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ETHPlus Review: ETHPlus.io A Modern Ethereum Smart Contracts Scam

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ETHPlus Review: ETHPlus.io A Modern Ethereum Smart Contracts Scam

ETHPlus is a newly-established crypto company that claims to be highly experienced in offering reliable and efficient ethereum mining services. The website of this platform, ETHPlus.io, mentions numerous features to incite people to invest in the company.

The purpose of this article is to discuss these features in detail and determine whether you should invest in this company.

Overview of ETHPlus

ETHPlus was launched in April 2020. It is a multifaceted platform that mainly provides ethereum mining services. Moreover, it is also presenting itself as a reliable option for large-scale financial transactions. ETHPlus.io is encouraging users to invest in the company so they can enjoy the massive benefits of ERC-20.

The company claims to have all of the modern tools and technologies required to offer numerous features like smart contracts, safe negotiations, and efficient transfer of the ERC-20 tokens. The concept of smart contracts is rapidly rising in the financial industry. As a result, more and more crypto companies are now starting to provide such services.

Owner of ETHPlus

It is quite interesting to see that ETHPlus.io has now removed the name of its owners. However, this information was initially present at the start of the company’s formation. Fernando Urdaneta is the head of ETHPlus, while Jonathan is the Commercial Director.

ETHPlus.io

In the YouTube marketing videos of the company, Urdaneta appears as the owner of the company. On the other hand, the social media profiles of ETHPlus mentions Urdaneta as the Head of SEO. Such kind of mix messaging is highly suspicious.

The social media profiles of Fernando Urdaneta shows that he is originally from Venezuela but now resides in Santo Domingo. This is consistent with the company’s registration in Santo Domingo.

How to Join ETHPlus?

Joining ETHPlus is quite straightforward. You have to invest at least 55.5 ETH in the company to participate in the entire income structure. Moreover, you will have to 0.05 every 90 days as the company’s internal fee.

The rest of the registration process of ETHPlus.io can be understood with the help of the following income structure.

Income Structure of ETHPlus

Whenever members join ETHPlus.io, they have to pay at least 0.05 ETH as the minimum amount of joining fee. The total registration fee is split into three parts for the distribution of the recruitment commissions. As a result, the affiliates will be earning 0.012 ETH from the three recruits under the initial positions.

However, the primary part of the income structure of ETHPlus is the 2×17 matrix investment. Affiliates are at the top of a matrix, while two positions are available under them.

Investment

There are 17 levels in the matrix of ETHPlus.io. The website provides the following breakdown of compensation at various levels:

  • Users have to invest 0.17 ETH in levels 1 to 9 to get 0.01 ETH from members under the affiliate.
  • Users have to invest 0.35 ETH in level 10 to get 0.02 ETH from members under the affiliate.
  • Affiliates have to invest 0.8 ETH in level 11 to get 0.05 ETH from members under the affiliate.
  • Users have to invest 1.6 ETH in level 12 to get 0.1 ETH from members under the affiliate.
  • Users have to invest 2.5 ETH in level 13 to get 2.5 ETH from members under the affiliate.
  • Affiliates have to invest 3.5 ETH in level 14 to get 3.5 ETH from members under the affiliate.
  • Users have to invest 6.6 ETH in level 15 to get 0.4 ETH from members under the affiliate.
  • Users have to invest 15.2 ETH in level 16 to get 0.8 ETH from members under the affiliate.
  • Affiliates have to invest 24.5 ETH in level 17 to get 1.6 ETH from members under the affiliate.
  • Affiliates have to invest 3.5 ETH in level 14 to get 3.5 ETH from members under the affiliate.

The company has not put any certain limit on the number of total positions. Similarly, the affiliates have the option of filling these positions by both direct and indirect recruitment.

The company is initially presenting itself as a modern ethereum mining solution. Yet, the income structure of the company shows that it is heavily dependent on hiring affiliates and offering referral commissions like crypto MLM companies.

It shows that you cannot trust the claims of ETHPlus. Therefore, you should avoid investing in this company. A reliable alternative to such a platform would be genuine and trustworthy crypto mining companies. You can trust these mining platforms because they have years of experience in providing efficient and legal crypto mining services. 

Referral Commissions

In addition to the residual commissions and matrix investment, ETHPlus is also offering referral commissions. This shows that ETHPlus.io is not different from any other Ponzi scheme.

The website provides the following breakdown of the referral commissions:

  • Hire an affiliate who will invest in a level 1 to 9 position so that you can earn 0.04 ETH.
  • Hire an affiliate who will invest in a level 10 position so that you can earn 0.09 ETH.
  • Recruit an affiliate who will invest in a level 11 position so that you can earn 0.15 ETH.
  • Recruit an affiliate who will invest in a level 12 position so that you can earn 0.24 ETH.

ETHPlus

  • Hire an affiliate who will invest in a level 13 position so that you can earn 0.34 ETH.
  • Hire an affiliate who will invest in a level 14 position so that you can earn 0.42 ETH.
  • Recruit an affiliate who will invest in a level 15 position so that you can earn 0.51 ETH.
  • Hire an affiliate who will invest in a level 16 position so that you can earn 0.7 ETH.
  • Hire an affiliate who will invest in a level 17 position so that you can earn 1.26 ETH.

The purpose of discussing these bonuses and commissions in detail is to establish the fact you will have to spend a considerable amount of time, energy, and money in earning such bonuses. You will have to continuously convince people to invest in the company so that you can earn any significant referral commissions.

Conclusion

The above discussion shows that there is no point in investing in a platform like ETHPlus that is not capable of providing any meaningful profits. The number of smart contract scams is rapidly rising. All of the present evidence shows that ETHPlus.io is another Ethereum smart contract Ponzi scheme.

Other than the business model, the entire marketing of the ETHPlus is highly confusing. At one place, it is claiming to be a company that offers a variety of smart contract solutions. Yet, the entire income structure revolves around residual and referral commissions.

It should go without saying that a Ponzi scheme like ETHPlus is bound to collapse with the period of time. Since the company is heavily dependent on continuously hiring more affiliates and does not seem to have any external source of revenue, it will certainly collapse in the future due to a lack of recruitment.

The bottom line is that you should avoid investing in ETHPlus because it is a highly suspicious platform. The mixed messaging of this company also shows that it wants to attract all kinds of investment. However, it fails to provide any solid evidence of actually being capable of providing any profits.

If you really want to earn a good amount of profits in the crypto industry, you should invest in authentic crypto mining companies. Such companies have reliable and secure crypto mining equipment that you can use with minimum investment. As a result, you can mine your own coins at your own terms and conditions and generate huge profits. 

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