Purple Mining Review: 7000% ROI crypto mining Ponzi
Purple Mining provides no information on its website about who owns or runs the company.
Purple Mining’s website domain (“purplemining.ltd”) was privately registered on September 29th, 2020.
In an attempt to appear legitimate, Purple Mining provides a UK incorporation certificate for “Purple Mining LTD” on its website.
UK incorporation is dirt cheap and effectively unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.
For the purpose of performing MLM due-diligence, UK incorporation is meaningless.
At the time of publication Alexa ranks the top three sources of traffic to Purple Mining’s website as Venezuela (20%), Russia (10%) and Mexico (7%).
By no means conclusive, the broken English on Purple Mining’s website sounds a bit Russian to me:
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.
Purple Mining’s Products
Purple Mining has no retailable products or services, with affiliates only able to market Purple Mining affiliate membership itself.
Purple Mining’s Compensation Plan
Purple Mining affiliates invest bitcoin on the promise of advertised returns:
- invest 0.0005 to 10 BTC and receive a 200% ROI over 120 hours
- invest 0.04 to 10 BTC and receive a 400% ROI over 96 hours
- invest 0.5 to 100 BTC and receive a 7000% after 7 days
Purple Mining pays referral commissions on invested funds down two levels of recruitment (unilevel):
- 5% on level 1 (personally recruited affiliates)
- 1% on level 2
Joining Purple Mining
Purple Mining affiliate membership is free.
Full participation in the attached income opportunity however requires a minimum 0.0005 BTC investment.
I feel that 7000% week should be ridiculous enough to pause even the most braindead of us.
Yet as I write this Purple Mining has an Alexa traffic rank of 15,000 and climbing (higher = more visitors). It seems gullible investors in Venezeula can’t get enough of losing their money to Ponzi schemes.
Purple Mining represents it generates external revenue via the usual ruses;
Purple Mining Limited is a prominent representative of the international financial market, cryptocurrency trading and mining, it is a developer of hardware and offers safe investments in this area.
No evidence of any external revenue generation is provided. Nor is there any evidence of external revenue being used to pay withdrawals.
As it stands the only verifiable source of revenue entering Purple Mining is new investment, which makes it a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will ROI revenue.
This will see Purple Mining unable to pay withdrawal requests, prompting a collapse.
As opposed to the flat-out fraudulent claims made on Purple Mining’s website…
Can I lose money by investing here?
No, you can’t lose money.
…math guarantees the majority of Ponzi participants will lose money.