MyHash Review: Myhash Token Ponzi points
MyHash provides no information on its website about who owns or runs the company.
I did come across this MyHash marketing slide:
Trouble is that, at least as far as I can tell, none of those people actually exist.
MyHash operates from two domains; “myhashworld.com” and “myhashtoken.io”.
MyHash’s .COM domain was registered on September 15th, 2020. The .IO domain was registered on August 26th, 2020.
Despite not existing until a few months ago, MyHash falsely claims it
received a banking license from the Swiss Financial Market Supervisory Authority, know as FINMA, in August 2019.
One actual individual we can peg to MyHash is serial scammer Phillip Han:
Han started off his MLM career as a Jeunesse distributor. He popped up on BehindMLM’s radar in December 2018, as the face of the FX Trading Corp Ponzi scheme.
F2 Trading Corp began to collapse in December 2019. After the scam went under, Han lay low until promotion of MyHash began a few months ago.
In FX Trading Corp, F2 Trading Corp and MyHash, Han’s M.O. has been to present himself as “Global Master Distributor”.
Seeing as the owners of the schemes are never publicly identified, there’s a good chance Han, either individually or with others, runs the scams he fronts.
At the time of publication Alexa estimates the majority of visitors to MyHash’s .IO domain are from Vietnam.
Phillip Han operates out of Brazil. MyHash’s marketing material is in Portuguese. MyHash’s .COM domain is also hosted on a Brazilian name-server.
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.
MyHash has no retailable products or services, with affiliates only able to market MyHash affiliate membership itself.
MyHash’s Compensation Plan
MyHash affiliates invest $100 to $50,000 in bitcoin on the promise of an advertised 300% ROI.
There doesn’t appear to be any set timeline, with MyHash only promising returns of up to 30% a month.
After 300% is reached, MyHash affiliates must reinvest in order to continue earning.
MyHash charges withdrawal fees on a sliding scale, depending on how frequently affiliates want to withdraw:
- withdraw daily = 8% fee
- withdraw weekly = 5% fee
- withdraw fortnightly = 3% fee
- withdraw monthly = 1% fee
MyHash Affiliate Ranks
There are eleven affiliate ranks within MyHash’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Gold – generate $2000 in weaker binary team side investment
- Pearl – generate $5000 in weaker binary team side investment
- Sapphire – generate $10,000 in weaker binary team side investment
- Ruby – generate $50,000 in weaker binary team side investment
- Emerald – generate $100,000 in weaker binary team side investment
- Executive Diamond – generate $250,000 in weaker binary team side investment
- Executive Double Diamond – generate $500,000 in weaker binary team side investment
- Supervisor Diamond – generate $1,000,000 in weaker binary team side investment and have one Executive Diamond on both sides of the binary team
- Supervisor Double Diamond – generate $2,000,000 in weaker binary team side volume and have one Executive Double Diamond on both sides of the binary team
- Crown Diamond – generate $5,000,000 in weaker binary team side volume and have 1 Supervisor Diamond on both sides of the binary team
- Royal Diamond – generate $10,000,000 in weaker binary team side volume and have 1 Supervisor Diamond on both sides of the binary team
MyHash 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.
MyHash caps payable unilevel team levels at five.
Referral commissions are paid out as a percentage of funds invested across these five levels as follows:
- level 1 (personally recruited affiliates) – 5%
- levels 2 to 5 – 1%
MyHash 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 MyHash tallies up new investment volume on both sides of the binary team.
Affiliates are paid 8% of funds invested on their weaker binary team side.
Once paid out on, funds are matched against the stronger binary team side and flushed.
Any leftover volume on the stronger binary team side carries over.
To qualify for residual commissions a MyHash affiliate must recruit two affiliates who each invest $100 in bitcoin each (one placed on either side of the binary team).
Rank Achievement Bonuses
Starting from Executive Diamond, MyHash rewards affiliates with the following Rank Achievement Bonuses:
- qualify at Executive Diamond and receive a “Rolex in bitcoin”
- qualify at Executive Double Diamond and receive a Mercedes-Benz E-Class “in bitcoin”
- qualify at Supervisor Diamond and receive a “Porsche in bitcoin”
- qualify at Supervisor Double Diamond and receive a “Ferrari in bitcoin”
- qualify at Crown Diamond and receive a “yacht in bitcoin”
- qualify at Royal DIamond and receive “yacht +1M in bitcoin”
Whether “in bitcoin” means the actual rewards or their value in BTC is not clarified.
MyHash affiliate membership is free.
Full participation in the attached income opportunity however requires an initial $100 to $50,000 investment in bitcoin.
Ongoing investment is required to continue earning once a 300% ROI has been reached.
MyHash represents it will generate external revenue via some malarkey about secret Swiss banks.
Traditional bankers are betting heavily on the project that will have a global reach, with the limitation of 1,000,000 “myhashtoken”, several Swiss private banks will start to implement the new tokenization function.
Even if that were to happen (it won’t), it doesn’t explain how MyHash are currently generating returns of up to 30% a month.
The only verifiable source of revenue entering MyHash is new investment.
Using new investment to pay a monthly return of up to 30% makes MyHash a Ponzi scheme.
To fend off collapse, MyHash intends to exit-scam through MyHash Token.
The launch of the myhash token will take place in the world’s largest brokers, where all cryptocurrency traders will have the privilege of buying and selling, with an estimated value of $1000 by mid-2021.
Specifics of MyHash Token haven’t been provided, but we do know the company has already generated them out of thin air.
Is it necessary to operate in mining?
No, the coins are already mined.
The shitcoin exit-scam model will see MyHash pay bitcoin until recruitment dries up, or Phillip Han wants to do a runner.
At that point returns will switch from BTC to worthless MyHash tokens.
MyHash token will eventually be listed on some dodgy exchanges, after which it’s the usual pump and dump shitcoin story.
- The majority of investors in Ponzi schemes lose money.
- When MyHash collapses, said investors will be left bagholding worthless MyHash tokens.
Widespread losses have played out twice now in Phillip Han’s previous Ponzi schemes. Stop falling for it.
Update 24th August 2022 – Philip Han is under criminal investigation in Brazil.
Sao Paulo Police are investigating Han’s and his wife’s involvement in MyHash and five other Ponzi schemes.