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.
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.