MyCoin24 Review: Christian Laack’s OneCoin Ponzi spinoff
MyCoin24 provides no information about who owns or runs the company on its website.
The MyCoin24 website domain (“mycoin24.net”) was first registered in May 2018.
The domain registration was last updated and set to private on March 22nd, 2019.
Various posts on MyCoin24’s official Facebook page are written in German:
Note that the post above corresponds with a German website domain to sell MyCoin24 merchandise.
This strongly suggests whoever is running MyCoin24 is based out of a German-speaking country.
In the support section of the MyCoin24 compensation plan, the Skype address “calas.biz” is given.
I was able to trace this Skype account back to Christian Mark Laack, who used the same account to promote Conligus in 2014.
Conligus collapsed in early 2015.
Owners Aron, Christian and Stephan Steinkeller sold the Conligus affiliate database to OneCoin later the same year.
In return for providing the OneCoin Ponzi scheme with a list of new investors, the Steinkeller brothers received top positions in the company.
Christian Laack appears to have briefly promoted OneCoin following the Steinkeller’s sell-off.
Prior to getting involved in Ponzi schemes, Laack was promoting Sisel (2012-2014) and Network World Alliance (2010-2011).
According to Laack’s LinkedIn profile, he is based out of the Hamburg Area in Germany.
Read on for a full review of the MyCoin24 MLM opportunity.
MyCoin24 has no retailable products or services, with affiliates only able to market MyCoin24 affiliate membership itself.
The MyCoin24 Compensation Plan
MyCoin24 affiliates invest in MyCoin24 points, on the expectation the value of their invested points will go up.
- Starter – invest €1000 EUR and receive 500 MyCoin24 points
- Bronze – invest €2500 EUR and receive 1500 MyCoin24 points
- Silver – invest €5000 EUR and receive 3500 MyCoin24 points
- Gold – invest €10,000 EUR and receive 7000 MyCoin24 points
- Platinum – invest €25,000 EUR and receive 20,000 MyCoin24 points
- Country Leader – invest €50,000 EUR and receive 50,000 MyCoin24 points
Commissions are paid when MyCoin24 affiliates recruit new affiliates who also invest.
Note that with the exception of unilevel residual commissions, MyCoin24 pays commissions and bonuses in MyCoin24 points.
MyCoin24 affiliates are paid a commission on funds invested by personally recruited affiliates.
New affiliates are paid a 15% recruitment commission rate over their first thirty days with the company.
After the first thirty days a 10% recruitment commission rate is paid.
Residual Commissions (binary)
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 MyCoin24 tallies up new investment volume on both sides of the binary team.
Affiliates are paid 10% of funds invested on the weaker side.
Note that MyCoin24 caps residual commissions based on how much an affiliate themselves has invested:
- Starter package affiliates can earn up to €2500 a week
- Bronze package affiliates can earn up to €75000 a week
- Silver package affiliates can earn up to €20,000 a week
- Gold package affiliates can earn up to €50,000 a week
- Platinum and Country Leader package affiliates don’t have a residual commission cap
Residual Commissions (unilevel)
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.
Unilevel commissions are paid on funds invested across the unilevel team.
How many unilevel team levels a MyCoin24 affiliate earns on is determined by how much they themselves have invested:
- Starter package affiliates earn 5% on level 1 (personally recruited affiliates)
- Bronze package affiliates earn 5% on level 1 and 10% on level 2
- Silver package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5 and 1% on level 6
- Gold package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 and 8
- Platinum package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 to 9
- Country Leader package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6, 2% on levels 7 to 9 and 1% on level 10
Country Leader Bonus
MyCoin24 affiliates who invest in a Country Leader package receive a share in 1.5% of investment volume generated in their country of residence.
MyCoin24 rewards affiliates for generating downline investment with the following bonuses:
- Crown Bronze – generate €50,000 in investment volume on both sides of your binary team and receive an iPhone
- Crown Silver – generate €125,000 in investment volume on both sides of your binary team and receive an “iPhone and notebook”
- Crown Gold – generate €250,000 in investment volume on both sides of your binary team and receive a “Dubai trip” for two people
- Crown Platinum – generate €500,000 in investment volume on both sides of your binary team and receive a “Florida trip” for two adults and two children
- Crown Leader – generate €1,000,000 in investment volume on both sides of your binary team and receive a €50,000 EUR bonus
MyCoin24 affiliate membership is tied to a €1000 to €50,000 EUR investment.
How much an affiliate invests impacts their earning potential via MyCoin24’s compensation plan.
The MyCoin24 apple hasn’t fallen far from the OneCoin Ponzi tree.
Like OneCoin, MyCoin24 conducts investment fraud under the guise of purchasing an “education pack”.
MyCoin24 refer to these packages as “Coin Education” but no specifics are provided.
In any event it’s the MyCoin24 points being invested in, on the usual bullshit comparisons to bitcoin:
That’s not to say the value of bitcoin is misrepresented, just that whatever bitcoin is or isn’t has no bearing on MyCoin24’s points.
MyCoin24 affiliates invest in points which the company locks for six months.
That is once you’ve invested real money into MyCoin24, you can’t cash anything out for at least six months.
MyCoin24 sets the internal value of their points as they fit.
Like OneCoin, MyCoin24 are promising an e-commerce portal in July 2019.
Public listing of MyCoin24’s points, otherwise known as the exit-scam, is scheduled for November 2019.
MyCoin24 represents external revenue is generated through real estate, hotels, holiday rentals, “stable business(es)” and a yet to be acquired bank in Switzerland.
MyCoin24’s roadmap states they will “own” a bank in Switzerland by February 2020.
Naturally there’s no evidence of any external ROI revenue being provided.
With the only verifiable source of revenue entering MyCoin24 being new investment, it’s all but guaranteed to be a Ponzi scheme.
Taking a step back, there’s also the issue of what is seemingly an unregistered securities offering.
MyCoin24 affiliates invest in points, MyCoin24 increases the internal value of the points and affiliates cash out through an internal exchange.
Ponzi or not, this is clearly a passive investment opportunity and thus constitutes a securities offering.
In the US securities are regulated by the SEC.
A search of the SEC’s Edgar database reveals neither MyCoin24 or Christian Laack are registered with the regulator.
This means that despite anything else, MyCoin24 is operating illegally in the US.
Why is that important?
Because as of next month Laack is running a marketing campaign across the US:
As we established in the introduction of this review, Laack himself is based out of Germany.
Securities in Germany are regulated by BaFin.
MyCoin24 provides no indication they have registered their passive investment opportunity with BaFin either.
So in both the US and Germany, MyCoin24 is operating illegally.
To evaluate MyCoin’s collapse trajectory, one need only look at the Ponzi scheme it was modeled on.
OneCoin ran out of new investor funds and collapsed in early 2017.
The pyramid side of the business continued but tanked as top investors (and likely Laack himself) abandoned ship.
OneCoin is limping along today, however criminal cases filed by the DOJ have, from a practical standpoint, brought the scam to a stand-still.
The take-away for prospective MyCoin24 affiliate investors is that the vast majority of OneCoin investors lost money.
Be it an organic collapse, regulatory intervention or both, MyCoin24 will play out no different.