Coin-Gen Review: 300% ROI in 24 hrs Ponzi scheme
Coin-Gen provides no information on its website about who owns or runs the company.
Coin-Gen’s website domain (“coin-gen.com”) was privately registered on February 26th, 2020.
On its website, Coin-Gen claims to have been running for 685 days. Given the age of the website domain, this and the rest of the stats provided are assumed to be bogus.
In an attempt to appear legitimate, Coin-Gen provides a grainy UK incorporation certificate for “Coin Gen Limited”.
A search of UK Companies House records reveals no such entity is registered.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Coin-Gen’s Products
Coin-Gen has no retailable products or services, with affiliates only able to market Coin-Gen affiliate membership itself.
Coin-Gen’s Compensation Plan
Coin-Gen affiliates invest funds on the promise of advertised returns:
- Elite Plan – invest $50 to $25,000 and receive a 110% ROI in 24 hours
- Expert Plan – invest $500 to $75,000 and receive a 130% ROI in 48 hours
- Deluxe Plan – invest $3000 to $150,000 and receive a 150% ROI in 72 hours
- VIP Plan – invest $5000 or more and receive a 300% ROI in 24 hours
Referral commissions on invested funds are paid down three levels of recruitment (unilevel):
- 6% on level 1 (personally recruited affiliates)
- 2% on level 2
- 1% on level 3
Joining Coin-Gen
Coin-Gen affiliate membership is free.
Participation in the attached income opportunity requires a minimum $50 investment.
Conclusion
Coin-Gen represents it generates ROI revenue via forex trading, cryptocurrency trading and cryptocurrency mining.
coin-gen.com is mainly involved in mining & trading of the most popular & lucrative cryptocurrencies in the digital world today & also in forex trading.
No evidence of any external revenue being used to pay affiliate returns is provided.
Furthermore, Coin-Gen’s business model fails the Ponzi logic test.
Anyone capable of legitimately generating a consistent 300% ROI in 24 hours isn’t whoring out the golden goose for as little as $50.
300% a day, compounded, Jeff Bezos in a few months. You get the picture.
In a nutshell Coin-Gen is a fraudulent opportunity from top to bottom.
As with all MLM Ponzi schemes, once affiliate recruitment dies off so too will new investment.
This will starve Coin-Gen of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
There is a UK company called Coingenia Limited, with the same UK address (corrected, on the coin-gem.com site they present it in a mangled form): 86 Glynbridge Gardens, Bridgend, CF31 1LW.
Not only does the address match, it was set up in March 2018, so that probably matches with those 685 days. So Coingenia and Coin-Gen must be the same people.
The only problem: it’s only ever filed accounts as a dormant company.
There are no less than five companies registered at that address, the only companies in that residential postcode in fact: Eurolegalitas Limited (established 2008, micro company), GPFI Limited (2015, dormant), Cognios Limited (2016), Oplearn Limited (2017, dormant), and Coingenia Limited (2018, dormant). A surprising amount of corporate activity for a very modest, but very neatly kept, little bungalow.
All five share one director/founder, a Karl Alexander Roberts, who from other information appears to live at the address given. Except for Cognios Ltd, which is a one-man affair, he always has as a co-director/founder a Spanish lawyer, Francisco Javier Heredia Yzquierdo, who occasionally resigns as a director of these companies, then occasionally gets reappointed.
All very strange for tiny little (capitals range between £1 and £300), mostly dormant companies. There are sometimes also some other Spanish-sounding directors.
On his LinkedIn page, Heredia Yzquierdo gives his location as Reading, UK. He also lists himself as a “founding partner” of Oplearn, since 2007, and says its business is:
Not bad for a dormant company with a capital of £100, only established in 2017. (The misspelling “finntech” is consistent – very odd for someone claiming to work in the field.)
He also lists himself as a “Business Partner” of something called Co.Ingenia, based in Reading, UK:
A search for “Co.Ingenia” at Companies House only yields only the Coingenia without the added full stop we already know about, a dormant company with a capital of £100.
More insightful research by PassingBy. Thanks for passing by, PassingBy!
I just find it hard to believe anyone could take this stuff seriously. 300% per day? Come on, starting with a dollar, you’d be a billionaire inside of 20 trading days. In 30 you’d be up to 206 trillion dollars.
Put in terms of a Ponzi scheme, every day you’d need to find 3x as many suckers to sign up as the day before, just to break even. And after 20 days you’d have half the planet signed up.
It’s just…weird.