Million Money (million.money)
Ethereum Pyramid Scheme
Is Million Money Fake or Real?
Why Is Million Money Fake?
These kinds of fraudulent schemes give investors the impression that they are completely safe due to it being a ‘smart contract’. However, the structure is that of a pyramid scheme, meaning that money only comes from the deposits of investors and the scheme will collapse quickly when no new people join.
Million Money does not have any product or service and it is pretty much mandatory to recruit more people so that you can get a commission from their deposits. The website is hilariously poor as they have not even bothered to convert the Ethereum amounts into Dollars. This shows how lazy and unprofessional the operators of this scheme are.
At the lowest level, an investor can earn 133.33% profit and at the highest level, it promises a return of 4,163.5%. Anyone with basic knowledge of investing would know how ridiculous this is. Even the best investors in the world do not make more than 20% profit per year.
Million Money states on the website that it is not a scam. Any company that needs to go out of its way to say it is not a scam is almost always a scam.
A domain name lookup of the website shows that it was registered on 13th August 2019. The registrant’s details such as name, location and contact details have been hidden for privacy. The website’s default language is Russian, which suggests that it is operated from Russia – a high-risk country for investment scams.
On the day of writing this article, the website of Million Money is 452 days old. They claim that the scheme has 696,188 members, which would mean that they are adding 1,538 members per day. However, the website itself states that they added only 66 members in the previous 24 hours. This means that the number of members shown is a lie.
Million Money does not have any social media presence. There are Facebook, Twitter and Telegram icons given on the website that are fake as they lead nowhere. No contact details have been provided either. Million Money is being operated anonymously and there is no way to contact the admins of the smart contract.
The only review for Million Money I could find was one on TrustPilot, where the reviewer is trying to get more referrals. This is funny for a scheme that claims to have almost 700,000 investors.
It is quite clear that Million Money is a scam. A smart contract is simply an automated agreement to release payments when conditions are met. Million Money is not risk-free whatsoever because it is obviously a cryptocurrency pyramid scheme. Money from new investors is used to pay old investors and the scheme collapses when no new people join. Such schemes are illegal and most of the people end up losing their money. Similar schemes like Forsage have been officially declared to be fraudulent by government authorities.
Million Money’s website is full of lies. There is no information about the admin of the smart contract and it seems to be run from Russia, which is notorious for running pyramid schemes. The scheme promises between 133% to 4,163.5% profit in just 100 days, which is not possible unless it is a scam. Money Million does not even try to conceal the fact that it does not have any product or service to generate revenue. The only source of income for Million Money is the deposits of investors themselves.
Even though the website is only 452 days old, they claim to have almost 700,000 members, which is very likely to be a lie. This is evident from the fact that there are almost no reviews available for the scheme and the only review that could be found was an attempt to gain referrals. It is advisable to avoid investing in Million Money, as it is a pyramid scheme.
To read about other Investment Scams, click here.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.