Buzwallet.biz Reviews is Buz Wallet a Scam or Should I Invest

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Is IX Wallet A Scam? Don’t Invest Until Reading!

Are you looking into IX Wallet and wondering if it’s a scam or not.

If so, this post is what you’re looking for. Below you’ll find everything you need to know about IX Wallet including background information, compensation plan, and more.

You’ll know if IX Wallet is right for you by the time you’re done reading.

Summary

Product: IX Wallet

Price to join: Free but there’s a minimum crypto investment

Rating: 0/100

Do I recommend? No!

Summary: IX Wallet is a ponzi scheme that claims it can get you a high ROI on cryptocurrency investments (they claim to have a bot that can do this).

The problem is the bot most likely doesn’t exist and revenue is coming solely from recruitment. This is ponzi scheme 101 and means this is an outright scam.

Eventually the scam will collapse when recruiting dries up and most people lose their money.

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What Is IX Wallet?

IX Wallet is a crypto MLM and this means you can make money from this company by recruiting people into the system and investing crypto.

The problem here is the company is full of misleading statements, lies and outright fraud.

From reading the about section on the website it’s pretty clear the real brains of the operation are hiding their identity.

You can’t find any information on the three owners, Yang Li, William Clark and Sergey Ctorojuk. This is a major red flag and usually means the true owners are remaining anonymous because they know this is a scam.

The whole operation revolves around the idea that there’s an arbitrage bot that supposedly does investing and makes you money when you invest.

This bot most likely doesn’t exist and is similar to other crypto scams Bittrain, Weenzee (collapsed already), and Cloud Token.

Because the bot’s returns are made up or highly exaggerated this means the main source of income comes from recruitment (or entirely comes from recruitment). This means it’s a pyramid scheme and ponzi scheme.

I’ll explain more in the next section.

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Is IX Wallet A Pyramid Scheme?

It’s both a pyramid scheme and a ponzi scheme.

A pyramid scheme is when there’s no product or the product is a scam and the only real way to earn money is through recruitment. It’s represented by the picture below:

If you get in early enough with a pyramid scheme there’s a chance you make money but the odds are slim – the vast majority will lose money because pyramid schemes always collapse.

Once recruiting stops the money to pay everyone out dries up. Payments stop going out, everyone quits and scheme goes belly up.

IX Waller is also a ponzi scheme because they’re deceiving investors on where the revenue is coming from.

They claim they have a bot that picks winning investments but this isn’t true. The revenue is coming from recruitment.

IX Wallet isn’t registered with any financial regulators – this means they haven’t shown any paperwork to back up their revenue claims.

Ponzi schemes like pyramid schemes are also doomed to collapse 100% of the time and this opportunity will collapse as well.

This Scheme Is Illegal!

Again, IX Wallet isn’t registered with financial regulators which is necessary with these kinds of opportunities.

If they had registered with regulators they’d have to turn over proof of their revenue claims. Doing this would obviously show they’re lying and they’d be shut down.

By going around regulators they’re just just trying to make as much money as possible and then exit (hoping not to get caught).

Usually once the money runs out to pay affiliates a company will claim they were hacked or something along these lines.

The problem here is that the people operating this scheme and the affiliates promoting it (that would be you) are committing crimes – mainly security fraud.

Ponzi schemes and pyramid schemes are illegal in basically all countries around the world.

So not only is it unethical to promote this opportunity it could land you in legal trouble.

IX Wallet Compensation Plan

The compensation plan is broken into two parts and how much you make is determined by:

  • How much you invest
  • Your recruiting efforts

In order to be eligible for payouts you have to invest a certain amount of crypto into the scheme. The minimum is .15 BTC, .25 BCH or .5 ETH.

The more you invest the bigger the return you get.

Recruitment is paid out in a unilevel structure and looks like the following:

How much you make and to what level you earn from depends on how much money you bring in from new recruits.

The Arbitrage Bot Doesn’t Exist

I just want to repeat something one more time because it’s important to understand – the “trading bot” that supposedly invests your crypto is made up.

The revenue is coming from recruitment and that’s why it’s a ponzi/pyramid scheme.

So if you were to sign up and get money back it’s not from the bot. It’s just from other affiliate’s recruitment efforts.

If there were a bot that could earn 240% returns I promise you it would cost a lot of money to get access to and the owners most likely would just use it for themselves to make millions.

IX Wallet Is A Complete Scam

When you add up everything (fake owners, lying about revenue and trading bot, most money coming from recruitment, etc.) you get to IX Wallet to be a scam.

I listed a bunch of other companies that operate in the exact same manor and they’ve all collapsed or are on their way to collapse.

IX Wallet will collapse – all ponzi schemes do.

I can’t pinpoint the exact date but it’ll happen. If you get in early enough you can make money but this would require you to recruit people into a system you know is going to fail.

It’s basically stealing and it’s illegal. Ponzi schemes and pyramid schemes are illegal and people go to jail for running and promoting them.

So definitely skip IX Wallet.

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Exodus Wallet Review: Is it Secure Enough for Your Coins?

So, you want to join the crypto niche? Welcome! The one MUST-have thing in the cryptocurrency industry is a reliable and secure crypto wallet. This is a digital location for storing and managing your digital coins. One of the top options out there today is Exodus .

Exodus is ranked as the number one desktop wallet by trusted sites such as Bitcoin Exchange Guide and Finder.com because of its impressive features and support for a large number of coins. But the wallet has also suffered negative publicity as users consistently complain about losses incurred when storing coins in the wallet.

These complaints bring us to the main question: “Is Exodus secure enough for your digital coins?” This Exodus wallet review digs deep into the platform to establish how it works and help you make the right decision whether or not to use it storing your coins.

A Brief Overview of Exodus

Exodus is a software wallet (desktop wallet) created by JP Richardson and Daniel Castagnoli. Richardson, currently Exodus’s Chief Technical Officer (CTO), has a rich background in blockchain technology having published over 200 open source libraries and authored a number of crypto software on the web.

On his part, Castagnoli , who is serving as the Chief Creative Officer (CCO), has a rich background in animations having worked in top brands such as Disney and Apple. He is credited for the intuitive appeal of the Exodus platform.

Exodus is designed to support many cryptocurrencies as a unique strategy to outdo others in the highly competitive niche. This implies that it is likely to deliver greater value, especially to users targeting to take advantage of new assets being released into the market.

However, Exodus’s road to the top in the industry has not been easy. In mid-2020, the development team had to remove Dogecoin from the list of supported assets . Dogecoin had not updated its insight components for several years and the Exodus team found it was opening gaps for attacks.

Exodus Wallet: A 4.0 Star Rated Wallet

The unique design of the wallet and commitment of the development team to progressive improvement have helped it stand out from other wallets. People coming to the Exodus wallet are also impressed by the fact that they can store and manage about 100 assets from the same platform .

This Exodus wallet review rates the platform 4.0 stars because of the ease of use for both new and experienced crypto enthusiasts. Besides, it is also a free wallet. You will only need to pay when running transactions because they are processed through respective blockchains.

However, the platform’s rating has stalled at the 4.0-star mark because the security does not appear water-tight. For example, the platform does not have 2-factor authentication and it also lacks Multi-Sig support (more on this later).

How Does Exodus Work?

The design of the Exodus platform is targeted at simplifying the access, use, and management of digital coins. The wallet distinguishes itself from others by combining the following three components:

The Wallet

This is the point where people spend most of the time sending and receiving digital coins. The Exodus wallet, like others such as Jaxx , operates through a set of codes that help users link and manage their coins in various blockchains. This implies that in reality, the Exodus wallet does not store crypto coins. What it stores is a set of three codes: primary keys , public address , and seed phrase .

The private keys provide access to your coins in a blockchain while the public keys serve as the address to your wallet. The seed phrase is a special recovery code that is only used to regenerate the private keys in the case of a loss. The private keys and seed phrase should never be shared with third parties.

The wallet allows users to filter their transactions by “received”, “sent”, and “exchanged” to help them manage their operations with ease.

The Portfolio

If you have many coins in a multi-asset wallet such as Exodus, it can be a Herculean task following each of them especially when running several transactions. The Exodus portfolio page is designed to provide you with a breakdown of the coins you own as well as their associated value.

Whether you want to buy new coins or participate in initial coin offerings (ICO) , the portfolio is very helpful because it provides the updated value of the coins in the market. You can also use the portfolio to know when a specific coin value is going down or up in order to take a position in the crypto market.

Integration with ShapeShift

To deliver a unique value position, the Exodus wallet has integrated ShapeShift into its system. ShapeShift is a leading crypto exchange that has cut a name for its security, unique trading features, and commitment to privacy. The exchange allows Exodus users to trade their coins directly from the wallet while guaranteeing them extra privacy and speed.

How to Create an Exodus Wallet

To use the features on the Exodus platform, you will need to start by creating the wallet. This can be achieved in a few steps as described below:

  • Visit the Exodus official website and download the app based on your platform (Mac, Windows, or Linux).
  • Follow the screen prompts to install the wallet successfully.
  • Once installed, open it and click the “wallet tab” on the left section of the platform. You are now ready to start using the wallet.
  • To add a crypto asset to the wallet, click “Wallet” and then “Receive” to generate a QR code (public address) that you should give to those targeting to send you coins.

Note that each asset in the wallet has its own private key. Therefore, how do you know the private key of a specific asset? First, you navigate to the Developer Menu , then Assets, and finally, View Private Keys. Make sure to copy the key and keep it away from third parties.

The following video outlines the process of creating an Exodus wallet

Is Exodus Wallet Safe?

When Richardson and Castagnoli created Exodus, they were aware of the serious threats of getting attacked. However, they used their experience in the blockchain platform to craft a strong and reliable platform that users could rely on for the secure storage of their coins.

To guarantee users of optimal security, the Exodus development team reviews the platform regularly to identify vulnerabilities and clear them. For example, they were forced to remove Dogecoin from their platform in 2020 for raising vulnerability to attacks due to a lack of updates.

The wallet also provides users with seed phrases that can be used to recover private keys in the case of a loss or damage to the main computer. Note that the seed phrase should be kept secure because its loss could mean the loss of your assets. Every asset on the Exodus wallet has its own seed phrase.

While the effort by the development team is indeed impressive, it is still below par compared to others in the industry, especially hardware wallets such as KeepKey and Trezor . This Exodus cryptocurrency wallet found that even with impressive design features, the following components still make it insecure:

  • The Exodus platform does not offer 2-factor authentication. This implies that it is easy for fraudsters to use keyloggers to steal user logins and gain access into their wallets. All that stands on the way between hackers and your assets is a password. This is very scary!
  • Exodus does not use the multi-signature feature. Multi-signature (Multi-Sig) is an additional layer of security on a wallet that requires another user to sign a transaction before broadcasting into a blockchain. It makes it very difficult for hackers because they have to break two platforms to gain access/control to your coins. Now, Exodus works without this layer of additional security.

NOTE: The Exodus leadership is categorical that the wallet should be used for light duty operations. This means storing only a few coins. If you need to handle a very large number of coins, they recommend the use of hardware wallets such as Trezor.

The Summary of Exodus Wallet

This Exodus Bitcoin wallet review found that the platform is carefully designed with an impressive design and appealing features. Here is a summary of its pros and cons:

The best crypto wallet out there should provide a user with impressive design, security for digital coins, reliable support, and a commitment to progressively enhance the system for more value. Exodus scores well in all the above points but it lags behind when it comes to security.

Because of its design as a software wallet, it becomes an easy target for attackers. However, even its development team appreciates this fact and recommends that users should avoid storing large quantities of coins.

Now, back to the main question: “Is the Exodus secure enough for your coins?” The answer is “Yes” because no attack has ever been reported on the post and the development team is committed to improving security. However, the risks are still lurking.

The ideal way to operate with Exodus Bitcoin wallet is only storing a small number of tokens. If you want to store or move larger quantities of crypto coins, consider a more secure wallet such as Ledger Nano S .

Even with the few coins you store in the Exodus wallet, it is still crucial to exercise caution. Here are four best practices to focus on for storing your coins safely in a desktop wallet:

  • Do not share your private keys and seed phrase with third parties.
  • Avoid visiting risky sites that raise the risk of attacks.
  • Keep your Exodus wallet and computer always up-to-date.
  • When trading in the exchanges, only use a small number of coins.

S Block Review: SBO token wallet app Ponzi scheme

S Block operates in the cryptocurrency MLM niche.

The company represents it is based out Singapore and headed up by President Ivan Bolonikhin.

On his LinkedIn profile, Bolonikhin (right) claims to be a “digital securities expert”.

Note that while Bolonikhin’s LinkedIn profile cites his location as Singapore, his personal Facebook profile reveals he lives in Kyiv, Ukraine.

Bolonikhin’s Instagram profile reveals he only traveled to Singapore earlier this month.

Prior to reinventing himself as a digital securities expert, Bolonikhin appears to have been employed in the hospitality industry.

To be specific, Bolonikhin was baking cupcakes in a Ukrainian cake shop.

As far as I can tell Bolonikhin has no prior MLM executive experience.

Read on for a full review of the S Block MLM opportunity.

S Block Products

S Block has no retailable products or services, with affiliates only able to market S Block affiliate membership itself.

The S Block Compensation Plan

To qualify to receive commissions in S Block, each affiliate must invest at least $300 in SBO tokens.

S Block do not disclose the current internal SBO token value.

Once acquired, S Block affiliates park their SBO tokens with the company.

In exchange for doing this, S Block pays affiliates a daily return.

Note that although returns are presented in USD, actual returns are paid in SBO tokens.

So are the commissions paid out as detailed below.

S Block Affiliate Ranks

There are five affiliate ranks within the S Block compensation plan.

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

  • Comet – sign up and invest at least $300 in SBO tokens
  • Planet – recruit at least fifteen S Block affiliate investors and generate total downline investment of at least $200,000
  • Star – personally recruit at least three Planet ranked affiliates
  • Galaxy – personally recruit at least three Star ranked affiliates
  • Universe – personally recruit at least three Galaxy ranked affiliates

Note that downline investment is only tracked through fifteen unilevel team levels.

Residual Commissions

S Block pays residual 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.

Residual commissions are paid on funds invested by S Block affiliates placed into the unilevel team.

S Block caps residual commissions at fifteen unilevel team levels.

How much an S Block affiliate earns across these fifteen levels is determined by rank:

  • Planets earn a 5% residual commission rate
  • Stars earn a 10% residual commission rate
  • Galaxys earn a 15% residual commission rate
  • Universes earn a 20% residual commission rate

Matching Bonus

S Block affiliates receive a Matching Bonus on SBO token returns paid to unilevel team affiliates.

  • level 1 – 100% Matching Bonus
  • levels 2 to 10 – 10% Matching Bonus
  • levels 11 to 15 – 5% Matching Bonus

Global Rewards

S Block calculates 5% of SBO tokens returns paid out and places it into the Global Rewards pool.

Universe ranked S Block affiliates each receive an equal share in the Global Rewards pool.

Loyalty Bonus

Planet and higher ranked S Block affiliates qualify for a 3% Loyalty Bonus.

The Loyalty Bonus is paid on downline affiliates at the same rank as the qualifying affiliate.

I.e. Planet ranked affiliates receive the Loyalty Bonus on downline Planet ranked affiliates.

The Loyalty Bonus is paid as 3% of income earned by same ranked downline affiliates.

Joining S Block

S Block affiliate membership is free, however a minimum $300 investment in SBO tokens is required to participate in the attached MLM opportunity.

Conclusion

According to his LinkedIn profile, Ivan Bolonikhin (right) is also co-founder of the STOBox Platform.

STOBox markets itself as an “all-in-one security token platform”.

The platform provides Security Token Offering services for international startups and enterprise.

A visit to STOBox’s website reveals the business was a flop. STOBox’s website currently has an Alexa ranking of 8.5 million.

For a business website, that’s as good as dead.

S Block appears to be a repurposing of STOBox assets, to create a new MLM investment opportunity.

There’s also the question of why Singapore?

STOBox and Ivan Bolonikhin are based out of the Ukraine, so unless they’ve set up shell companies to launder money through in Singapore, pretending to be based out of Singapore makes little sense.

Another possibility is Bolonikhin is just a fall guy, with S Block’s actual owners residing in Singapore.

On that note S Block marketing department recently announced the company launched in Singapore on June 22nd.

The globally renowned 2020 WBF Singapore Technology Conference was held in Marina Bay Sands Hotel on June 22nd, 2020.

S BLOCK, the conference co-host, unveiled itself and announce its mission to “Unleash your digital assets” for the first time.

WBF stands for World Blockchain Forum, which is headed up by co-founder Sheng Zhao.

World Blockchain Forum is fast developing a reputation for curating app wallet Ponzi schemes.

To date World Block Forum has been associated with Plus Token and Cloud Token, both of which are app wallet Ponzi schemes identical to S Block.

As with S Block, the nature of the financial relationship between World Blockchain Forum, Plus Token and Cloud Token is shrouded in mystery.

On its website S Block represents it generates external revenue through “interstellar quantitative trading”.

Partnering with over 40 top global quantitative trading hedge funds, S BLOCK utilizes proprietary AI technology and high-dimensional data analysis to constantly out-perform the market.

That’s all very nice but there is absolutely no proof of external revenue being actually used to pay affiliates.

No doubt S Block will eventually make available the usual marketing videos purporting to show trading activity.

That however is not a substitute for regulatory filings.

By offering a passive MLM investment opportunity S Block is offering a security.

To offer securities in Singapore a company has to register itself with the Monetary Authority of Singapore.

S Block fails to provide evidence on its website that it has registered with MAS, meaning it in all likelihood hasn’t.

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By not registering with MAS, S Block is operating illegally in Singapore.

Indeed by not having registered its securities offering with regulators in any jurisdiction it solicits investment in, S Block is committing securities fraud worldwide.

Secondary regulatory concerns in S Block’s business model are the fact that nothing is marketed or sold to retail customers.

An MLM company generating 100% of its revenue from its affiliates is a pyramid scheme.

As for SBO token, it costs S Block little to nothing to generate.

Thus returns can be pumped out daily, and affiliates are of course encouraged to compound paid out SBO tokens for a larger daily payout.

SBO tokens however aren’t backed by anything. They’re completely worthless outside of S Block.

S Block affiliates can only cash out SBO tokens through an internal exchange.

When this happens, S Block pays withdrawal requests with subsequently invested funds.

Like all Ponzi schemes, S Block will collapse when when daily withdrawals exceed new investment.

Owing to the “build your token balance” nature of app wallet Ponzi schemes, this takes time.

While gullible investors grow their SBO token balances, S Block and its top investors withdraw the majority of invested funds.

Once critical mass is reached and S Block affiliate recruitment declines, so too will new investment entering the company.

Eventually S Block will be unable to pay withdrawal requests, prompting a collapse.

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

Update 1st December 2020 – In mid November S Block launched an investment spinoff their calling Plan Flash.

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2 Comments on “S Block Review: SBO token wallet app Ponzi scheme”

WoToken is also part of the WBF. How stupid are people? Or should I say greedy? Now there are 4 mobile wallets (Plus Token, Cloud Token, WoToken, S Block) that all provide a handsome monthly return (6%-18%) supposedly from AI trading. And coincidentally all came out of the same WBF organization and Sheng Zhao.

And coincidentally, they are all MLM deals that pay similar bonuses for recruiting other naive investors.

And coincidentally, none of them have a real token on coinmarketcap.com, EtherDelta.com, or Etherscan.io, the Ethereum Token blockchain explorer. The tokens are all fake. They don’t exist except in the internal company wallets with fake trading info.

WBF looks like the “Silk Road” of MLM Crypto Ponzi schemes. It’s quite a little incubator business for startup scams. Heck, they’ll even provide a fake AI trading mobile wallet. What a deal!

WOW! just think if the AI trading really did generate those kinds of returns? Real investors would pay billions for that technology. But for some strange reason, they can’t seem to provide any proof of real trading revenue.

I haven’t quite figured out why Sheng Zhao needs 4 AI trading wallets? Wouldn’t they be competing with each other? Hmmm…

As a technologist, it would be fun sometime to reverse engineer and decompile the 4 company’s wallets to probably find the exact same source code under the covers.

What a coincidence, Hmmm…

As a technologist, it would be fun sometime to reverse engineer and decompile the 4 company’s wallets to probably find the exact same source code under the covers.

I did reverse as much as I could from the Cloud Token code, and there are a lot of deprecated references to MooToken within their code. It is clearly copy-pasted code to me.

Unfortunately, It is impossible to reverse all the original code. I was merely going off string entries to determine these references..

There were also references to a paypal shopping cart and other interesting tidbits you can’t see in the app’s interface. Copy-Paste extraordinaire.

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