Monarch’s homepage is rather vague:

Monarch is totally free to join and allows you to start earning weekly income without any downside.

Further down the page we get a little more information:

Monarch OÜ was founded in 2020 October by Kent Kruusmaa in Estonia.

Company Monarch is an official distributor of United Crypto cards and all of the United Solutions ecosystem products now and in the future.

Ken Kruusmaa describes himself as a “crypto expert & investor”.

As per Kruusma’s LinkedIn profile, he started off his professional career in 2011 as CEO of cleaning company.

In 2015 he joined the Wellstar pyramid scheme. After Wellstar Kruusmaa migrated to cryptocurrency fraud with the notorious OneCoin Ponzi scheme.

Kruusmaa was part of the Igor Alberts downline that migrated to DagCoin after OneCoin collapsed in early 2017.

Through the DagCoin Ponzi and its attached Success Factory marketing arm, Kruusmaa was clocked earning €140,000 EUR a month.

That didn’t last and later that year Kruusmaa signed on as Head of Marketing at United Token.

Today Kruusmaa is cited as founder and CEO of United Token on the company’s website.

The founder of the United is Kent Kruusmaa from Estonia.

By today Kent is the Founder/Co-founder of EliteX Exchange,  Ex Utility Token, Ucube Crowdfunding platform, Monarch and U-land marketplace.

Ucube and U-land I’ve never heard of but I personally made note of EliteX last November;

Wanted to make a note of a Ponzi scheme being run through Erik Nurm’s Coinswap Space scam platform.

EliteX Exchange is being run by Kent Kruusmaa, a former OneCoin and DagCoin Ponzi scammer.

Usual crypto shitcoin bullshit: invest in ex token and get 250% staking or 240% if you “farm” with CoinSwap Space’s own css shit token.

Referral commissions aren’t MLM, you get 5 USDT per affiliate investor you recruit.

Eirk Nurm is one of the scammers behind the TronCase Ponzi scheme. After TronCase collapsed he went on to launch his CoinSwap Space blockchain bro factory.

Erik Nurm’s Troncase partner in crime was Martin Karus. Karus popped up on a Monarch webinar hosted by promoter Fallon Neeme last month (click to enlarge):

Unofficially it appears the Troncase scammers Nurm and Karus are both working with Kaaruusma.

Kaaruusma is building his own crypto fraud factory through Nurm’s CoinSpace Space platform. The latest addition of which is Monarch.

Monarch was officially launched last November, around the time EliteX popped up:

Read on for a full review of Monarch’s MLM opportunity.

Monarch’s Products

Monarch has no retailable products or services.

Affiliates are only able to market Monarch affiliate membership itself.

Monarch’s Compensation Plan

Monarch affiliates invest funds in united tokens (UTED).

  • United Standard 18 – €18 EUR, basic affiliate membership so no UTED tokens
  • United Standard 50 – €50 EUR gets you €60 EUR worth of UTED tokens (locked for 12 months)
  • United Silver 250 – €250 EUR gets you 375 EUR worth of UTED tokens (locked for 12 months)
  • United Silver 1000 – €1000 EUR gets you €1500 EUR worth of UTED tokens (locked for 12 months)
  • United Silver 2500 – €2500 EUR gets you €3750 EUR worth of UTED tokens (locked for 12 months)
  • United Gold 1000 – €1000 EUR gets you €2200 EUR worth of UTED tokens (locked for 24 months)
  • United Gold 2500 – €2500 EUR gets you €2500 EUR worth of UTED tokens (locked for 24 months)
  • United Gold 7500 – €7500 EUR gets you €7500 EUR worth of UTED tokens (locked for 24 months)
  • Maxx Limited – €10,000 EUR gets you €30,000 EUR worth of UTED tokens (released weekly over 156 weeks)

Monarch don’t provide a UTED token buying price on their website.

Given Monarch can generate UTED on demand, it’s unclear whether UTED is sold at the current public trading price or a discounted internal price.

The MLM side of Monarch pays on investment by directly and indirectly recruited affiliates.

Monarch Affiliate Ranks

There are twelve ranks within Monarch’s compensation plan.

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

  1. Affiliate – sign up as a Monarch affiliate
  2. Silver – generate and maintain 2000 BV in monthly binary team volume
  3. Platinum – generate and maintain 10,000 BV in monthly binary team volume
  4. Topaz – generate and maintain 20,000 BV in monthly binary team volume
  5. Sapphire – generate and maintain 40,000 BV in monthly binary team volume
  6. Ruby – generate and maintain 80,000 BV in monthly binary team volume
  7. Emerald – generate and maintain 160,000 BV in monthly binary team volume
  8. Diamond – generate and maintain 320,000 BV in monthly binary team volume
  9. Blue Diamond – generate and maintain 640,000 BV in monthly binary team volume
  10. Black Diamond – generate and maintain 1,200,000 BV in monthly binary team volume
  11. Crown Diamond – generate and maintain 2,400,000 BV in monthly binary team volume
  12. Ambassador – generate and maintain 5,000,000 BV in monthly binary team volume

BV stands for “Business Volume” and is generated via investment by recruited affiliates.

  • United Standard 18 recruitment generates 18 BV
  • United Standard 50 recruitment generates 50 BV
  • United Silver 250 recruitment generates 250 BV
  • United Silver 1000 recruitment generates 1100 BV
  • United Silver 2500 recruitment generates 3000 BV
  • United Gold 1000 recruitment generates 1300 BV
  • United Gold 2500 recruitment generates 3250 BV
  • United Gold 7500 recruitment generates 10,000 BV
  • Maxx Limited recruitment generates 10,000 BV

Note that monthly binary team BV requirements must be split equally across both sides (50%/50%).

Weekly Commission Limits

Monarch limits earnable weekly commissions based on rank:

  • Silver ranked affiliates can earn up to  €200 EUR a week
  • Platinum ranked affiliates can earn up to €1000 EUR a week
  • Topaz ranked affiliates can earn up to €5000 EUR a week
  • Sapphire ranked affiliates can earn up to €10,000 EUR a week
  • Ruby ranked affiliates can earn up to €15,000 EUR a week
  • Emerald ranked affiliates can earn up to €20,000 EUR a week
  • Diamond ranked affiliates can earn up to €25,000 EUR a week
  • Blue Diamond ranked affiliates can earn up to €35,000 EUR a week
  • Black Diamond ranked affiliates can earn up to €45,000 EUR a week
  • Crown Diamond ranked affiliates can earn up to €50,000 EUR a week

Referral Commissions

Monarch pays a 5% referral commission on funds invested by personally recruited affiliates.

Monarch pays referral commissions out weekly in TRON.

Residual Commissions

Monarch 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 day Monarch tallies up new volume (BV) on both sides of the binary team.

Affiliates are paid 10% of volume generated on their weaker binary team side.

Residual commissions are paid in TRON.

Once paid out on, weaker volume is matched against the stronger side and flushed.

Leftover volume on the stronger binary team side carries over.

Momentum Bonus

Monarch affiliates who qualify for the Momentum Bonus are rewarded with a 15% residual commission rate.

To qualify for the Momentum Bonus new Monarch affiliates must

  1. qualify at Topaz within their first 30 days; or
  2. qualify at Sapphire within their 90 days.

Rank Achievement Bonuses

Monarch rewards affiliates for qualifying at Platinum and higher with the following Rank Achievement Bonuses:

  • qualify at Platinum and receive an “international event ticket”
  • qualify at Topaz and receive three months online membership to “Go Pro by Eric Worre”
  • qualify at Sapphire and receive an iPhone SE
  • qualify at Ruby and receive a MacBook
  • qualify at Emerald and receive “Tony Robbins UPW” including flight and hotel
  • qualify at Diamond and receive a Rolex Submariner Date
  • qualify at Blue Diamond and receive an “all-inclusive, 5 star luxury vacation in maldives for 2 people”
  • qualify at Black Diamond and receive a Tesla Model 3
  • qualify at Crown Diamond and receive a Corvette C8
  • qualify at Ambassador and receive $250,000

Joining Monarch

Monarch affiliate membership is free.

Full participation in the attached income opportunity requires a X investment in united tokens.

Monarch solicits investment in ethereum, bitcoin, tron and USD.

Monarch Conclusion

Monarch’s official marketing ruse has little to do with the MLM opportunity.

Monarch affiliates can choose to sell real estate, United crypto cards, United properties advertisements, United Token cryptocurrency or United exchange products.

Platforms run on referral basis and are free to join, which is the reason why we exceeded 1000+ affiliates in our platform in the first month.

In a nutshell, Monarch is an excuse to onboard suckers into Kent Kruusmaa’s wider crypto fraud platform.

United token launched late last year and did a small pump followed by the inevitable dump:

UTED stayed dumped at around 2 cents until mid February, when this began to happen:

Anyway, investment in Monarch lets Kruusmaa dump UTED tokens on investors. Said investors are punished with 12/24 month lockouts, unless they drop €10,000 EUR.

This is to stop selling, in the hope limited external interest and whatever’s going on in the chart above can pump the value before those deadlines. Of course if you drop 10,000 EUR you get to cash out before anyone else.

That’s about it really. Kruusmaa’s EliteX exchange has been recycled, so Monarch investors get exposed to that too (along with ex-token staking investment and Coin Swap Space’s css token).

Making the case for securities fraud is a little grey, seeing as there’s no overt returns paid out through Monarch (via staking or otherwise). What is obvious though is nobody is investing in UTED tokens without the expectation of profit.

One could argue locking the tokens constitutes a common entity, which would satisfy the Howey Test. Certainly profit derived from the efforts of others is satisfied, as any increase in UTED’s trading value is a result of investment by others.

Another questionable component of Monarch is its “M-Points”.

M-Mpoints are acquired via investment and commissions earned. Once acquired, they’re converted into “Monarch Dex Native Token”.

The more M-DEX tokens an affiliate has, the larger their share in a pool purportedly funded by M-DEX transaction fees.

Each member will be rewarded with m-points, which they can convert into a monarch dex native token on December 15, 2022.

Monarch dex will be released on December 15, 2022 and the top 100 members who have collected the most m-points will become shareholders on m-dex.

Both its MPoints –> M-DEX token scheme and implied “invest in our UTED tokens because moon” tip the scales towards Monarch engaging in securities fraud.

Nor are there any audited financial reports guaranteeing Monarch is doing what is claims to be on the backend.

The question of whether Monarch is offering securities is important because Monarch exists in Estonia through basic incorporation. Monarch is not registered to offer securities in any jurisdiction.

Presently someone is busy promoting Monarch in Pakistan. Alexa ranks Pakistan as the only notable source of traffic to Monarch’s website (62%).

The MLM side of Monarch functions as a pyramid scheme, by way of nothing being marketed to or sold to retail investors.

One key aspect to take note is, despite the abundance of shit tokens Kruusmaa has launched, none of  them can be used to sign up for Monarch affiliate membership.

Kruusmaa doesn’t want his own tokens because he knows they’re worthless.

Having come from OneCoin and DagCoin, the cynic in me believes EliteX, United Token, Monarch etc., is Kruusmaa realizing only those running token schemes get rich.

Others might make some money promoting them, as Kruusmaa did with OneCoin and DagCoin, but long-term unless you’re generating the tokens on demand and flogging them, you’re not maximizing profits.

Unfortunately those profits come from gullible investors. Learn from history, both OneCoin and DagCoin are full of shit token bagholders, and don’t be one of them.