iBull Trade: An ROI Crypto-Mining Ponzi Scheme?
iBull Trade, a Bulgaria-based mining company, may not be what it seems. Many of the circumstances surrounding the platform suggest that it may be a ponzi scheme.
Those who visit the platform’s website will notice that Salvatore Tagliavia and Giuseppe Mancino and Stefano Soldi are listed as the platform’s founders. Interestingly enough, even though the founders did not establish the platform until 2017, the company’s website states otherwise:
[iBull Trade] began in 2009 when with some entrepreneurs and who were investing in cryptocurrencies.
After a while, they found a way in which they could to create a more stable management of income lasting over time but always very profitable.
So a few years later, precisely in 2011, with the contribution of the European Community and the Norwegian Government that financed the project, we started work on the construction of our first Mining Farm near Oslo.
Since 2013, the project has been merged under the direct and exclusive guidance of EcoTrade13.
Further, one of the co-founders, Tagliavia, also describes himself on social media as the owner of EcoTrade13, but the platform does not have a presence. Further, he cites no affiliation with iBull. In addition to his alleged affiliation with EcoTrade13, he participated in Olympic Idea, a market tool MLM opportunity, leading to further uncertainty about his role and business relationships.
iBull Trade Products
The platform does not offer any products or services. Rather, affiliates are only able to market membership in the platform. Those who participate will be compensated through a three-tier compensation plan, including a Basic, Standard, and VIP investment.
Members also receive referral commissions on new investment. There are two levels of recruitment, the first level is 10 percent compensation, while the second level is 5 percent.
The platform also offers rank bonuses that are based on rank qualification criteria. Affiliates can earn ab onus percentage on the first two levels of their uni-level team. There are there levels: junior manager, senior manager, and top manager.
Those who are interested in joining and becoming a member of iBull can do so with a minimum 1000 EUR investment.
Though the platform features the name “trade” in its name, it has nothing to do with trading. Rather, the platform generates earnings through cryptocurrency mining. As the platform mentions, it is located close to Oslo, Norway due to the large and frequent wind currents which feed its wind power plants. The platform also claims that it has mined 38 altcoins, but there is on evidence of such practices. Further, the platform claims to guarantee investments and that investors will always be paid in Euros.
One of the main questions that arises with this platform and that seemingly makes it a dubious venture is if Tagliava was able to generate the ROI that he claims through EcoTrade, why solicit investment for iBull?