iCash Review: iCenter collapses, launches adcredit Ponzi scheme
iCenter is an entirely unremarkable Telegram bot based Ponzi scheme.
iCenter affiliates invested cryptocurrency on the promise of daily ROIs, which iCenter was able to pay as long as gullible investors pumped new money into the system.
According to reports from affiliates, iCenter pulled the plug on its Ponzi bots about a week ago.
Not surprisingly, around the same time iCenter debuted iCash.
Read on for a full review of the iCash MLM opportunity.
iCash has no retailable products or services, with affiliates only able to market iCash affiliate membership itself.
The iCash Compensation Plan
iCash affiliates invest in “ad packs” on the promise of a 120% ROI.
iCash affiliates who pay a Premium fee receive a 122% ROI and affiliates who pay a VIP fee receive 124%.
Higher tier ad packs are planned but as I understand it not yet available.
Note that in order to qualify for a ROI, iCash affiliates must view ten supplied ads a day. For fee-paying iCash affiliates these requirements are reduced.
All ad packs must be invested in via iCSH, an internal points-based system set up by iCash.
iCash affiliates buy iCSH points from iCash at whatever internal rate the company has set at any given time.
One iCash ad pack investment is currently 50 iCSH.
Finally, global daily payout limits are also capped based on iCash affiliate membership fees:
- free affiliates can earn up to 1000 iCSH a day
- Premium affiliates can earn up to 5000 iCSH a day
- VIP affiliates can earn up to 10,000 iCSH a day
iCash pay referral commissions on both iCSH and ad pack investment, both down three levels of recruitment:
- level 1 (personally recruited affiliates) – 10%
- level 2 – 3%
- level 3 – 1%
Premium and VIP affiliates receive an additional 1% on level 4.
iCash basic affiliate membership is free.
Premium and VIP paid membership options are as follows:
- Premium 99 day subscription – 100 iCSH
- Premium 198 day subscription – 190 iCSH
- Premium 365 day subscription – 250 iCSH
- VIP 99 day subscription – 180 iCSH
- VIP 198 day subscription – 290 iCSH
- VIP 365 day subscription – 350 iCSH
Paid affiliate membership provides increased income potential via the iCash compensation plan.
Having already participated in a Telegram bot Ponzi, that adcredit Ponzi schemes are just as illegal is unlikely to phase iCenter affiliates.
What might cause some hesitation however is the fact that math dictates the majority of iCenter affiliates lost money.
In that sense iCash becomes even more nefarious and will likely be touted as a reload scheme (“make your losses back!” etc.).
As iCenter was unremarkable as a Telegram bot Ponzi, so iCash is unremarkable in it’s essentially your typical MLM cryptocurrency exit scam.
iCSH is a cookie-cutter ERC-20 token that serves no purpose and holds no value outside of iCash.
It was created to dump iCenter’s ROI liabilities onto, with the hope most affiliates will transfer monopoly money backoffice funds into iCSH points.
iCash create iCSH points at whim and have already or are in the process of flogging them to gullible iCenter affiliates for 5 to 40 cents each.
With respect to iCash, here’s a breakdown of the flow of money.
iCash receives cryptocurrency in exchange for worthless iCSH points. The points are used in iCash’s ad credit Ponzi scheme, which only pays a ROI in iCSH points.
It’s important to emphasize cryptocurrency of actual value is being transferred to iCash’s anonymous admins, with investors receiving only worthless iCSH points in exchange.
Affiliates actually only realize a ROI when they manage to covert their iCSH points back into cryptocurrency through iCash’s internal exchange.
This happens in one of two ways:
- gullible iCash bagholder affiliates buy up the iCSH points with real cryptocurrency, or
- iCash use invested funds to create the illusion of genuine internal exchange activity.
As with iCenter, iCash can pay withdrawal requests through the internal exchange for only as long as new ad pack investments are made.
When the new money dries up, and it will, the system collapses.
Unfortunately for iCash investors the use of iCSH means they’ll be left holding a worthless token. The inevitably collapse triggers a iCSH sell frenzy, which in turn drives the internal price to $0.
The iCash admins will have abandoned ship long before it gets to this, making off with the cryptocurrency iCash bagholders transferred to them to invest in ad packs.
TL;DR? iCash will eventually end with “sorry for your loss”, just like practically every other MLM cryptocurrency company.
Update 12th October 2018 – iCash LTD have reached out and asked us to publish the following clarification:
Hi behind MLM team. I saw your article identifying a trading bot that operates as a Ponzi scheme. We appreciate you bringing this to the attention of the world, but unfortunately this scam shares our name.
We do not endorse ponzi scheme and are not affiliated with this company leveraging our name.
At iCash Ltd. (“iCash”) we are are creating a validation layer for smart contracts, called the Proof-of-Trust protocol. We’re exceptionally careful to only offer our tokens through regulatory compliant sales practices.
iCash LTD has nothing to do with iCenter or their iCash adcredit Ponzi.