IconX’s website does not provide executive or ownership details.
On March 9th, 2024, IconX registered their website domain (“iconx.tech”) privately.
Only the names of Danyal Islam, Rado Mulej, and Hind el Hadaj—alleged members of a “community trustees council”—are revealed on IconX’s website.
Islam, Mulej, and Hadaj are promoters who participate in IconX’s marketing, according to further study.
We may also include Salman Butt on the list.
Additional investigation into the true owners of IconX finds connections to the Al-Maktoum ruling family in Dubai (click to enlarge):
IconX does not provide any retailable goods or services.
Only the IconX affiliate membership itself may be promoted by affiliates.
Affiliates of IconX enlist and make an investment in the “mining card” and “mining machine” positions in Mining Race.
A mining card position pays off 118% every 90 days and costs around $400 to invest in.
Although they aren’t mentioned in IconX’s marketing materials, mining equipment are said to cost more and provide a better return on investment.
Positions for mining cards and machines are paid out as long as an IconX access subscription is current.
IconX’s multilevel marketing division makes money by bringing on new affiliate investors.
The IconX compensation scheme has nine affiliate levels.
They are as follows, along with their corresponding qualifying requirements:
Access membership fees, mining card investment, and mining machine investment are all included in the counted volume.
When personally recruited affiliates invest and pay access membership costs, IconX affiliates get a referral commission:
IconX uses a binary compensation scheme to pay residual commissions.
An affiliate at the top of a binary team, divided into left and right sides, is compensated according to a binary pay structure:
There are two places on the binary team’s initial level. These first two slots are divided into two more positions each, for a total of four positions, to create the binary team’s second level.
The binary team’s levels are created as needed, with each level holding twice as many spots as the one before it.
Affiliates are recruited both directly and indirectly to fill positions on the binary team. Keep in mind that a binary team may develop to any depth.
IconX counts new volume on both sides of the binary team at the conclusion of each week (see to “IconX Affiliate Ranks” above).
10% of new volume on the weaker binary team side is used to pay residual commissions.
Volume is flushed after being paid out on and compared to the stronger binary team side. The stronger binary team side’s residual volume is carried over.
IconX uses a unilevel compensation system to pay a ROI match.
Every individually recruited affiliate is positioned right behind the top affiliate in a unilevel pay scheme (level 1):
New affiliates are added to level 2 of the original affiliate’s unilevel team if any level 1 affiliates hire them.
Level 2 affiliates get promoted to level 3, and so on, down an almost limitless number of levels, if they bring on new affiliates.
The ROI Match is limited by IconX to twenty unilevel team levels.
Based on rank, the ROI Match is distributed as a percentage of daily mining machine and card returns at each of these levels:
IconX offers the following one-time Rank Achievement Bonuses to affiliates that meet the requirements at Star 2000 and above:
Membership as an IconX affiliate is obtained by an annual subscription:
An IconX affiliate’s potential revenue increases with the amount of fees they pay.
IconX provides securities fraud and pyramid schemes.
Since IconX doesn’t sell or promote to retail consumers, it is a pyramid scam. Affiliate recruiting is linked to all commission payments.
The investment plan for passive returns offered by IconX is a securities offering. As a result, IconX must register with financial authorities in each country where it seeks investment.
As of December 2024, Slovenia accounted for 100% of IconX’s website traffic, according to SimilarWeb.
It should be mentioned that Mining Race is hosted on the domain “miningrace.com.” As of December 2024, Slovenia is once again the only source of traffic to Mining Race’s website.
The Securities Market Agency (ATVP) oversees securities regulation in Slovenia. Evidence that IconX has registered its Mining Race investment plan with ATVP is not shown.
Securities fraud is the offering of unregistered securities.
This is related to the fact that IconX has not given customers audited financial reports that have been submitted to authorities, which is required by law in nations with regulated financial markets.
Customers can only confirm if IconX is indeed making money from stated cryptocurrency mining in this method.
Currently, fresh investment is the only substantiated source of income coming into IconX.
IconX would be considered a Ponzi scheme if it used fresh investments to cover ROI withdrawals. This is similar to the Zeniq Coin Ponzi scheme conducted by Safir International, which was orchestrated by the same shady characters that ran IconX.
Like other MLM Ponzi scams, fresh money will stop coming in as soon as affiliate recruiting stops.
IconX will ultimately fail as a result of this deprivation of ROI income.
Ponzi schemes’ mathematical foundation ensures that most participants lose money when they fail.
UTrading extremely low trust score, there is a good chance that the website is a hoax. Use caution when accessing this website!
Our algorithm examined a wide range of variables when it automatically evaluated uTrading, including ownership information, location, popularity, and other elements linked to reviews, phony goods, threats, and phishing. All of the information gathered is used to generate a trust score.
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