AuBit Review – Legit Freeway Token “No Risk” Or Huge Scam?
Hello my friends! Thank you for being here with me today at my AuBit review blog post. Maybe someone referred you to this company. Or maybe you found them online. So I’m here to help you make an informed decision before you invest. We will look at it and see if they are legit or if the are just another ponzi scheme. So make sure to stick around ’till the end because this will be some revealing information.
So AuBit is in the cryptocurrency MLM niche. They actual have 2 CEOSs which are Sadie Hutton and Graham Doggart. Their Chief Operation Offices is Mark Kearns. The three of them co-founded the company Dynamic Abundance in 2012.
Supposedly, Dynamic Abundance offers “fintech advisory”. It is true that their website is still running, but seems that they have discontinued services since 2018. When looking at these 3 people’s LinkedIN profiles I could see that they are from Malta. What’s interesting is that is that Malta is a scam-friendly place with very little to no MLM regulation at all. But also I could see that they have their main address in Seychelles which is more close to Africa.
Scam Friendly Jurisdictions
Interestingly enough, Seychelles is also a scam-friendly place. But when I looked even more into it, this address actually belongs to more than one business. And on top of that, I found a 3rd corporate address on their website which on one of their supposed “legal documents”. This last address is located in the Cayman islands, which is also a scam-friendly place.
We could easily assume that AuBit exists at these locations but in name only. The other thing that I found is that their LinkedIn accounts shows that it has been operating since 2017. This actually aligns with their domain registration. They registered it in October 2017. So it seems that whatever they had going in before AuBit just went down. In February 2021, Sadie Hutton published on Medium announcing the “relaunch” of AuBit’s.
AuBit Review – Products
When we look at their products, AuBit actually doesn’t have any retailable products or services. Their affiliates can only market the AuBit affiliate membership itself.
AuBit Review – Compensation Plan
How it works is that their affiliates will invest in the AuBit’s won Freeway token. Once they do this, they park these token inside AuBit and the promise you guaranteed annual returns.
- Bitcoin Supercharger – 33% annual ROI
- Ethereum SuperCharger – 20% annual ROI
- Binance Coin SuperCharger – 20% annual ROI
- USD Supercharger – 43% annual ROI
- Eurosmith Supercharger – 43% annual ROI
- Gold Supercharger – 20% annual ROI
- ADA Supercharger – 20% annual ROI
- AuBitised DOT Supercharger – 20% annual ROI
AuBit Review -Referral Commissions
They will actually pay you a 10% on your referral when they are recruited personally. They will pay you with these so called Freeway tokens.
When it comes down to commissions, they will pay a 2.5% on the returns you earn inside your entire downline. they track this via a unilevel comp plan. This structure will place one person on the top, and everyone else on the downline, like in your typical pyramid. So they pay the 2.5% residual commission on the “entire group”.
AuBit Review – Joining
Seems like it is free to join this company. But I could not find any specific amounts of what is the minimum or maximum required to invest.
So what do we have here… Do you think this is legit or another Ponzi? Well, let’s look into it. Seems to me that AuBit is just the high peak of years of a crashed blockchain project by these founders. The main problem here is that there is no proof on any trading on this company. Also, there is no evidence of them using external revenue of any kind to pay the affiliate withdrawals.
Since they are a passive investment company, they are offering securities. This means they need to register with all financial regulators in every place they do business. The lack of registration means that they don’t have any proof of any reports showing that they operate legally. Therefore making this a Ponzi pyramid scheme.
Lack Of Registration
Interestingly enough, seems that they are aware that the US is serious about this topic, so they’ve proceeded with caution. So on August 28th they uploaded a video on Youtube. The name is “Free Lite US: OPEN NOW”. In this video Sadie Hutton announces that they are now soliciting investments from US residents and citizens. But for some odd reason they are using a separate domain for this which is “freewaylite.us”.
Here in this video, Hutton does touch the topic of regulations requirements. Here the talk is about how they’ve assigned a special customer service on Telegram to address this issue. But let’s be clear about something here. The Securities and Exchange Act in the US does not mention anything about having some random Telegram customer service account. This means nothing. Only thing happening here is new members paying existing members. Do not invest in this scam.
Learn How To Trade Crypto
Don’t get me wrong… There is nothing wrong with investing in Crypto, in fact I hold a good amount of crypto tokens. The problem is really with these types of scams. There is a huge difference from buying a legit coin than investing in these fake companies. If you want to learn how to trade crypto, I recommend trying the Crypto Ultimatum training course for just 47 bucks. Try it out. If you don’t like if for some reason you can get your money back. But I doubt you will. It will show you how to do it the right way. By the way, HERE is the latest ponzi I reviewed in case you run into it!
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