If you came across Monifinex Mining and you’re considering investing in the platform, it is a good idea that you came across this review as it will enable you to make appropriate decision on the subject.
There are many sites that claim they could help you mine bitcoins. This has led to the loss of funds by many would be investors because they are mostly people who know little about mining activities, so they could not distinguish an imaginary mining site from a real one.
One fact you have to bear in mind is that mining of cryptocurrencies would not just make you rich overnight. Also, most of the so-called mining sites have no farms where real mining activities are going on. So at best, what they do is form ponzi or pyramid frauds which pack up when they’re no longer sustainable.
What is Monifinex Mining?
This is a company that claims that it is involved in mining of cyptocurrencies with the objective of making their services available to all interested investors. This is irrespective of experience and location.
Like many supposed mining sites out there, it claims that they eliminate the hassles involved in extraction of digital currencies for investors, so that they could focus on making profits. It is just like someone telling you to sit and watch your money grow.
The company claims that it is based in the UK and using a combination of hardware mining and cloud based mining to make profit from its operations.
In the bid to check the authenticity of the site and the assertions, we conducted a background check on the site. The rest of this post would show you the facts that you wouldn’t otherwise be privy of about the company.
Would You Trust This Site?
This is the main question that every investor wants to find an answer to. As investigative reviewers for crypto projects, we are aware that there are many scam mining sites that claim that they are registered even though they are not.
Not that registering a company makes any difference, because fraudsters also register companies they use to steal from people.
So ordinarily, that a company is registered would not debar it from being used to defraud investors if the managers are malicious players.
Our background check showed that the company Monifinex Mining LTD was registered with the Company House UK, with the registration number 12082002 on July 3, 2019.
This is barely a month old and so has no antecedence that should make you or any other investor trust this company. Interestingly, the owners did not list their names, so there is no way you could locate them if something goes wrong.
A Whois search shows that the domain was registered on March 22, 2019, four months before the incorporation.
A Fake Team
Since the owners were not listed in the Company House database, we took consolation in the fact that they were listed on the site, but we were not impressed because the social profiles that should have validated their IDs were dead links.
This is a common technique employed by fraudsters to create the impression that they are real people with known IDs who you should trust with your funds.
We ran a background check on the images and IDs provided of the team and found them to be stolen IDs.
The team has cleverly rented an office space and hired some actors to act as if they are a real company involved in mining operations. The lead actor Marcos Bryan is a fake ID and could not be linked to a real person despite the acts.
Also Pamela Barnes, another team member is not a real identity and has no record anywhere on the internet which points to the suspicion that it is not an identifiable individual or one bearing a false name.
The same was applied to Jonathan Scott and the ID is not traceable to any known identity online. So we concluded that this is a grand plan to deceive investors and steal their money.
False Testimonies from Fake IDs
We examined the IDs of the customers giving testimonials and also discovered that they are faked. Myles Brody, who according to the site claimed that the project is “legit” and long-term, was found to be a faked ID with the image pulled from stock photo.
This convinced us without doubt that this is a fraudulent site because there is no way a customer would know and ascertain that a two-month old company is “long term”.
We also checked on the image of Katie Norman and found that to be faked testimonial photo taken from a stock image site. The owner is actually a model that has many of her photos on photo sites.
The most obvious evidence that you’re dealing with a scam here is the unrealistic ROI that the site promises. You should take a cue from the Securities and Exchange Commission that advised investors:
“SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.”
The least monthly returns promised by Monifinex Mining is 60 percent while the highest is 90 percent. The reality is that no genuine miner has the capacity to pay you that profit.
Apparently, the objective is to take your funds and turn to an exit scam down the line.
The main reason scams thrive is that many investors do not care to conduct appropriate research and due diligence. There are many fraudsters out there eager to steal your cryptocurrencies if you are careless with investments.
This is why we advise that you stick with regulated investment sites. You may check our top recommendation for a secure investment platform where you gain insight on how to grow your assets.
If you have information about any other investment opportunity that you would like us to review, please use our contact page. You could share your experience with fraud sites like Monifinex Mining using the comment box below.