RicaBot Review: Tether trading bot Ponzi scheme
RicaBot runs three website domains that I’m aware of; ricabot.world, ricabot.io and ricabot.info. There are probably more.
RicaBot fails to provide company ownership or executive information on any of its websites.
“Ricabot.world” was privately registered on January 9th, 2022.
“Ricabit.io” was first registered in March 2021. The private registration was last updated on February 28th, 2022.
“Ricabot.info” was registered in September 2021. “Qin Yu Wong” of ACI Business Consultancy, a Malaysian firm, is listed as the owner.
This suggests RicaBot has ties to Malaysia.
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.
RicaBot has no retailable products or services.
Affiliates are only able to market RicaBot affiliate membership itself.
RicaBot’s Compensation Plan
RicaBot affiliates place a minimum 500 tether (USDT) under control of RicaBot’s trading bot.
This is done on the expectation of a passive return derived through trading.
Note that RicaBot charges a 30% fee on any trading profits.
The MLM side of RicaBot pays on recruitment of affiliate investors.
RicaBot Affiliate Ranks
There are six affiliate ranks within RicaBot’s MLM compensation plan.
Along with their respective qualification criteria, they are as follows:
- R1 – recruit one affiliate
- R2 – recruit three R1 ranked affiliates and have a total downline of twenty affiliates
- R3 – recruit five affiliates (three must be R2 or higher), and have a total downline of one hundred affiliates
- R4 – recruit eight affiliates (three must be R3 or higher), and have a total downline of three hundred affiliates
- R5 – recruit twelve affiliates (three must be R4 or higher), and have a total downline of eight hundred affiliates
- R6 – recruit twenty affiliates (three must be R5 or higher), and have a total downline of one thousand five hundred affiliates
RicaBot affiliates earn 20% to 70% of membership fees paid by personally recruited affiliates.
- R1 ranked affiliates earn a 20% recruitment commission rate
- R2 ranked affiliates earn a 30% recruitment commission rate
- R3 ranked affiliates earn a 40% recruitment commission rate
- R4 ranked affiliates earn a 50% recruitment commission rate
- R5 ranked affiliates earn a 60% recruitment commission rate
- R6 ranked affiliates earn a 70% recruitment commission rate
RicaBot takes transaction fees and uses them to fund Community Rewards.
Community Rewards are paid as a percentage of transaction fees paid by personally recruited affiliates.
- R1 ranked affiliates earn a 20% Community Rewards rate
- R2 ranked affiliates earn a 30% Community Rewards rate
- R3 ranked affiliates earn a 40% Community Rewards rate
- R4 ranked affiliates earn a 50% Community Rewards rate
- R5 ranked affiliates earn a 60% Community Rewards rate
- R6 ranked affiliates earn a 70% Community Rewards rate
R3 and higher ranked RicaBot affiliates earn a 5% Matching Bonus.
Global Community Bonus Pool
RicaBot takes 10% of transaction fees collected and puts it into the Global Community Bonus Pool.
The Global Community Bonus Pool is shared between R6 ranked RicaBot affiliates.
RicaBot affiliate membership is tied to a 30 USDT annual subscription.
Full participation in the attached income opportunity requires an additional minimum 500 USDT investment.
RicaBot affiliates are also required to maintain 10% of invested funds to cover transaction fees.
If giving control of your cryptocurrency to randoms in Malaysia sounds like a dumb idea, it’s because it is.
RicaBot is your typical “lulz can’t touch our money” trading scheme. It’s operated through an app, again developed by persons unknown.
In a nutshell you sign up as a RicaBot affiliate, pay fees and then give control of your cryptocurrency to randoms in Malaysia.
Upfront the only money made here is the fees you pay to RicaBot’s admin(s). That and recruitment commissions when new suckers are roped into the scheme.
With nothing marketed or sold to retail customers, the MLM side of RicaBot operates as a pyramid scheme.
Long-term (or sometimes short-term) “lulz can’t touch our money” schemes end in one of two ways;
Based on “RicaBot 2.0” marketing, the first iteration of RicaBot appears to have already collapsed.
Investors are led to believe RicaBot’s admins can only trade with allocated funds. While that’s true, affiliates don’t own the bot. RicaBot’s admins do, and they can change what the bot does on a whim.
These schemes, run by randoms with no verifiable trading history, come and go.
The reality behind trading bot schemes is if the bots were worth a damn, admins would just run them themselves. Instead the bots are flogged to gullible investors, who sooner or later inevitably wind up taking a loss.