IconX fails to provide ownership or executive information on its website.

IconX’s website domain (“iconx.tech”), was privately registered on March 9th, 2024.

The only names disclosed on IconX’s website are Danyal Islam, Rado Mulej and Hind el Hadaj, purportedly members of a “community trustees council”.

Further research reveals Islam, Mulej and Hadaj are promoters who are part of IconX’s marketing.

Salman Butt is another name we can add to the list.

As to who’s actually running IconX, further research reveals ties to Dubai’s Al-Maktoum ruling family (click to enlarge):

  • Saeed bin Hasher Al-Maktoum – IconX’s Chairman
  • Solaiman Al-Rifai – IconX Board Member
  • Ram Alsridi – IconX Managing Director and Board Member
  • Ali Abuzinjal – IconX Community Director

Al-Maktoum, Al-Rifai and Abuzinjal are Dubai-based MLM crypto fraudsters. All three were previously involved in Safir International’s Zeniq Coin Ponzi scheme.

Safir International went on to collapse in 2023.

Due to the proliferation of scams and failure to enforce securities fraud regulation, BehindMLM ranks Dubai as the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

  1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
  2. If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.

If you want to know specifically how this applies to IconX, read on for a full review.

IconX’s Products

IconX has no retailable products or services.

Affiliates are only able to market IconX affiliate membership itself.

IconX’s Compensation Plan

IconX affiliates sign up and invest in Mining Race “mining card” and “mining machine” positions.

  • Starter – $100 a year for access to two mining card positions
  • Premium – $300 a year for access to nine mining card positions and four mining machines
  • Platinum – $1000 a year for access to twenty mining card positions and fifteen mining machines

Investment into a mining card position costs around $400 and pays out 118% every 90 days.

Mining machines aren’t defined in IconX’s marketing material but are assumed to require a larger investment and pay out a higher ROI.

Mining card and mining machine positions pay out as long as an IconX access membership remains active.

The MLM side of IconX pays on recruitment of affiliate investors.

IconX Affiliate Ranks

There are nine affiliate ranks within IconX’s compensation plan.

Along with their respective qualification criteria, they are as follows:

  1. Star 600 – generate $600 in counted volume on each side of the binary team
  2. Star 2000 – generate $2000 in counted volume on each side of the binary team
  3. Team Coordinator – generate $10,000 in counted volume on each side of the binary team
  4. Team Leader – generate $30,000 in counted volume and have a Team Coordinator or higher on/in each side of the binary team
  5. Regional Director – generate $100,000 in counted volume and have a Team Leader or higher on/in each side of the binary team
  6. Regional Vice President – generate $300,000 in counted volume on each side of the binary team and have three Regional Directors or higher in the binary team (split 2:1 either side)
  7. Vice President – generate $1,000,000 in counted volume on each side of the binary team and have three Regional Vice Presidents or higher in the binary team (split 2:1 either side)
  8. Senior Vice President – generate $3,000,000 in counted volume on each side of the binary team and have three Vice Presidents or higher in the binary team (split 2:1 either side)
  9. Icon – generate $9,000,000 in counted volume on each side of the binary team and have four Senior Vice Presidents or higher in the binary team (split 2:2)

Counted volume is a combination of access membership fees and mining card and mining machine investment.

  • access membership fee volume is counted at a 100% ratio of fees paid
  • investment volume is counted at 10% of funds invested

Referral Commissions

IconX affiliates are paid a referral commission on access membership fees and investment by personally recruited affiliates:

  • 10% referral commission on access membership fees
  • 5% referral commission on mining card and mining machine investment positions

 Residual Commissions

IconX pays residual commissions via a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.

At the end of each week IconX tallies up new counted volume (see “IconX Affiliate Ranks” above) on both sides of the binary team.

Residual commissions are paid as 10% of new volume on the weaker binary team side.

Once paid out on, volume is matched against the stronger binary team side and flushed. Leftover volume on the stronger binary team side carries over.

 ROI Match

IconX pays a ROI match 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.

IconX caps the ROI Match at twenty unilevel team levels.

The ROI Match is paid as a percentage of daily mining card and mining machine returns paid out across these levels based on rank:

  • Star 600s earn a 4% match on level 1 (personally recruited affiliates), 2% on level 2, 1% on level 3 and 0.5% on level 4
  • Star 2000s earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5 and 0.25% on level 6
  • Team Coordinators earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7 and 0.2% on level 8
  • Team Leaders earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on level 10
  • Regional Directors earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on levels 10 to 12
  • Regional Vice Presidents earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on levels 10 to 14
  • Vice Presidents earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on levels 10 to 16
  • Senior Vice Presidents earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on levels 10 to 18
  • Icons earn a 4% match on level 1, 2% on level 2, 1% on level 3, 0.5% on levels 4 and 5, 0.25% on levels 6 and 7, 0.2% on levels 8 and 9 and 0.1% on levels 10 to 20

Rank Achievement Bonus

IconX rewards affiliates for qualifying at Star 2000 and higher with the following one-time Rank Achievement Bonuses:

  • qualify at Star 2000 and receive $100
  • qualify at Team Coordinator and receive $300
  • qualify at Team Leader and receive $1000
  • qualify at Regional Director and receive $3000
  • qualify at Regional Vice President and receive $10,000
  • qualify at Vice President and receive $30,000
  • qualify at Senior Vice President and receive $100,000
  • qualify at Icon and receive $300,000

Joining IconX

IconX affiliate membership is via annual subscription:

  • Starter – $100
  • Premium – $300
  • Platinum – $1000

The More an IconX affiliate pays in fees the higher their income potential.

IconX Conclusion

IconX offers a combination of pyramid and securities fraud.

IconX is a pyramid scheme by way of nothing being marketed or sold to retail customers. All commissions paid out are tied to affiliate recruitment.

IconX’s passive returns investment scheme constitutes a securities offering. This requires IconX to register with financial regulators in every jurisdiction it solicits investment in.

As of December 2024, SimilarWeb tracked 100% of IconX’s website traffic from Slovenia.

It should be noted Mining Race is set up on its own website domain, “miningrace.com”. Slovenia is again the only source of traffic to Mining Race’s website as of December 2024.

Securities in Slovenia are regulated by the Securities Market Agency (ATVP). IconX fails to provide evidence it has registered its Mining Race investment scheme with ATVP.

Offering unregistered securities constitutes securities fraud.

This ties in with IconX failing to provide consumers with audited financial reports filed with regulators, a legal requirement in countries with regulated financial markets.

This is the only way for consumers to verify IconX is actually generating external revenue via claimed crypto mining.

As it stands, the only verifiable source of revenue entering IconX is new investment.

Using new investment to pay ROI withdrawals would make IconX a Ponzi scheme. This is in line with Safir Internationa’s Zeniq Coin Ponzi, which the same shysters running IconX were behind.

As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.

This will starve IconX of ROI revenue, eventually prompting a collapse.

The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.