WaterMine, an MLM crypto Ponzi I hadn’t heard of, has collapsed.

WaterMine disabled withdrawals a fews days ago. This was followed up by an investor notice sent out on June 1st.

Watermine was hacked yesterday by an newly added email support member.

They have been hacking users account the last few days and last night.

The [sic] stole all instant withdrawals that was million of dollars by adding fake funds using the administration panel.

We were hesitant to add more support members however, we wanted users to have more support to assist with questions or concerns.

We are handling the situation. Currently, we are trying to determine how many accounts were hacked thats [sic] why payments are currently pending.

If we will enable instant payments again more account may lose money.

Your financial growth partner
Watermine Corporation Limited administration

WaterMine is your typical MLM crypto Ponzi.

Gullible affiliates invested USD or bitcoin on the promise of up to 2.6% a day, paid for three months.

The MLM side of the business paid on recruitment of new WaterMine investors:

  • 8% on level 1 (personally recruited affiliates
  • 6% on level 2
  • 4% on level 3
  • 2% on level 4

According to its website, WaterMine launched mid to late 2020. That’s a few withdrawal cycles, after which the majority of WaterMine affiliates will now take a loss.

No details of company ownership are provided on WaterMine’s website. Instead, a UK incorporation certificate for “WaterMine LTD” is provided.

UK incorporation is a calling card for scammers.

Based on Alexa traffic estimates, the majority of WaterMine victims are from Venezuela (15%), the US (8%) and Russia (7%).