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Elect Blocks Ltd Review: The website is inactive with members crying foul after being blocked from accessing their funds, please stay away.
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Electblocks.com is a newly launched investment scam whose corporate entity was incorporated in June 15, 2018.The site is just a couple of days old, and according to Alexa ranking, the site has already gained a ranking of 500,000. One would wonder how the site was able to achieve such a ranking in a few days. However, there is an answer to that question. You see, the domain where Elect Blocks is hosted at was updated on 12, June 2018, meaning that this is the date that the current owner acquired the domain from its previous owner.
According to who.is, the domain now belongs to someone called Tim Anderson. He registered the domain under an organization known as Elect Blocks. The physical address is 6 Goldhawk Road, Shepherd’s Bush London. So far, we see nothing fishy in these details. Unlike what we are used to seeing in the Cryptocurrency space, the owner of this site is at least upfront with his details.
However, there is still a strong sense of lack of trustworthiness. This is because the site Elect Blocks is making promises that are simply not attainable.We have been investing in the Cryptocurrency space for a long time now. And trust us, we have never encountered or seen any investment opportunity in the Cryptocurrency space that generates between 9-15% in daily ROI. We therefore have to question these ROI numbers since they are not realistic and the owner of the site is also not explaining how he is able to achieve these numbers.
The question that this review is going to answer is whether or not Elect Blocks is a safe and reliable platform to invest in.
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We have already confirmed the corporate status of this company on the companies house website.Details are actually in order. However, the company is registered to one person named Tim Anderson who is also the director of the entity. In the registration details, he states that he is a British national and an investor.
So far, company details are in order. The site, Elect Blocks, however, is promising lucrative returns for investing in current and future prospects of the Cryptographic currency. How exactly is the site doing it? According to the description, the site is basically operating like a platform for buying and selling hashing power. It targets both new and experienced investors who either want to buy or sell hashing power for mining Crypto currencies.
The site is allegedly offering an advanced hash rental, Crypto currency and multi-pool service. The site is only accepting payment in BTC as there is no option for sending payments in fiat currency. The minimum investment that Elect Blocks is offering is 0.003 BTC. The maximum that they are accepting is 20 BTC. These are threshold that they will be happy if you meet or even exceed because the site basically want funds from you.
A referral program is also in place. This 3 level deep referral program is compensating 6%, 2% and 1% respectively. As part of the affiliate network, users are not required to deposit any amount on the site in order to get started.
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Elect Blocks is transparent in terms of ownership. But this alone is not a factor to consider when evaluating the stability and reliability of a site that claims to offer investment opportunities in Crypto currencies. Therefore, in as much as the site is associated with someone whose name can be checked on who.is, the owner is still not able to confirm to us whether they have hashing power to sell so that clients can buy it. It is not clear whether investors can buy hashing power from this site and actually get it. We suspect that this might just be a cover up as the site is not able to prove an external source of ROI. So far, they have only proved that ROI is generated by accepting new deposits and probably sharing a small percentage of those funds to top investors.
By the way, it is not clear yet whether Elect Blocks is issuing payouts at the moment. The promised daily returns are definitely too high and unsustainable. Even if it were true that these daily returns were achievable, the site would have to cheat many investors in order to maintain that ROI. But as far as our financial knowledge is concerned, 9 or 15% per day is not possible. Do not be fooled.Only ponzi scams make such promises with the intention of luring victims into a trap. There is no reason at all as to why you should invest with a site which is not proving how revenue is generated other than the obvious method which included collecting user deposits.
Based on these things, we can say that Elect Blocks is a scam. However, it is coming across as genuine by not hiding the owner. They are also pretending to have a legit business model in place when the truth is that this is an exit scam. Elect Blocks is definitely a scam which we cannot recommend at this time.
The other thing that we have observed is that user feedback on this site is still very scarce given that the website is new. Mostly, we use feedback from real users to determine whether the site is paying or not. So far, we don’t have any evidence that the site is paying these ROIs. We cannot say that it is paying when we don’t know the actual truth.
After observing Elect Blocks and analyzing things on this site, we are confident that this site is a high risk investment destination. Returns are too high and unrealistic. We have never come across returns in Cryptocurrency investments. Even last year when the price of Bitcoin was skyrocket-high, investors never realized such returns. Based on these observations, we can comfortably deduce in this Elect Blocks review that this site is a scam.
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And you were wright! It already stopped payouts. Guys like these who are making money from cheating people should go to prison.