% of level 3 investment.
- Platinum Group:
Here, you get 8% of level 1, 4% of level 2, 2% of level 3 and 1% of level 4.
Note that there’s a binary recruitment structure in QubitTech as well. You’ll need to maintain a balance between the two legs to be eligible for bonuses and rewards that we have discussed later.
Matching Bonus and the Rank Bonuses:
Like any other MLM ponzi scheme, QubitTech has created a detailed tier-based reward system for its affiliate program. There are a total of 12 ranks in their tier-based system and to join beyond rank seven, you’ll need to have a corporate license worth of $10,000 activated. Let’s discuss each one of these ranks and understand how they are trying to lure people:
- Rank 1:
Get $1000 in level 1 recruitments and $2500 / $750 in your binary team volume. You’ll receive a 5% matching bonus on your level 1 recruitment along with a $100 rank bonus.
- Rank 2:
Get $2,500 in level 1 recruitments and $5000 / 1500 in the binary team investment. You’ll receive a 5% matching bonus on your level 1 and level 2 recruitments alsong with a $200 rank bonus.
- Rank 3:
Get $5,000 in level 1 recruitments along with $25,000 / $7,500 in binary team volume. You get a 5% matching bonus on your level 1 and 2 investments along with a 2% matching bonus on level 3 investments. The rank bonus here is $500.
- Rank 4:
You’ll need to generate $10,000 in level 1 investments and $50,000 / $15,000 binary investments to achieve this rank.
This rank offers a matching bonus of 5% on level 1 and 2, 3% on level 3 and 1% on level 4. The rank bonus here is $2,000
- Rank 5:
You’ll need $25,000 in level 1 investments and $100,000 / $30,000 in binary investments.
The rank bonus is $5,000 and matching bonuses are: 7% for level 1, 5% for level 2, 3% for level 3, 2% for level 4, and 3% for level 5.
- Rank 6:
Generate $50,000 in level 1 investments and $250,000 / $75,000 in binary investments.
The rank bonus is $7,500 and the matching bonuses are: 7% for level 1, 5% for level 2, 3% for level 3, 2% for level 4, 1% for level 5, and 3% for level 6.
- Rank 7:
Generate $100,000 in level 1 investments and $500,000 / $150,000 in binary investments.
The rank bonus here is $10,000 and the matching bonuses are: 8% for level 1, 6% for level 2, 3% for level 3, 2% for level 4, 2% for level 5, and 3% for level 6, and 3% for level 7.
- Rank 8:
Generate $200,000 in level 1 investments and $1,000,000 / $300,000 in binary investments.
The rank bonus is $25,000 and the matching bonuses are: 8% of level 1, 6% of level 2, 3% of level 3, 3% of level 4, 2% of level 5, 3% of level 6, 3% of level 7, and 3% of level 8.
- Rank 9:
Generate $250,000 in level 1 investments and $3,000,000 / $900,000 in binary investments.
The rank bonus is $50,000 and the matching bonuses are: 9% of level 1, 7% of level 2, 4% of level 3, 3% of level 4, 2% of level 5, 2% of level, 6 4% of level 7, 8, and 9.
- Rank 10:
Generate $400,000 in level 1 investments and $6,000,000 / $2,000,000 in binary investments.
The rank bonus is $100,000 and the matching bonuses are: 9% of level 1, 7% of level 2, 4% of level 3, 4% of level 4, 3% of level 5 and 6, 2% of level 7, 4% of level 8, and 5% of level 9 and 10 individually.
- Rank 11:
Generate $900,000 in level 1 investments and $12,000,000 / $5,000,000 in binary investments.
The rank bonus here is $250,000 and the matching bonuses are: 10% of level 1, 8% of level 2, 5% of level 3, 4% of level 4, 4% of level 5, 4% of level 6, 3% of level 7, 5% of level 8, 6% of level 9, and 6% of level 10.
- Rank 12:
Generate $2,000,000 in level 1 investments and $30,000.000 / $12,000,000 in binary investments.
The rank bonus is $500,000 and the matching bonuses are: 10% of level 1, 9% of level 2, 7% of level 3, 5% of level 4, 4% of level 5, 4% of level 6, 4% of level 7, 5% of level 8, 7% of level 9 and 7% of level 10.
Note that even though they have specified all the bonuses in US dollars, they only pay out in bitcoin or ethereum.
QubitTech Review: Verdict
QubitTech is a new MLM ponzi scheme that’s using crypto trading to convince people of its legitimacy. The fact is, this company is operating illegally and that alone says a lot about its reliability.
On top of that, QubitTech claims to give an investment opportunity in the quantum technology sector but does crypto trending instead. Both of them are completely different things.
They claim to make daily trades but there’s no proof of these claims.
Overall, QubitTech is a ponzi scheme that doesn’t have a license to operate, and has no real addresses. They are a scam and you should avoid them at all costs.
QubitTech has all the qualities of a generic Ponzi scheme. They don't have any real offices, have no license, and are an illegal enterprise. You should be wary of such fraudsters.
- Has no license
- Doesn't have real offices
- Makes exorbitant claims
- Only accepts cryptocurrencies