SnapBots Review: Snap Innovations’ Ponzi factory origins
SnapBots provides no information on its website about who owns or runs the company.
SnapBots website domain (“snapbots.io”) was first registered in February 2018. The private registration was last updated on January 20th, 2020.
Further research reveals Torque Trading CEO Bernard Ong citing himself as SnapBots’ Chief Financial Officer on LinkedIn.
Ong officially held the position from March 2017 (prior to SnapBot’s launch) till August 2019.
Ong would go on to launch the Torque Trading Ponzi scheme in October 2019.
Up until recently SnapBots was listed as a project on Snap Innovations website:
Bernard Ong (right) is a Managing Director at Snap Innovations. Multiple Snap Innovations executives work in SnapBots and Torque Trading.
Snap Innovations is a Ponzi factory based out of Singapore. Known Ponzi schemes Snap Innovations is tied to include Cloud Token and Torque Trading.
Laughably, after Torque Trading recently collapsed Snap Innovations attempted to distance itself from its scamming.
The only Snap Innovations acknowledged to be part of SnapBots on the company’s website is SnapBots Ambassador Amin Sukisawn.
SnapBots marketing material additionally cites Snap Innovations executives Tan Duong and Donna Lee as SnapBots Ambassadors.
The rest of Snap Innovation’s executive team is credited as SnapBots’ “research team”.
Read on for a full review of SnapBots’ MLM opportunity.
SnapBots has no retailable products or services, with affiliates only able to market SnapBots affiliate membership itself.
SnapBots’ Compensation Plan
SnapBots affiliates invest in SNAP tokens on the promise of an advertised monthly return.
At the time of publication a calculator on SnapBots’ website provides a 1 SNAP = 0.845 USDT conversion rate.
SnapBot marketing material suggests SnapBots solicits investment in BTC, ETH and LTC.
Once invested in SNAP tokens are parked with SnapBots on the promise of a 2% to 5% monthly return.
The MLM side of SnapBots’ compensation plan pays on recruitment of new affiliates and returns they receive.
SnapBots pays referral and recruitment 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.
SnapBots caps payable unilevel team levels at two.
Affiliates who pay a 1000 SNAP fee qualify to earn recruitment and referral commissions as follows:
- level 1 (personally recruited affiliates) – 30% of returns paid
- level 2 – 15% of returns paid
Recruitment commissions are paid on the 1000 SNAP fee charged to affiliates.
Referral commissions are based on returns paid to level 1 and 2 unilevel team affiliates.
Note that affiliates who don’t pay the 1000 SNAP fee only receive 30% of generated returns paid to personally recruited affiliates.
SnapBots affiliate membership is 1000 SNAP.
Having surfaced in mid 2018, SnapBots appears to be one of Snap Innovations’ earlier Ponzi schemes. I’m aware of PixelTrade but I wasn’t able to pin down business model details.
Still, based on everything else Snap Innovations is involved in, it’s a safe bet it too was a trading bot Ponzi scheme.
SnapBots sees Snap Innovations dump SNAP tokens it creates out of thin air onto affiliate investors.
This is done on the promise of an advertised return, which is Snap Innovations dumping more SNAP tokens.
Users can hold major cryptocurrencies like Bitcoin, Ethereum, USDT, Litecoin, and SNAP to receive rewards from 2%-5% A MONTH as the staking rewards!
Cashing out occurs through the SnapBots backoffice (defacto internal exchange), which SnapBots will honor as long as there’s previous investment to pay out.
When new investment runs dry, what’s happening now with Torque Trading will play out.
On top of that you have pyramid recruitment and pay to play.
Referrer must deposit the minimum amount to the Snap Wallet, before being eligible to refer others.
One interesting aspect of SnapBots is, despite initially launching nearly three years ago, it’s being touted as a Torque Trading reload scheme.
This appears to be going on in social media private groups for now.
If you look at the Alexa traffic graphs for SnapBots, the scheme was dead going into 2020. Around May it picked up for a few months before collapsing again.
Then nothing until Torque Trading collapsed last month. SnapBots website is currently climbing the Alexa traffic charts again, however it’s too early to get a definitive picture.
What we can state with certainty is that SnapBots is a Ponzi scheme from a team of seasoned Ponzi scammers.
Despite Snap Innovations being linked to multiple Ponzi schemes, they continue to operate openly from Singapore.
Neither SnapBots, Snap Innovations or any of their other associated companies are registered to offer securities in Singapore.
To date Singaporean authorities have shown no interest in pursuing the scammers behind Snap Innovations.
This is likely due to the company avoiding marketing of its various trading bot Ponzi schemes within Singapore itself.
In any event, be it long overdue regulatory intervention or the inevitable Ponzi collapse, the majority of SnapBots affiliates will lose money.
Stop falling for this garbage. You know how it ends.
Update 16th February 2022 – The Snap Innovations scammers behind SnapBots have returned with RoboFi, a non-MLM crypto Ponzi.