COS Review: Quantitative trading ruse “click a button” Ponzi
COS (aka Cosetek and CosCoin), fails to provide ownership or executive information on its website.
COS’ website domain (“cosetek.com”), was first registered in 2017. The private registration was last updated on July 22nd, 2023.
This appears to be around the time the current owner(s) took possession of the domain.
If we look at COS’ website support portal, we can see the source-code pulling Meiqia software from Baidu.
Meiqia is a Chinese software company based out of Beijing. This suggests whoever is running COS has ties to China.
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.
COS’ Products
COS has no retailable products or services.
Affiliates are only able to market COS affiliate membership itself.
COS’ Compensation Plan
COS affiliates invest tether on the promise of advertised returns:
- VIP1 – invest 30 USDT to 500 USDT and receive 0.57% to 0.7% a day
- VIP2 – invest 500 to 3000 USDT, recruit five affiliate investors and receive 0.56% to 0.66% a day
- VIP3 – invest 3000 USDT to 10,000 USDT, recruit ten affiliate investors and receive 0.53% to 0.63% a day
- VIP4 – invest 10,000 USDT to 50,000 USDT, recruit twenty affiliate investors and receive 0.54% to 0.61% a day
- VIP5 – invest 30,000 to 999,999 USDT, recruit thirty affiliate investors and receive 0.53% to 0.6% a day
- VIP6 – invest 50,000 to 999,999 USDT, recruit forty affiliate investors and receive 0.53% to 0.58% a day
The MLM side of COS pays on recruitment of affiliate investors.
ROI Match
COS pays a ROI Match on the daily return paid to downline affiliates.
The ROI Match is paid down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 21%
- level 2 – 7%
- level 3 – 3%
Rank Achievement Bonus
COS rewards affiliates who qualify for the VIP2 and higher investment tiers with the following one-time Rank Achievement Bonuses:
- qualify for VIP2 and receive 30 USDT
- qualify for VIP3 and receive 62 USDT
- qualify for VIP4 and receive 172 USDT
- qualify for VIP5 and receive 272 USDT
- qualify for VIP6 and receive 412 USDT
Joining COS
COS affiliate membership is free.
Full participation in the attached income opportunity requires a minimum 30 USDT investment.
COS Conclusion
COS is yet another “click a button” app Ponzi scheme.
COS’ “click a button” Ponzi ruse is quantitative trading:
The presented ruse is COS affiliates log in and click a button (the more invested the more the button needs to be clicked):
Clicking the button purportedly generates revenue via quantitative trading, which for some reason COS shares a percentage with its affiliate investors.
If that makes no sense it’s because it doesn’t. Randoms clicking a button in an app doesn’t trigger quantitative trading.
In reality clicking a button inside COS does nothing. All COS is doing is recycling newly invested funds to pay earlier investors.
COS is part of a group of “click a button” app Ponzis that have emerged since late 2021.
Examples of already collapsed “click a button” app Ponzis using the same quantitative trading ruse include Hrai and Aeonit.
Including COS, BehindMLM has thus far documented seventy-one “click a button” app Ponzis. Most of them last a few weeks to a few months before collapsing.
“Click a button” app Ponzis disappear by disabling both their websites and app. This tends to happen without notice, leaving the majority of investors with a loss (inevitable Ponzi math).
The same group of Chinese scammers are believed to be behind the “click a button” app Ponzi plague.
Update 23rd November 2023 – COS has collapsed.
So is this definitely a scam as I have an account with them.
71 cookie-cutter click a button app Ponzis.
Nah bro, this one’s totally legit.
Loads of people who i work with have setup accounts…tried telling them its a ponzi scheme,no joy …but at least a couple of people have changed their minds now about putting money in after i showed them this.
I fell for 1 before Global Hyperfund!
Hi, me and a lot of my friends have fallen victim to this one. I was told about this by 2 totally separate friends, on the same day. One said he has made 3k since 10th July and the other one reckons to have made 24,000 since January.
Both these people I consider friends and are trustworthy and I have seen the second friends phone app which proved what he said, I have no reason to mistrust these people. (This is why I didn’t do enough digging before signing up)
So now after reading this and looking at many other examples I have a few questions.
How long do you think this one has till it is deactivated?
There is a 5 day waiting period from joining till you can withdraw the funds. Theoretically if it doesn’t delete in the next 5 days I can safely retrieve my investment and call it quits?
You assume that the website/scheme was started on the 22nd of July since that’s the last website update was then. However that doesn’t coincide with my friends’ experience with one using it since January 2023. Do you think it has been running longer and just not made the news?
Thanks for your time.
Unfortunately your friends are both liars and scammers.
Most of them last a few weeks to a few months before collapsing.
“Click a button” app Ponzis disappear by disabling both their websites and app. This tends to happen without notice, leaving the majority of investors with a loss (inevitable Ponzi math).
Assuming you can withdraw what you initially invested, sure.
Here’s what Cosetek’s website looked like until the “click a button” Ponzi scammers bought the domain a few months ago:
web.archive.org/web/20180625071429/http://www.cosetek.com/
You can verify on the Wayback Machine that the current website only went live in July. Possibly as early as late June 2023.
Does this break the law; Can you share infos on whether or not this is bypassing being defined as some illegal scam (ponzi scheme) and falling under some kind of legitimate MLM loophole, and how?
I have reported this website to the UK’s national reporting centre for fraud and cybercrime, however I fear nothing will come of it. I have also reported the website to cloudflare who host the website.
Ponzi schemes are illegal the world over. There is no way to bypass the law when it comes to securities and wire fraud.
I contacted UK’s national reporting centre for fraud and cybercrime and they considered that its using USDT could affect its categorisation as a ponzi scheme, but perhaps this was a mistaken call handler.
Your resource has helped me convince colleagues, thank you for your great service.
If you contacted ActionFraud you might as well have called the RSPCA.
Never could understand why ActionFraud is attached to the chronically understaffed City of London Police instead of the Metro Police.
City of London consists of a few blocks along the Stand with a population of around 30,000 at best and not be confused with London proper.
ActionFraud has been called out for being ineffective, sometimes caught on tape being abusive to victims when the call ended, but the taping didn’t, etc.
Years of austerity come back. When was the backlog last measured?
CoLP is mostly staffed by people who obviously have a higher calling. That the US is there to plug the holes by seconding staff is a blessing.
Well it’s not a scam, I have had my initial investment back, so did my husband and my friends. The AI (Ozedit: snip, see below)
Whether you, your husband and your scamming friends got in early and stole a bunch of money from people is irrelevant to COS being a scam.
All Ponzi schemes are scams.
Also if you want to make claims about “the AI”, provide legally required audited financial reports filed with financial regulators.
There is no AI. There is no trading. You’re stealing money through an obvious “click a button” app Ponzi.
I found a lot of information out within 10-15 mins of searching this same old Ponzi scammer stuff!
The wayback machine confirms in 2018 that it was a Chinese IT equipment website, and like you said no other info until July 2023.
The WA state DFI also posted this a few days ago: dfi.wa.gov/consumer/alerts/fraudulent-cryptocurrency-trading-platform-coscoinscom-may-be-engaged-fraud
If you take a piece of text from the “About Us” section on the cosetek website and Google it, it returns a hit for a YouTube video that contains verbatim text (apart from the “company” name, location and date of incorporation) linking it to another scam website: jumptd.com
Link to that YouTube video: youtube.com/watch?v=tLIajjFL0LQ
Maybe Jumptd could be your next review – I’ve not looked into that one yet.
They’re all the same! They just change the domains and recycle the same old cr*p for the next victims!
Thanks for catching that Washington warning, and I’ve added JT to the review list.
Pretty much. They’re braindead Ponzis targeting braindead phone users. Every review creates some awareness of the model though so I keep at it.
This entire post is awful, I’ve used COS for 9 weeks or something and have withdrew over Quadruple than my investment, it doesn’t hold your funds to pay for older members etc, the person who posted this has no idea at all what COS is. (Ozedit: snip, see below)
You getting in early and stealing money through a Ponzi scheme doesn’t make COS not a Ponzi scheme.
Feel free to provide audited financial reports proving COS doesn’t recycle invested crypto to pay withdrawals. There aren’t any because Ponzi.
Lot of a “I know everything” idiots in the UK coming across their first “click a button” Ponzi. There is nothing unique about COS – it’s just another Chinese app Ponzi, of which there are well over a hundred since 2021 (we don’t get to all of them here).
Iv just invested in this cos, now worried.
Ive been told this is 100% a sure thing and pressing the button four times a day is a totally normal way of making money? D
Totally normal. If it wasn’t for the ongoing losses that run well into the billions at this point, we could solve world poverty with “click a button” app Ponzis.
Can you do a little better here and actually explain who this money is being stolen from exactly from what I can see cos uses money to trade crypto on different exchanges at different prices to return a profit exactly how crypto holders make money in the first place.
and we all know the crypto is a scam line is failing worldwide and more and more people are beginning to adopt it so I’d like a better explanation than it’s a Ponzi scheme deal with it answer there’s no insight for me in saying that.
trading crypto currencies is perfectly legal what is not legal is if that money is being stolen from crypto customers accounts and I don’t see that with cos
Any dumbass who signs up and invests on the premise “cos uses money to trade crypto”.
Instead of buying the Ponzi ruse and coming on here asking me to disprove it, ask COS for proof they’ve registered with financial regulators and have filed audited financial reports confirming they are paying withdrawals with trading revenue.
You won’t get this, because COS is a cookie-cutter “click a button” Ponzi scheme run by Chinese scammers. They’re a dime-a-dozen.
What is common in these schemes is that all old “investor” funds is being used to honour “withdrawals” That’s where the stealing part comes in.
All “profits” made are fake, just numbers until withdrawals are halted. by then its too late. Just check what is currently happening in GSp.
I like checking this thread to read the comments of the early defensive investors!
I could list hundreds of these same scam websites from the last 1-2 years! HEKC, GEE-exchange, TSL Coin, Bitcoinmafa, iPrime Capital was a great one!
You’ve got to be a complete dumb ass to believe that there’s any actual trading occurring here! Funny how blind people become when they’re so heavily invested financially/emotionally.
There are several URL’s that are all the same:
coshman.com
cos384.com
cosetek.com
coscoins.com
Also has verbatim text with the following currently ongoing other scam websites:
jump95.com
jumptd.com
But most interestingly – I found some of the same text used on cosetek website that was used on the IDA scam app which was around about 6 months ago (and made the headlines in Pakistan after scamming people for millions).
This article here has a screenshot of the app and should provide those with half a brain cell all the information they need to realise this is a massive scam:
wikifx.com/en/newsdetail/202303108714871593.html?gip=TGal13
How many times do people need to be told that this is all rinse and repeat stuff!
Some idiotic comments here. How people cannot see this is a scam/ponzi is crazy.
Just because a few people are making a fortune because they were lucky enough to get in early doesn’t mean its legit.
Notice how there’s a promotion literally every week. They need people to keep their money in the system.
Soon as a couple big boys decide to call it a day, it’s game over.
Hi. Reading your comments I realized I’m an idiot.
I was introduced with cos 4 months ago, invested just 300dollars from there till now i have almost 10k in the balance and 3k withdrawn.
Never heard of ponzi scheme before so i googled it and prety clear for me COS is scam. Now im scared that I can be screwed? Tell me please guys, is money I withdrawn legal?
10k USDT I hold in cos what to do with them? By UK laws i need to register all capital gain tax over 1k, is it legal to pay taxes and how to do so?
Very confused. if some one have spare time please brief me on best solution.
For tax issues you’ll need to speak to an accountant.
Withdrawing more than you invested into a Ponzi scheme is theft. Technically whatever you withdraw is theft, as you’re stealing from those who invested after you (your investment is stolen the moment you invest).
This one is due to shut down any day now , I’d be getting my money out before you get burnt!
I removed Randy’s “COS is going to collapse on X date” comment due to lack of supporting evidence.
Trying to otherwise predict when a Ponzi scheme will collapse is pointless. It’s entirely up to the admins to disable withdrawals when recruitment inevitably slows down.
They’re currently running a 3-day “celebration event” with big bonuses for making deposits, and even bigger bonuses for having your downline victims make deposits, ending on the 13th.
This is maybe what they were alluding to w.r.t. collapse.
I’m not sure how these things usually end, but this strikes me as the sort of thing you would want to pull just before the trap snaps shut.
I had to put my opinion in here, doing my own research and digging.. I’m in no disagreement this is not a pyramid / Ponzi scheme, but the vast amount of current users (7 million+) it seems as though this could be based off interest earnings?
It doesn’t mathematically make sense to just be earning from new people signing up as people are withdrawing and making tens of thousands… Any other opinions?
Well I’m pretty annoyed with myself, I fell for this. I was told by a work colleague that it was a trading bot, a sure fire thing. It has become clear that it’s actually a pyramid scheme.
Now I’ve got $700 tied up in there which I can’t withdraw. I deposited 5 days ago, I understand others have been able to withdraw after 5 days but it won’t let me take anything out. Looks like my money is lost.
If you’re thinking of doing this, don’t!
Pretty big mental gymnastics to asset how many people join a Ponzi scheme correlates to legitimate external revenue generation.
The only way to verify external revenue is via audited financial reports filed with regulators. This is a legal requirement.
The reason COS doesn’t operate legally is because there is no external revenue generation. It’s a Ponzi scheme.
Also the biggest MLM Ponzi schemes of all time have topped out at a few million gullible investors. These ran for a few years before collapsing.
COS’ website received ~1 million visits for October 2023 (SimilarWeb). That’s up from a few hundred thousand the month prior.
COS is barely a few months old. There’s nowhere near “7 million+” investors in it.
Where are you getting your information from, how do you know for a fact it doesn’t have 7 million users?
You’re asking me to prove a negative. This is impossible so I provided the strongest evidence against COS having 7 million users (MLM Ponzi history and website traffic).
If only you applied the same level of due-diligence to Ponzi marketing. Have you verified COS has “7 million+” users?
Feel free to provide evidence COS has 7 million users. Not that it matters, COS is still a Ponzi no matter what the number is.
Why are you so aggressive I simply asked how did you know! I believe it is a Ponzi scheme. Chill out init don’t make a site like this if you can’t handle a simple question!
I would’ve agreed with you here without context, but cut him some slack. OP has to deal with idiotic comments from day to day. He gives so much evidence as to how this is a ponzi and people still can’t face the facts.
Like I said all I asked was where he getting his info from and how he knew that was a fact. His reply is ridiculous, and full of assumptions on my part!
His reply is not aggressive at all. He answered your question and then asked you to provide evidence that this ponzi scam has 7 million+ users.
@Paul
Thank you for confirming COS doesn’t have 7 million members.
Instead of getting butthurt about your feelings, the lesson is running around blindly parroting Ponzi marketing works until someone calls you out on your bullshit.
I have a friend who has not invested any of his own money into this, but has “earned” hundreds of dollars recruiting others to the app.
I am personally convinced this is a ponzi scheme/scam of some sorts, but despite my best efforts he refuses to believe me, even though I showed him the Washington gov link.
Anyone has any hard evidence/silver bullet/irrefutable evidence I can show him? Other than the many “too good to be true” indications. Thanks in advance.
@Dave
You can confirm COS isn’t registered to offer securities in whatever country you’re in. That proves the company is operating illegally.
Additionally, MLM + securities fraud = Ponzi scheme.
If your friend is fine with promoting an illegal investment opportunity, you might have to just accept they’re not who you thought they were.
Will be following this post with interest.
A load of people I know have fallen for this, and it seems more are jumping onboard every day. All claiming to be making hundreds of pounds a month. They really think they are going to get rich by pushing a button 4 times a day – it’s staggering!
It took me a 2 minute google search to find out what this really is. Thanks for the info on here – much appreciated.
Alot of people from ITP are jumping on this.
All the “click a button” app Ponzis are the same.
Gullible UK dumdums = payday for Chinese scammers I guess.
Thank you so much for taking the time to keep this website and thread going to expose the scam.
Not surprised at all the amount of people falling for these as so many people managing to withdraw in time then tell everyone how great the sites are.
Hopefully more find this so they understand what they are putting their money into.
Just noticed a .co.uk version of the site has appeared. Clicking on the sign up takes you to the same registration as before.
Privacy policy is still titled coscoin privacy policy. Must be running out of fresh chumps.
We will see what’s coming now…
My opinion: -COS wants to hold more assets in the bank from the old users.
Statistics: -almost 70% of the users hold most of their money in COS.
Next: I’ve on researching almost for some months to find some alternatives.
I’ll be back.
Few people i work with who are in this scam when trying to withdraw funds to Kraken from COs are now receiving a msg from Kraken saying..
‘Unable to transfer funds from this site due to security reasons which we are unable to discuss with you’… tried telling them, but they wouldn’t listen.
Kraken was sued by the SEC on late Monday. Binance got railroaded by the DOJ and CFTC today.
Good times. (tether next)
A number of subscribers to this scam at my place of work have requested withdrawals this week and they have not materialised!
Also 2 lads have had their kraken accounts closed and been told they can never have another. Seems the net is closing.
COS website has gone… kaput.
Thanks for tracking that. The MLM news hasn’t stopped all last week!
edit: website up but withdrawals disabled and the usual “hackers!” exit-scam.
They’re all on another one now called Jump Tradiny or something like that …some people never learn haha.
Cosetek has now closed and re-opened under a brand called ‘QTOX’… exactly the same platfrom under a different name… same pople/admins also… BEWARE.
Just an update COS is pretending they have been hacked, which is false information they just refusing to let anyone withdraw
They have created a new app called QTOX which is exactly the same just different name and its blue instead of green.
It also has the same admins aswell ‘The jen’ seems to be the main admin
Every “click a button” app Ponzi is run by the same group of Chinese scammers.
Does anyone know when the last withdrawal was from Cos was roughly ?
I did join it for a few days but I could soon see how it was a scam so got my money back plus few quid though got a few family and friends tied to it still as I wasn’t able to convince them unfortunately.
The last withdrawal in a Ponzi scheme is right before it inevitably collapses.
I literally posted weeks ago that Jump Tradiny is the same scammers behind this one. Same text from this website etc.
The people who promote this stuff knowing it’s a Ponzi scheme are actually worse than the scammers themselves in my opinion.
People who will do anything to make money from others losing it are disgusting. I wonder if they know it’s a criminal offence to knowingly promote a ponzi/pyramid scheme:
assets.publishing.service.gov.uk/media/5a7dde59ed915d2acb6ee9f3/Pyramid_selling_advice_for_the_public_and_communities.pdf
I want to offer my thanks to this website. My family told me about COS/Cosetek and that they had been depositing money because of how successfully their initial deposits had grown.
I started to investigate and found this website very useful for demonstrating that this Ponzi scheme has been done a dozen times over and always ends suddenly with people losing their money.
I managed to convince half of my family to withdraw their money and be glad they were still able to. Unfortunately the other half have now lost a lot of money.
Let me thank for this website. My husband was offered to join COS around 2 months ago. While it was clear from the beginning that it’s some sort of scam (at least for me, my husband wanted to believe in easy money), this page provided me with the info and the rationale behind the scam.
And thanks for that, I was able to convince him not to invest any money in. Thank you!
To be honest, I got scammed with cos. The group what’s app chat is still open and quite clearly abandoned by admin.
The bit I hate the most is the scammers are recruiting on this page for new cos(QTOX).Quite clearly the UK as a group of people that live their lifes just jumping from one Ponzi to another and recruiting the innocent!
It is a shame that our policing system can not catch them!
Cant belive how this is still growing members, jump still has people joining…. news of cos collapse days ago and alot of people on the jump chat are still blind to the scam, some think it’s a real trading app….
As for the police catching them, think they may be starting to look into all these scams and if evidence of getting people involved by falsely convincing them its the real deal and not a ponzi, well there’s the illegal act surely….. even worse selling the app as a ponzi with no consideration for the poor people who will lose out…
It’s made the BBC news in Northeast:
bbc.co.uk/news/uk-england-tees-67582637
FFS what a wasted opportunity that article is. He’s clearly done no actual research whatsoever, he could’ve easily found this site and realised there was a connection between Cos and ITP and countless other scams and turned it into a huge story, which would raise so much awareness.
Pathetic, and typical lazy journalism.
“Coscoin has not responded to the BBC when asked for a comment.”
No shit Sherlock, they don’t exist!
Couldn’t agree more, requires a follow up story with more details of the scam.
Its an easy story which is needed to protect nieve innocent and probably poor people!
Multiple different ones on the go now, warn people these are what they are, simple ponzi/pyramid schemes and ultimately they disappear overnight leaving the hundreds or even thousands of victims with their money vanished…..
I’m one of the idiots they scammed. My friend told me he was stupid put 3k and me I done £300 being so naive to not think but now both us feel stupid and guess nothing can do but admit the money is gone and to not be this stupid that no such thing as free money.