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MyHash Review: MyHashToken.com is a Crypto Ponzi Scam

MyHash Review: MyHashToken.com is a Crypto Ponzi Scam

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MyHash is an organization that is claiming to be a large group of banks and corporate companies. The website of the company, MyHashToken.io, claims that this Group is registered with the international authorities and in maximum compliance with the legal rules and regulations.

However, the actual business model of the company is quite different from its description. The company is asking people to invest in the company by promising them MyHash Tokens in return to generate profits in the crypto industry.

There are many different aspects of the company that should be discussed in detail before you make any decision to invest in it. Keep reading this article to learn everything you need to know about MyHash.

Overview of MyHash

MyHashToken.io is marketing the company has a well-established platform that is capable of providing massive profits to the users. However, you have to keep in mind that MyHash is a new platform. It was formed in November 2020. Therefore, it is not possible that such kind of new company is able to promise maximum guaranteed profits.

MyHashToken.io also states that the company is providing a wide range of transaction solutions to provide profits via traditional and digital assets. However, the company does not go into further details about these assets. This kind of marketing tactic shows that MyHash wants to attract people interested in the crypto industry as well as other financial industries.

MyHashToken.io

Origin of MyHash

MyHash does not provide many details about its foundation. Similarly, there is no official information available about the owner of the company or the team running the platform.

MyHashToken.io only states that this platform is a group of firms that are associated with the tech and crypto industry. The website also claims that the group is operating from Switzerland, where the company has access to modern technology for crypto trading and mining.

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The company is only claiming to have a team of highly professional, qualified, and experienced individuals. Yet, the company does not provide any reliable information about the team of the company. The marketing material reveals the name of some individuals, but there is no data available about them.

One member of MyHash – Phillip Han – is a serial scammer in the crypto industry. He has been a part of many other Ponzi schemes like F2 Trading Corp. These companies were involved in scamming a lot of people. There is a very high chance that Han is running MyHash as well.

The analysis of MyHashToken.io shows that Vietnam is contributing the highest amount of traffic to the website. However, the marketing material of the company is in Portuguese. It is quite evident that the company is lying about operating from Switzerland.

Registration Fee of MyHash

The initial affiliate membership of MyHash is free. However, if you want to participate in the income structure of the company, you will have to invest an amount between $100 to $50,000. This shows that the company wants you to invest a significant amount of money before you can generate any kind of profit from it.

Moreover, you should remember the fact the company is likely to provide any compensation in MyHash tokens. Such tokens do not have any actual value in the crypto industry. MyHashToken.io is only using these tokens as the primary cryptocurrency.

All of these factors are sufficient to point to the fact that MyHash is a Ponzi scheme. It cannot provide any actual amount of significant profits. Therefore, you should avoid investing in it. Instead, you should consider investing in the crypto mining companies that provide genuine mining opportunities to earn a large number of profits. 

Income Structure of MyHash

The income structure of MyHashToken.io is equally disappointing. It is clear that the company has not made any actual efforts to improve the business model from the previous failed schemes. Instead, the MyHash is operating on a similar income structure to other crypto Ponzi schemes.

The website asks users to invest in the company and get up to 30% returns per month. Once the users get 300% profits, they will have to reinvest in the company. However, there is no proof that the company will actually provide these profits.

Affiliate Ranks

Affiliate Ranks play an integral role in the income structure of MyHash. According to the website, there are 11 ranks in the company. These ranks are:

  1. Gold Rank for which you will have to make at least $2000 in team investment. 
  2. Pearl Rank, for which you will have to make at least $5000 in team investment. 
  3. Sapphire Rank, for which you will have to make at least $10,000 in team investment. 
  4. Ruby Rank, for which you will have to make at least $50,000 in team investment. 
  5. Emerald Rank, for which you will have to make at least $100,000 in team investment. 
  6. Executive Diamond Rank for which you will have to make at least $250,000 in team investment. 
  7. Executive Double Diamond Rank for which you will have to make at least $500,000 in team investment. 
  8. Supervisor Diamond Rank, for which you will have to make at least $1,000,000 in team investment. 
  9. Supervisor Double Diamond Rank for which you will have to make at least $2,000,000 in team investment. 
  10. Crown Diamond Rank, for which you will have to make at least $5,000,000 in team investment. 
  11. Royal Diamond Rank, for which you will have to make at least $10,000,000 in team investment. 

Features of MyHash

MyHashToken.io is claiming to have a number of reliable features through which you can generate a significant amount of profits. The website states that the users can trust the company because it has strong foundations in the crypto industry. However, it is a new company that does not seem to have any strong associations in the crypto sector. 

Another important promise of MyHash is that it is a fully safe and transparent platform. However, if you carefully look at the business model of the company, it becomes quite clear that the company does not have transparent working procedures. In fact, the income structure of MyHashToken.io is extremely ambiguous. 

MyHash

Conclusion

The business model of MyHash shows that the company does not have any source of generating external revenue. It simply means that MyHashToken.io is completely relying on the investment from affiliate members. This kind of business model is not sustainable because the company can collapse anytime due to a lack of funds. 

Moreover, the company is initially claiming to be a platform that provides profits via crypto trading and mining. However, the income structure of the company states that the users will be given daily profits. 

Even if you get such profits, they will be in the form of MyHash tokens, which do not have any value in the crypto market. Therefore, it is clear that you cannot expect to make any significant amount of profits from this platform. 

Another important thing to consider is the fact that the person behind MyHash, Phillip Han, is a serial scammer in the crypto industry. Therefore, the collapse of MyHashToken.io is inevitable, just like the previous ventures of Han. 

All of these factors point to the fact that MyHash is a crypto Ponzi scheme. The company is only trying to get money from the users before its imminent collapse. Hence, you should not waste your money on it. Instead, invest in the crypto mining companies that provide legal and efficient ways of mining crypto coins to earn a significant amount of profits. 

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