Yolllo – MLM Scam and Fraud Posing as a NFT Platform
Yolllo claims to be an NFT-based social media platform for creators. However, it has become notorious as a scam which targets wealthy women from Russia and Ukraine.
Yolllo says it would pay content creators as well as those who like the content.
They are marketing themselves as a futuristic alternative to TikTok, YouTube and Instagram.
In fact, the company is collecting money from consumers on the basis of these claims and promises.
However, it has a ton of red flags indicating it’s not a legitimate crypto venture but a scam.
The first red flag is their VIP business offer which asks you to pay them $50,000.
Apart from the VIP subscription, they have the following subscription plans for creators:
- Light ($100)
- Basic ($300)
- Advanced ($1,188)
- Pro ($3,000)
- Expert ($10,000)
- VIP ($50,000)
However, in exchange for such hefty amounts, you get several ‘arbitrary’ benefits which don’t translate much in the real world.
Yolllo’s scam is similar to another MLM scheme called Gem4Me. The company collections money from people claiming to launch a digital competitor of Telegram and WhatsApp.
How Yolllo is Marketing Itself:
The way Yolllo markets itself reminds of the various MLM scams that enter the industry.
According to their online profiles, their CEO is Pasha Kidman.
This company claims it’s a “great opportunity” which you might regret not joining.
Their basic service allows you to post one digital art one day. However, their lowest paid subscription allows you to create 1 NFTs.
Clearly, the company is trying to capitalize on the rising popularity of NFTs.
Also, they claim to provide you with AI-based virtual assistants and tools. They claim you will be able to monetize your creative content and make money.
But the app doesn’t have any significant audience so content creators have no real incentive.
Moreover, to do all of this, you would need to spend hundreds or thousands of dollars on Yolllo.
The actual scam is their pyramid scheme.
In fact, the company is showing ‘projections’ to wealthy women on how they can make money.
They divide their pyramid structure into the following levels:
- Administrative Producer
- GA Producer
- Line Producer
- Prime Producer
- Executive Producer
- VIP Producer
A Producer is responsible for generating 5 sales for a subscription worth $300. At this level, you will make 5% on every sale your first 5 recruits make. Then, those recruits will recruit 5 more people each.
As you can see, Yolllo is promoting an illegal pyramid scheme. Almost everyone who invests in these schemes loses their investment.
A great example is Penney Ooi’s WFG, a notorious MLM scam which claims to help people make money but ends up causing them to suffer great losses.
Verdict: It is a Pyramid Scheme
Yolllo is marketing itself as a blockchain-based social media platform which lets creators generate NFTs and earn money.
But that’s all just to deceive you into signing up for their MLM scam.
Another MLM scam which promotes itself as a ‘tech’ venture is OmegaPro. The company claims to be a forex broker but in reality, it’s promoting its “Loyalty program” which is their pyramid scheme.
Financial regulatory authorities of France, Belgium, Mauritius, and many other countries have blacklisted OmegaPro.
Hence, beware of Yolllo.
You are at great risk of losing your entire investment and more, without getting anything in return.
Yolllo is a pyramid scheme marketing itself as a social media platform. Consumers report that it is targeting wealthy Russian and Ukrainian women. Beware of this scam!
- MLM scam
- Deceptive marketing
- Shady business model