FastBNB Review: 3% a day BNB smart-contract Ponzi
FastBNB provides no information on its website about who owns or runs the company.
FastBNB’s website domain (“fastbnb.io”), was privately registered on October 6th, 2021.
Further research reveals affiliates citing Biman Das as the creator of FastBNB.
Das was tied to YoCoin. BehindMLM reviewed YoCoin in 2016 and identified it as a shitcoin pump and dump scam.
At the time of publication YoCoin hid its executive’s details. This was later changed, revealing Das was Vice President of the company.
At some point (or possibly from the beginning), Das began crediting himself as YoCoin’s CEO.
YoCoin is believed to have collapsed by the end of 2016.
Based on his LinkedIn profile, Biman Das is based out of West Bengal in India.
Alexa currently ranks top sources of traffic to FastBNB’s website as India (13%), Canada (10%) and Vietnam (9%).
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.
FastBNB has no retailable products or services.
Affiliates are only able to market FastBNB affiliate membership itself.
FastBNB’s Compensation Plan
FastBNB affiliates invest bincance coin (BNB) on the promise of advertised returns.
- Hen Farming – invest 0.1 BNB or more and receive 1.25% a day (no limit)
- Cow Farming – invest 0.1 BNB or more for 150 days and receive 2.5% a day
- Ox Farming – invest 0.1 BNB or more for 90 days and receive 3% a day
The MLM side of FastBNB pays on returns paid to recruited affiliates.
FastBNB pays referral commissions via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
FastBNB caps payable unilevel team levels at ten.
Referral commissions are paid out as a percentage of BNB invested across these ten levels as follows:
- level 1 (personally recruited affiliates) – 6%
- level 2 – 4%
- level 3 – 3%
- level 4 – 2%
- level 5 – 1%
- levels 6 to 10 – 0.5%
FastBNB’s Seed Income pays 10% of returns paid to personally recruited affiliates.
The company’s compensation material states Seed Income is paid “downline upto 100 Level”, but doesn’t provide specifics beyond the first level.
FastBNB affiliate membership is free.
Full participation in the attached income opportunity requires a minimum 0.3 BNB initial investment.
FastBNB is a simple smart-contract Ponzi scheme.
You sign up, invest BNB and your investment is paid to earlier investors.
In turn you then hope to steal funds invested after you.
The MLM side of FastBNB operates as a pyramid scheme to drive recruitment, without which FastBNB collapses.
As with all MLM Ponzi schemes, math guarantees the majority of FastBNB affiliate investors will lose money.
Update 18th February 2022 – FastBNB has collapsed.
Why site is stopped working Today?
FastBNB’s website is still online on my end.
Unable to withdraw since last 2 days.
Thanks, confirmed FastBNB’s collapse. Will put out an update shortly.
The real owner is Alex Zubarev.
Did it come back? What happened? Just collapsed? Any explanation?
Same as any Ponzi. Withdrawals exceed new investment = kaboom.
Scam! They now have an exchange flamingo.business.warning!
Is fastbnb also a scam, ponzy or what exactly is the issue with the company (Ozedit: snip, read the review)