Evitan.io is yet another cryptocurrency lending scheme that promises high daily interest rates with no risk whatsoever. Here’s our review.
What Is Evitan?
Evitan.io advertises itself as a safe and powerful investment opportunity. You can buy EVN coins during the ICO taking place throughout January 2018. Then, in the future, you can place those coins in the EVN staking or lending program to earn high interest rates.
Evitan also has a multi-level referral scheme where you can earn 5 levels of commissions by referring new members to the platform. You get paid 10% on the first level down to 0.5% on the fifth level.
Typically, when a company advertises a lending program and a pyramid scheme-style commission system, it means you’re dealing with a scam. Let’s take a closer look at how Evitan.io works to determine if it’s really a scam – or if it’s a legitimate opportunity.
Evitan EVN ICO
The Evitan ICO for EVN tokens is underway from January 5 to February 5, 2018. The tokens are set at an exchange rate of 1 EVN = $1.50 USD. However, discounts of up to 50% are available during the ICO, so the real price is between $0.75 and $1.50.
Of the total supply of tokens, 92% is dedicated to the token sale, while 8% is going to the referral program. Meanwhile, the proceeds of the sale are being used for development (30%), marketing and PR (48%), a reserve fund (10%), and the founders (12%).
After purchasing EVN tokens during the ICO, you can participate in a number of different “investment opportunities” on the Evitan platform.
How Evitan Global Money Transaction Cryptocurrency Token Works
Evitan offers several “investment opportunities”, including all of the following:
- Trading: You can trade EVN tokens, buying low and selling high to earn a profit.
- Staking: You can deposit EVN tokens in your wallet, then stake them to earn consistent returns every year.
- Mining: EVN has separate sections for its “mining” and “staking” programs. However, since EVN uses proof of stake, the “mining” system is just staking your coins. It’s unclear why the platform advertises a separate mining section.
- Investment: Evitan will pay you “daily interest” in exchange for locking your money with the EVN lending program. The company describes this as a no-risk way for investors to generate easy profit from their money.
Who’s Behind Evitan?
Evitan lists a number of individuals on its official website. All of the individuals appear to be fake – or at least listed under different names.
Benjamin Hayes is listed as the founder and CEO. The website doesn’t link to any social media profiles for Hayes – like a LinkedIn profile or any other information. Nevertheless, they describe Hayes as “an experienced professional in the field of venture capital and the private equity market.”
Other listed members of the team include Nataly Morozova (Blockchain Marketing Manager) and Platon Gromov (Chief Financial Officer).
Evitan appears to be an ICO scam. The company provides no information about its business model. The company has no products or services available or in active development. There are vague promises about a lending system and a proof of stake system. However, it’s unclear how either of these platforms work. The website and whitepaper are filled with red flags that tell us we’re dealing with a Ponzi scheme or ICO scam. Despite all of these problems, Evitan is selling tokens at a price of $1.50 apiece during the ICO.
Ultimately, based on everything we can see online, Evitan is not a legitimate investment opportunity.