Streakk Review: STKK token “staking” securities fraud
Streakk operates in the cryptocurrency niche. The company is headed up by founder and CEO, Suki Chen.
Suki Chen’s actual name is Sukijami Chendrawan. He is believed to be an Indonesian national.
According to Chen’s Streakk bio, he’s a “seasoned entrepreneur with (a) proven track record”.
Chen’s LinkedIn profile details an early education and life insurance background. He then held a brief executive position with Odem, before the usual string of failed blockchain bro projects.
Chen appears to have reinvented himself as a blockchain bro circa late 2018.
With respect to Streakk, Chen’s LinkedIn profile represents it launched in 2019.
This is baloney. Streakk’s website domain wasn’t registered until May 21st, 2022. Streakk didn’t exist prior to May 2022.
According to his LinkedIn profile Chen, and therefore Streakk, are based out of Dubai.
Streakk’s website also provides contact details for an office in Singapore. How much of a physical presence Streakk has in Singapore is unclear.
Dubai is the MLM crime capital of the world. Any MLM company operating out of or representing ties to Dubai raises an immediate red flag.
BehindMLM’s guidelines for Dubai are:
- If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
- If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.
If you want to know specifically how this applies to Streakk, read on for a full review.
Streakk’s Products
Streakk has no retailable products or services.
Affiliates can only market Streakk affiliate membership itself.
Streakk’s Compensation Plan
Streakk affiliates invest cryptocurrency on the promise of advertised returns:
- invest bitcoin and receive 7% a year
- invest ethereum and receive 10% a year
- invest tether and receive 14% a year
- invest binance coin and receive 15% a year
- invest cardano and receive 15% a year
- invest polkadot and receive 16% a year
- invest STKK (Streakk’s in house token) and receive 20% a year
- invest MATIC and receive 15% a year
Note that although Streakk advertises annual return rates, returns are paid weekly.
Streakk’s marketing suggests the minimum investment amount in any cryptocurrency is a $100 USD equivalent. $200,000 USD appears to be the maximum investment amount.
In addition to direct cryptocurrency investment, Streakk affiliates can also invest in node positions.
- Shared Node – invest $100 or more for 7 years and receive 2% a week, paid in STKK tokens
- Dedicated Node – invest $5000 or more for 7 years and receive 5% a week, paid in STKK tokens
- Dedicated Node Pro – invest $25,000 or more for 7 years and receive 8% a week, paid in STKK tokens
Streakk’s marketing suggests an additional 2% a week is paid out:
What this is paid out on or how is unclear. Also note that, as per the Streakk marketing slide above, STKK returns are locked for 100 weeks (meaning you can’t actually withdraw them for almost 2 years).
The MLM side of Streakk pays on investment by recruited affiliates.
Streakk Affiliate Ranks
There are fifteen affiliate ranks within Streakk’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Affiliate – sign up as a Streakk affiliate
- Jade – convince others to invest at least $2000 in cryptocurrency
- Pearl – convince others to invest at least $5000 in cryptocurrency
- Sapphire – convince others to invest at least $10,000 in cryptocurrency
- Sapphire 25 – convince others to invest at least $25,000 in cryptocurrency
- Ruby – convince others to invest at least $50,000 in cryptocurrency
- Emerald – convince others to invest at least $100,000 in cryptocurrency
- Diamond – convince others to invest at least $250,000 in cryptocurrency
- Double Diamond – convince others to invest at least $500,000 in cryptocurrency
- Triple Diamond – convince others to invest at least $1,000,000 in cryptocurrency
- Crown Diamond – convince others to invest at least $2,000,000 in cryptocurrency
- Royal Crown Diamond – convince others to invest at least $5,000,000 in cryptocurrency
- Vice President – convince others to invest at least $10,000,000 in cryptocurrency
- Senior Vice President – convince others to invest at least $30,000,000 in cryptocurrency
- Global President – convince others to invest at least $50,000,000 in cryptocurrency
Note that of the required amounts, only 40% of invested cryptocurrency is counted from any one recruitment leg (see “Referral Commissions” below for unilevel explanation).
Referral Commissions
Streakk 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.
Streakk caps payable unilevel team levels at 15.
Referral commissions are paid as a percentage of invested cryptocurrency across these 15 levels as follows:
- level 1 (personally recruited affiliates) – 15%
- level 2 – 10%
- level 3 – 7%
- levels 4 and 5 – 5%
- levels 6 and 7 – 2%
- levels 8 to 13 – 1%
- levels 14 and 15 – 2%
Rank Achievement Bonus
Streakk rewards affiliates for qualifying at Pearl and higher with the following one-time Rank Achievement Bonuses:
- qualify at Pearl and receive $200
- qualify at Sapphire and receive $400
- qualify at Sapphire 25 and receive $1000
- qualify at Ruby and receive $2000
- qualify at Emerald and receive $4000
- qualify at Diamond and receive $10,000
- qualify at Double Diamond and receive $20,000\
- qualify at Triple Diamond and receive $40,000
- qualify at Crown Diamond and receive $80,000
- qualify at Royal Crown Diamond and receive $200,000
- qualify at Vice President and receive $400,000
- qualify at Senior Vice President and receive $1,200,000
- qualify at Global President and receive $2,000,000
Streakk pays out Rank Achievement Bonuses over five months (20% each month).
Global Lifetime Pool
Streakk takes 10% of company-wide investment and places it into four smaller 2.5% Global Lifetime Pools.
Affiliates earn shares in these pools based on rank:
- Sapphire 25 to Emerald affiliates receive a share in one of the 2.5% pool
- Diamond to Triple Diamond affiliates receive a share in two of the 2.5% pools
- Crown Diamonds and Royal Crown Diamonds receive shares in three of the 2.5% pools
- Vice Presidents and higher receive a share in all four 2.5% pools
Joining Streakk
Streakk affiliate membership appears to be free.
Streakk Conclusion
Streakk is yet another MLM crypto Ponzi scheme, dressed up in “staking” and “annual yield” marketing.
Staking is crypto bro speak for “investing”. “Annual yield” is crypto bro speak for “annual return”.
This business model constitutes a securities offering, requiring Streakk to register with financial regulators.
SimilarWeb currently tracks top sources of traffic to Streakk’s website as France (43%), Spain (19%), Germany (10%) and Italy (5%).
Streakk is not registered to offer securities in any of these countries. This means that, at a minimum, Streakk is committing securities fraud.
MLM companies commit securities fraud because they are running Ponzi schemes.
That is to say, all Streakk are doing is recycling newly invested funds to pay off existing investors.
STKK token is a BEP-20 shit token. Streakk creates STKK on demand, allowing it to pay ridiculous returns and create monopoly money out of thin-air.
STKK launched in August 2021. Through what appears to be wash trading, Streakk pumped to $419 in late October.
Trading volume then crashed (i.e. the bot trading volume was reduced), dumping STKK to $156 in mid December. This is typical of holiday season withdrawal pressure Ponzi schemes experience.
As of mid December, STKK has pumped back up to $287. This likely corresponds with new investor recruitment.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve Streakk of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.
If you want to see this in action with a recently collapsed “staking” MLM crypto Ponzi, look no further than Aubit/Freeway.
Same business model, same nonsense, same inevitable losses.
In Italy this scam is promoted by scammers DAVIDE LOMBARDI (Mind Capital, One COin, OneTHor) e MAX DRAMISINO (Neworkom).
STREAKK is showing their TEAM with FAKE profiles.
They even tried to build FAKE linked in profiles, but they were deleted by Linked in.
Who will invest in a company that is showing fake profiles as member of their team that is supposed to develop an amazing technology ???
ibb.co/3CTSG9d
Being pushed heavily by Michael Zavitz (Paraiba/Trillant ponzi scam promoter) and Matt Feast (Paraiba / CashFX promoter) – avoid at all costs.
Obviously now that Paraiba has oollapsed, they need to keep the referral dollars rolling in.
It is clear that the author of this article knows Streakk very little 🙂
@Jeff
What’s there to know about Streakk beyond securities fraud and it being a Ponzi scheme?
As far as MLM due-diligence goes, those two red flags are showstoppers. The marketing beyond identifying fraud doesn’t matter.
You should however put accurate information. The nodes you refer to that earns 2%, 5% and 8% per week is not accurate. It is if you have a node of $2500 or less you get an additinal 2% per year on your staked crypto.
If you have a node of $5000 but less than $25000 you get an additional 5% per year on your staked crypto and if your node is $25,000 or greater you get an extra 8% per year on crypto staked in their wallet.
By the way their wallet is audited by the most respected auditing firm in the crypto space Certik with a security score of 90 and Trust score of 90 the same as Binance for example and higher than Crypto.com which is 85. Nobody gets 100.
How do you feel about crypto projects that pay staking rewards? Ethereum, Cardano Matic and most projects pay staking rewards in their own token. How do you feel about that?
Streakk’s marketing material utterly fails to explain the node investment scheme. So much so that I noted it and included a screenshot.
What is the base ROI rate for the nodes seeing as that’s not disclosed in the marketing material? Or does it just add on to the regularly crypto investment plans?
If so then what do the $100+, $5000+ and $25,000+ amounts represent? USD equivalents invested in the crypto plans?
Also that’s pretty bad from a regulatory perspective, investors are just buying a ROI boost. Call it a “node”, call it anything it doesn’t matter – that’s what it is.
And? Certik isn’t a substitute for registering with financial regulators and filing audited financial reports. This is a legal requirement.
If they’re not MLM companies then with respect to BehindMLM I don’t have any feeling.
Behind MLM had said same thing about zeniq coin, zeniq is also based in dubai and safir international is promoting zeniq.
After one year now zeniq has it’s smartchain running and you can see zen-20 transactions on Zsc like bep-20 on BSC. You can check your self on bitmart exchange.
Conclusion: spreading awareness while comparing present with past is no good. Past is past and present is present.
Likewise, Streakk is progressing. No one is forcing anyone in such projects. Your risk is your loss and profit as well.
Zeniq and Safir International is a Ponzi scheme.
Streakk is a Ponzi scheme.
Dubai is the MLM scam capital of the world.
Nothing you said addressed these facts.
Now STREAKK has launched their scam with their FOREX trading
product “EARN.WORLD”
This replace the Node STKK and STKC that re “sold out”.
Of course the money coming from the sales of this new “product” is paying the “profits” for the Node clients.
Endgame?
Now the shitcoin dumped into an exchange within the next two weeks and for the guys with IQ below zero –> NFT’s
ibb.co/8XcxP0k
youtube.com/watch?v=z8l4JzFSwy8
STKC? So I guess after a year of Ponzi dumping STKK is dead then.
Once you enter the “endless shitcoin reboot” stage it’s pretty much over.
Earn World alias Steakk will soon open an online casino that accepts exclusively the STKK shitcoin.
youtube.com/watch?v=33GvBxiiKTA
I suppose getting bagholders to gamble away STKK is one way to get rid of them.
@catweazle
How did you find the video? It only has 8 views in 30 days and no one will find it because it is not listed and the title “Casino” does not indicate that it is part of the STREAKK scam.
share-your-photo.com/4f9aa20bcd
Oz wrote in December 2022:
Today, one year later, STKK still has a value of $0.05344:
share-your-photo.com/aa23d600de
coinmarketcap.com/currencies/streakk/
Should I buy now or wait until the price falls further?.
share-your-photo.com/aa23d600de
Streakk has scammed people via STKK and STKC.
The first nodes on sale via STKK were supposed to earn 100% in 2 years. Yes the STKK is coming to the accounts, but when you try to withdraw, the system calculates your withdrawal with STKK value of $0.5
However when you try to cash your STKK its value is $0.03 !!!!! So you lose 94% !!!!!
STKC is a different story. People bought nodes via STKC, expecting 100% extra in 2 years, when STKC was $10.
And in just less than a year, STKC is $0.8 !!!! What a loss !!!!!
They will for sure do something similar in earn.world
Earn world is another scam. Now, I am not getting any payout. Payout has been pending for many days.