X-Capital fails to provide verifiable ownership or executive information on its website.

X-Capital’s website domain (“x-capital.io”), was privately registered on June 11th, 2024.

Despite only existing since mid 2024 at the earliest (X-Capital doesn’t appear to have launched until September 2024), on its website X-Capital falsely represents it launched in 2018.

While X-Capital does provide a list of executives on its website…

None of them exist outside of X-Capital’s website.

CEO “George Chuen” appears in a marketing video, uploaded to X-Capital’s official YouTube channel in September 2024.

It’s your typical rented office production, supporting X-Capital’s executives being played by actors. The actor playing George Chuen appears to have a Malaysian or Singaporean accent.

This potential ties in to X-Capital providing a corporate address in Malaysia on its website. X-Capital also represents it operates through X-Capital DCI, a Malaysian registered company.

X-Capital DCI is a renaming of Onifie SDN BHD in July 2024. Onifie SDN BHD was registered as a Malaysian company in February 2021.

“Loh Fei Chuen” could be the actual name of George Chuen. It could also just as easily be a fictional/stolen identity.

The sole registered shareholder of XCapital DCI is Dmytro Sviatokha, aka Svytokha Dmitry Vadimovich, Dmitry Velichko and “Polyak” (Святоха Дмитрий Вадимович).

A 2021 report from the website Let’s Save the Country (Спасём Страну), cites Svytokha as a Ukrainian national with ties to organized crime.

Svytokha purportedly has ties to Dubai and pushes crypto scams through his wife Alina Varakuta, aka “Crypto Barbie”.

Of note is X-Capital providing a “trading office” address in Dubai.

Putting all of this together, X-Capital appears to be run by Eastern European scammers hiding in Dubai. Instead of running X-Capital themselves, Dmytro Sviatokha and associates are hiding behind Asian actors.

Sviatokha and associates could also be working with organized crime interests in Malaysia and/or Singapore.

Other names we can attach to X-Capital are Goh Kok Wei, Lim Pei Vern, Chen Yung Chiat and Lim Pooi San:

Due to the proliferation of scams and failure to enforce securities fraud regulation, BehindMLM ranks Dubai as the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

  1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
  2. 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 X-Capital, read on for a full review.

X-Capital’s Products

X-Capital has no retailable products or services.

Affiliates are only able to market X-Capital affiliate membership itself.

X-Capital’s Compensation Plan

X-Capital affiliates invest USD equivalents in cryptocurrency.

This is done on the promise of advertised returns:

  • Bronze – invest $50 to $999 and receive up to 0.6% a day
  • Silver – invest $1000 to $4999 and receive up to 0.65% a day
  • Gold – invest $5000 to $24,999 and receive up to 0.7% a day
  • Platinum – invest $25,000 to $100,000 and receive 0.75% a day

X-Capital returns are capped at 200%, after which new investment is required to continue earning.

The MLM side of X-Capital pays on recruitment of affiliate investors.

X-Capital Affiliate Ranks

There are seven affiliate ranks within X-Capital’s compensation plan.

Along with their respective qualification criteria, they are as follows:

  1. 1 Star – recruit two affiliate investors, generate $5000 in personally recruited affiliate investment and generate $10,000 in total downline investment
  2. 2 Stars – recruit two 1 Star or higher affiliates, generate $10,000 in personally recruited affiliate investment and generate $50,000 in total downline investment
  3. 3 Stars – recruit two 2 Stars or higher affiliates, generate $15,000 in personally recruited affiliate investment and generate $200,000 in total downline investment
  4. 4 Stars – recruit two 3 Stars or higher affiliates, generate $20,000 in personally recruited affiliate investment and generate $800,000 in total downline investment
  5. 5 Stars – recruit two 4 Stars or higher affiliates, generate $25,000 in personally recruited affiliate investment and generate $2,400,000 in total downline investment
  6. 6 Stars – recruit two 5 Stars or higher affiliates, generate $30,000 in personally recruited affiliate investment and generate $7,200,000 in total downline investment
  7. 7 Stars – recruit two 6 Stars or higher affiliates, generate $50,000 in personally recruited affiliate investment and generate $21,600,000 in total downline investment

Referral Commissions

X-Capital 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.

X-Capital caps payable unilevel team levels at fifteen.

Referral commissions are paid as a percentage of cryptocurrency invested across these fifteen levels based on rank:

  • 1 Stars earn 15% on level 1 (personally recruited affiliates)
  • 2 Stars earn 15% on level 1 and 10% on level 2
  • 3 Stars earn 15% on level 1, 10% on level 2 and 5% on level 3
  • 4 Stars earn 15% on level 1, 10% on level 2, 5% on levels 3 and 4 and 4% on level 5
  • 5 Stars earn 15% on level 1, 10% on level 2, 5% on levels 3 and 4, 4% on levels 5 and 6 and 3% on level 7
  • 6 Stars earn 15% on level 1, 10% on level 2, 5% on levels 3 and 4, 4% on levels 5 and 6, 3% on levels 7 and 8 and 2% on levels 9 and 10
  • 7 Stars earn 15% on level 1, 10% on level 2, 5% on levels 3 and 4, 4% on levels 5 and 6, 3% on levels 7 and 8, 2% on levels 9 to 11 and 1% on levels 12 to 15

Ranking Bonus

X-Capital rewards 1 Star and higher ranked affiliates with a “Ranking Bonus”:

  • 1 Stars receive a 5% Ranking Bonus
  • 2 Stars receive an 8% Ranking Bonus
  • 3 Stars receive an 11% Ranking Bonus
  • 4 Stars receive a 14% Ranking Bonus
  • 5 Stars receive a 17% Ranking Bonus
  • 6 Stars receive a 20% Ranking Bonus
  • 7 Stars receive a 23% Ranking Bonus

Note what the Ranking Bonus is paid out isn’t specified in X-Capital’s compensation documentation.

Presumably the Ranking Bonus is paid out as a percentage of invested cryptocurrency or daily returns paid to downline affiliates.

It’s likely the Ranking Bonus is coded, meaning higher ranked X-Capital affiliates receive the difference between their rate and lower ranked affiliates.

Joining X-Capital

X-Capital affiliate membership is free.

Full participation in the attached income opportunity requires a minimum $50 investment.

X-Capital solicits investment in undisclosed cryptocurrencies.

X-Capital Conclusion

X-Capital’s website presents as a generic fintech ruse template:

X-Capital’s passive returns are purportedly generated through “strategic crypto investing”:

We are dedicated to empowering our members to build a brighter, more profitable future through strategic crypto investing.

No verifiable evidence of X-Capital generating external revenue of any kind is provided. That’s most likely because there isn’t any.

If X-Capital was engaged in profitable crypto trading, why solicit investment from randoms over the internet? Why would a Ukrainian crypto scammer hire Asian actors to play fictional management?

The only verifiable source of revenue entering X-Capital is new investment. Using new investment to pay ROI withdrawals would make X-Capital a Ponzi scheme.

As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.

This will starve X-Capital of ROI revenue, eventually prompting a collapse.

The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.