Revelates Review: RVLT token Ponzi scheme
Revelates provides no information on its website about who owns or runs the company.
Revelates website domain (“revelates.io”), was privately registered on March 25th, 2022.
In an attempt to appear legitimate, Revelates provides incorporation details for “Revelates Group LTD”.
Revelates Group LTD was incorporated in the UK on April 1st, 2022.
An MLM company operating or claiming to operate out of the UK is a red flag.
UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.
As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.
For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.
On May 15th the Central Bank of Russia issued a Revelates financial fraud warning.
SimilarWeb also currently ranks Russia as the top source of traffic to Revelates’ website (21%). Ukraine (13%), Brazil (12%), Ecuador (5%) and Vietnam (5%) are also significant sources of traffic.
Between the Central Bank of Russia’s warning and Russia being Revelates top source of traffic, it is highly likely whoever is running Revelates has ties to Russia.
Admin of Revelates takes place through shady Telegram groups.
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.
Revelates has no retailable products or services.
Affiliates are only able to market Revelates affiliate membership itself.
Revelates’ Compensation Plan
Revelates affiliates invest $30 to $100,000. This is done on the promise of 5.2% + bonus rate a day for 30 days.
Here is Revelates explanation of their bonus rate:
When you create a deposit, a random bonus is added to your main rate of 5.2% and the total percentage is fixed for the entire deposit period.
Note that on Saturday and Sunday, Revelates halves whatever the calculated ROI rate is.
Also note that Revelates pays returns in RVLT token. Affiliates must cash out RVLT tokens through their backoffice to actually realize a return.
The MLM side of Revelates pays on recruitment of affiliate investors.
Revelates pays referral commissions on invested funds down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 4%
- level 2 – 2%
- level 3 – 1%
Revelates affiliates can increase their referral commission rates by paying a RVLT token fee.
- level 1 – 8%
- level 2 – 4%
- level 3 – 3%
The required RVLT fee amount is not disclosed.
Bonus RVLT Tokens
Revelates affiliates can qualify for an extra 0.5 RVLT a day if they
- recruit at least one affiliate investor with an active investment; and
- generate $1000 in personally recruited affiliate investor volume.
Revelates affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $30 investment.
Revelates solicits investment in USD (through Perfect Money), bitcoin, tether, ripple, litecoin, dogecoin and tron.
Revelates represents it generates external revenue via cryptocurrency auditing.
The main direction of the company is the auditing of cryptocurrency coins and tokens, primarily a security audit, which includes the search for possible vulnerabilities and technical miscalculations.
The company is also engaged in economic auditing, trading and the creation of cryptocurrencies.
This of course makes no sense. If Revelates already has an established auditing business up and running, what do they need your money for?
As it stands the only verifiable source of revenue entering Revelates is new investment.
Using new investment to pay a daily return makes Revelates a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve Revelates of ROI revenue, eventually prompting a collapse.
Revelates collapse will likely be prolonged, due to the use of RVLT tokens. RVLT tokens are effectively Ponzi points, being worthless outside of Revelates itself.
The use of Ponzi points makes it easier for a scam to manipulate withdrawals, implement selective payments or just stop converting tokens for money altogether.
The end result is, while they might think they’re getting paid daily, affiliates are only able to cash out tokens as long as the scammers behind Revelates let them.