Westland Storage Review: Crypto Ponzi with WLS token exit-scam
Westland Storage provides no information on its website about who owns or runs the business.
The Westland Storage website domain (“westlandstorage.com”) was first registered in 2005.
The registration was last updated on May 9th, 2018 but provides no information about the domain’s owners.
A visit to the Wayback Machine confirms the current version of the Westland Storage website went live on or around April 27th, 2018.
Prior to that the Westland Storage domain redirected to an unrelated storage business in Michigan.
This coincides with Alexa reporting an uptick in traffic to the Westland Storage domain from early May.
Despite existing for less than a month, on its website Westland Storage claims to have generated $33.5 million in annual profit for over 8000 investors.
In an attempt to feign legitimacy, Westland Storage provides an incorporation certificate for “Westland Storage LTD”.
Westland Storage LTD was incorporated in the UK on February 1st, 2018.
UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.
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.
Westland Storage Products
Westland Storage has no retailable products or services, with affiliates only able to market Westland Storage affiliate membership itself.
The Westland Storage Compensation Plan
Westland Storage affiliates invest $10 or more in cryptocurrency on the promise of a perpetual 1% daily ROI.
Referral commissions are paid on invested funds down two levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 10%
- level 2 – 5%
Joining Westland Storage
Full participation in the Westland Storage MLM opportunity requires a minimum $10 investment.
Payments in Westland Storage are made in bitcoin, litecoin, bitcoin cash, dash, ethereum or ripple.
Westland Storage claim to generate external ROI through real-estate.
Westland Storage offers you to become a share owner of real estate around the world. Buy square feet of real estate and get a daily profit from their lease.
Westland Storage provide no evidence of the company owning real-estate anywhere in the world.
Westland Storage solicit investment on the promise of a perpetual 1% daily ROI.
The company will continue to pay this ROI until new investment dries up, wherein it appears it plans to launch a WLS token ICO.
Now you can become an investor and get profit from the acquired real estate. WLS seeks to decentralize the real estate market.
As soon as the company’s turnover reaches the required level, the platform will be released on the ICO.
This will likely manifest itself by way of ROI payments switching over to worthless WLS tokens.
No doubt the plan is to bait and switch as many investors as possible, in the hope a sizable user-base will pump WLS at launch.
In reality altcoins attached to Ponzi schemes attract no interest outside of the Ponzi scheme itself.
When the ROI payments stop, any value an attached altcoin has also plummets.
This serves the interest of Westland Storage’s anonymous owners two-fold.
Firstly they make off with whatever cryptocurrency the companies gullible investors initially invest.
Then they convert owed ROI payments to a worthless token they generate at little to no cost.
As the primary holder of WLS, in the event the altcoin briefly pumps at launch – they stand to make the most profit through the dump.
The real-estate investment fraud model isn’t any more legitimate when attached to an ICO.
In the end, same as any other Ponzi scheme, the owners and a few early investors will make off with the majority of invested funds.
The majority of investors (which includes you if you didn’t get in on or close to day one), lose out.