Splitt Review: Flexible multi-algorithm cloud mining?
Splitt operates in the cryptocurrency MLM niche. A corporate address in London, UK is provided on the Splitt website.
A quick search however reveals over eighty companies operating from the same address, suggesting it is virtual in nature.
Patel Nguyen is identified as CEO of the company on Splitt’s website.
Nguyen’s Splitt corporate bio identifies him as
a self-made man who has worked his way up from the bottom to become one of the most admired people in the South Asian cryptocurrency world.
After completing his education and getting his degree, Patel Nguyen worked for a series of tech firms, including household names like IBM, Google and Facebook.
Even so, Patel Nguyen never lost sight of his entrepreneurial ambitions, and the new startup known as Splitt is the end result of those lofty dreams.
Whether Nguyen, as represented on the Splitt website, actually exists is unclear.
The most obvious sign something is up is Nguyen has no online footprint. The only evidence he exists is a black and white photo of Nugyen on Splitt’s website, that doesn’t appear anywhere else online.
You’re going to tell me “one of the most admired people in the South Asian cryptocurrency world” and someone who purportedly worked at Google, IBM and Facebook has absolutely no online footprint whatsoever?
Yeah, not buying it. Nice try with the cropped black and white corporate photos though.
Further pulling Splitt’s corporate makeup into question is its “Splitt Corp Limited” UK incorporation.
UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Splitt has no retailable products or services, with affiliates only able to market Splitt affiliate membership itself.
The Splitt Compensation Plan
Splitt affiliates invest bitcoin on the promise of an advertised daily ROI.
- Dynamic Cloud Mining – invest 0.001 to 25 BTC and receive a 2.64% daily ROI for 60 days (158.4%)
- Bare Metal Simplified – invest 0.025 to 50 BTC and receive a 3.5% daily ROI for 40 days (140%)
- ASIC Mining – invest 0.5 to 500 BTC and receive a 4.7% daily ROI for 35 days (164.5%)
Splitt pays residual commissions on invested funds down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 4%
- level 2 – 2%
- level 3 – 1%
Representative affiliates can bump their level 1 commission rate to 10%.
Splitt do not provide representative qualification criteria on their website.
Splitt affiliate membership is free.
Full participation in the attached income opportunity however requires a minimum 0.001 BTC investment.
Unverifiable management details, dodgy UK incorporation, no evidence of external ROI revenue taking place…
Splitt presents itself as your typical MLM cryptocurrency company.
Outside of having named their investment plans using various cryptocurrency buzzwords, Splitt has nothing to do with cryptocurrency.
It’s the same old “give us your bitcoin and we’ll pay you until we don’t” Ponzi scam.
The ruse is “flexible multi-algorithm cloud mining”, which Splitt provides no evidence it is engaged in. Or that mining revenue is being used to pay affiliates.
Beyond that it doesn’t take a genius to suss out the scam. Cryptocurrency mining has taken a downturn globally this year.
Yet here we have the scammers behind Splitt offering up to 4.7% a day.
If the anonymous Splitt admins were actually able to legitimately generate a 4.7% daily ROI, they wouldn’t be soliciting investment from randoms over the internet.
Furthermore Splitt are also engaged in securities fraud. As I write this Alexa peg the US as (barely) the largest source of traffic to the Splitt website (9%).
Neither Splitt or Patel Nguyen are registered to offer securities in the US. I’ll go out on a limb and suggest Splitt isn’t registered to offer securities anywhere in the world.
What all of this means for Splitt’s gullible investors is that once affiliate recruitment tanks, so too will new investment.
This will starve Splitt of ROI revenue, eventually prompting a collapse.
Either when that happens or shortly before, Splitt’s anonymous owners withdraw all your bitcoin and well, split.
Good luck getting your bitcoin back from who knows who operating out of who knows where.