My Passive Trades Collapses, Opens MyEurekaClub in Light of Exit Scam?
Cryptocurrency and multi-level network marketing programs appear to be like oil and water. They just do not mix in a fashion that has boded well for the long haul.
It’s the second time that My Passive Trades has gone under in just 2 months. For the first failed effort, it was the COVID-19 exit strategy that has been invoked. My Passive Trades suspended its payouts 2 months ago, blaming the Coronavirus outbreak for collapsing. In an announcement from the My Passive Trades website, it was said the entire program collapsed as a result of the COVID-19 pandemic, the oil war and many other factors. Withdrawals have all been frozen at the time, together with deposits and earnings. The same announcement said this will go on until the market is safe again.
What Is My Passive Trades?
My Passive Trades has been launched back in June 2019. The company behind it is not registered for offering securities in any of the jurisdictions it solicits investments to be made in. Furthermore, it doesn’t have any evidence that it was able to provide an external revenue of as much as 1.25% every day, as it was claiming.
Who’s Behind My Passive Trades?
The person behind My Passive Trades is Darren Bradbury, who decided to launch the EurekaCoin (ERK) at the end of 2019. ERK doesn’t have any value if not used inside the My Passive Trades Program, which means Bradbury pulled it out of thin air in order to pay investors in My Passive Trades. However, the good news is that ERK can be publicly traded because it’s listed on some of the well-known exchanges. What investors in this coin wouldn’t want to know is that it now trades at about 1 cent.
The Second Sink of My Passive Trades
Today, Bradbury announced on My Passive Trends website that because there’s a lot of pressure in the financial world, My Passive Trends is going to turn into a new business model for the majority of its members to be happy. A 100% refund for every pack has been promised, plus 4 ERK for each ad pack purchased at $1. It remains to be seen if the investors are going to demand a 96% loss.
MyEurekaClub to Be Launched
A new program called MyEurekaClub has been announced to launch soon. Here, ERK ad packs will be valued only in ERK, and a sale of 20 Million ERK is going to be held. Each ERK pack is advertised to give back 0.5 to 150% cash. If the MyEurekaClub is going to repay those who have lost with My Passive Trades, it remains to be seen. Since My Passive Trades went down twice, it’s rather difficult to trust another of Bradbury’s programs. Only time will tell if it’s worth to invest in MyEurekaClub or not.
Meanwhile, let’s have a look over what My Passive Trades had to offer and why it was somewhat popular among online investors. After all, the program gathered a few people who put their money into it, so by learning what it was all about, a calculation of future gains from MyEurekaClub can be easily made. It shouldn’t be ignored that Bradbury also promoted My 24 Hour Income, ZarFund, Leased Ad Space, Stiforp, GiftoBit and My Ad Story, all programs that didn’t have any kind of big success.
How Was My Passive Trades Structured?
My Passive Trades used website domain server names provided by Chatabox. According to its website, it was a Polaris Universal LTD’s trading name ran by Darren Bradbury, who goes on Twitter under Darren Riviera and who says he lives in the UK. It looks like Polaris Universal LTD was indeed incorporated in the UK, back in January 2018, on the 25th.
Under the company’s officers, the names of Darren Bradbury, Lidija Ikasovic, Ahmed Nabil El Amrani and Eldon Conceicao are being listed. Since UK incorporation is rather unregulated, it’s difficult to trust a company functioning under this jurisdiction.
What Products Did My Passive Trades Offer?
The products and services offered by My Passive Trades weren’t retailed, so only marketed through the program’s affiliate program. Soon after signing up with the program, affiliates were being given access to participate in the advertised MLM opportunity.
The advertising credits they won could have been used only on the My Passive Trades website for further advertising. Besides, participation to My Passive Trades involved enrolling to a trading school.
The Compensation Plan at My Passive Trades
Affiliates of My Passive Trades had to invest $5 or more into ad packs, being promised to earn up to 1.25% a day. Returns on the invested ad packs were supposed to be paid out until 125% of the investment that was made initially would have been paid out. There were 2 recruitment levels:
- Level 1 for affiliates recruited personally and that paid out 8%
- Level 2 for affiliates coming from the outside circle, at 3%
How Much Did My Passive Trades Cost?
The My Passive Trades affiliate membership was free, but participation to the program required at least $5, only to have the My Passive Trades 2-Tier cycle participation getting to $549.99. The opportunity seemed rather fraudulent from the beginning, as it very much resembled a Ponzi scheme. It promised external revenue to be obtained through proven and sustainable trading.
However, there’s no proof it actually brought its affiliates any revenue. When it comes to the regulatory approach, it seems like it offered a passive investment opportunity that’s also known as a securities offering. The fact that it failed twice is proof that it didn’t deliver what it has promised.
Meanwhile, neither Polaris Universal LTD, nor My Passive Trades have ever been registered with the SEC or the FCA. While there’s no knowing anything about MyEurekaClub yet, it’s very likely that this program is also going to be unregulated and disappointing. However, nothing should be assumed until there’s more proof.
It would be a good idea to avoid investment programs in which Bradbury is involved, at least until the situation with My Passive Trades gets cleared and some of the program’s affiliates say they’ve gotten their money back as promised.