SpartanCoin is a high yield investment program (HYIP) that is exceedingly poorly disguised as a new cryptocurrency ICO. Investors in this new digital token purchase the coin, then “re-invest” it in the company for a guaranteed ROI of up to 60% per month, though the company itself never explains how it provides this massive growth potential.
If that weren’t enough, Spartan Coin also offers an affiliate program that rewards members for aggressively recruiting new investors.
There isn’t one single shred of information on the Spartan Coin website that reveals who’s behind this company. No corporate or executive team, no development team, no address or phone number – nothing, just a single email contact address.
The only information we do have is that the site was registered on November 14, 2017. The registrant’s identity is hidden behind a private domain name registration service, so no luck there.
We do suspect the site is being maintained by non-native English speakers based on the horrible spelling and grammar exhibited on the SpartanCoin website itself, though. Alexa site information data backs this up, with the majority of the site’s traffic coming from Italy and Germany.
If it isn’t obvious by now, we don’t recommend getting involved in any financial service company that doesn’t tell you who they are or where they’re located.
There’s no real “product” with Spartan Coin, as the only real activity one can participate in is to purchase otherwise worthless altcoins, give them back to the company, and then get a 60% ROI – paid in these same worthless altcoins – after your “investment” matures.
While the company says it will hold an ICO for individuals to purchase coins, investors can skip ahead and simply purchase set amounts of the coin in 4 different investment packages, all of which have different ROI terms. These packages include:
- Star One: purchase $100 in SpartanCoin, reinvest for 210 days for up to 60% ROI
- Star Two: purchase $500 in SpartanCoin, reinvest for 180 days for up to 60% ROIStar
- Star Three: purchase $1000 in SpartanCoin, reinvest for 150 days for up to 60% ROI
- Star Four: purchase $5000 in SpartanCoin, reinvest for 120 days for up to 60% ROI
SpartanCoin doesn’t specify what payment processors it accepts, but we’re fairly certain the company will be glad to take legitimate cryptocurrencies like Bitcoin or Ethereum off your hands and replace it with an “equal” amount of SpartanCoin.
Spartan Coin also rewards investors for recruiting new affiliates. From what we can tell, it offers commissions on investor deposits up to 10 levels deep on the following scheme:
- Level 1: 10%
- Level 2: 5%
- Level 3: 3%
- Level 4: 1%
- Level 5: 0.5%
- Level 6: 0.1%
- level 7: 1%
- Level 8: 0.1%
- Level 9: 1%
- Level 10: 0.1%
This seems to be the extent of SpartanCoin’s affiliate compensation scheme.
Spartan Coin Verdict
We thought we had seen the last of these poorly-disguised crypto-centric HYIPs but apparently people are still at it, doing their best to excite cryptocurrency novices into trusting them in an effort to scam them out of their money. SpartanCoin is undoubtedly one of those, based on our observations, which include all the hallmarks of a pretty blatant scam.
First we have the glaring problem that nobody knows who runs SpartanCoin. This is a big red flag and should be enough for most people. However, if for some reason this didn’t convince you completely, there’s also the ridiculously high 60% ROI, which – let’s be honest – is completely unrealistic since the cryptocurrency markets are much too volatile to be able to guarantee such growth.
Meanwhile, there’s no guarantee the value of SpartanCoin will go up. But you keep buying those investment packages with real money – go ahead, see what happens. At best you’ll end up high and dry from a pump and dump scheme – if you’re lucky. Good luck getting your money back from SpartanCoin.