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In this review, we analyze a supposed Crypto mining operation known as Wawex and we also conclude that it is a scam. On the sales page, Wawex claims that the site was founded in 2015, but this information is hard to verify because the owner has masked these details from the public. Wawex is supposed to rent out Crypto mining hardware by selling hash power based on the promise of a certain daily ROI.
The way it works is that you pick a tariff, pay for it and Wawex will automatically start mining Crypto currencies on your behalf. This is the kind of theory that Wawex is giving us but there are a lot of questions to ask regarding the operations of this site. The tariffs in question offer anywhere between 1-5% daily returns. This would mean up to 150% a month which is just too good to be true because no matter what type of equipment we are using for mining, we can never make these returns.
Therefore, this is a red flag and as we dig deeper into the operation, you will discover what makes this a total scam and a place that investors must shun at all cost. But before we do that, we also want to lead you to the right path by asking you to check out these legit Cryptocurrency cloud mining operations.
Wawex claims that it is an international company that is specialized in providing Blockchain based solutions. The cloud mining service was allegedly created in 2015 by experts but these ”experts” are anonymous. The site does not introduce us to any of those experts. It’s questionable that the site is talking about experts and not minding to prove that indeed they are working with experts in the field.
They also claim that Wawex has become the largest distributor of computing power for mining Crypto currencies. This is largely doubted because Wawex has never appeared in any list of legit Crypto currency cloud mining service to utilize in 2018.
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As we scroll down the site, we find a number of supposed benefits listed on the site. These include high daily returns, minimum withdrawal being $1 only, Instant payouts, 10% referral bonus and 25GH/s for signing up, bonus hash power every hour which ranges between 1 GH/s to 25 GH/s. This is supposed to be awarded every hour. There is also a sign up bonus of 500 GH/s. This contradicting because at the same time, the site says we are entitled to getting 25 GH/s when we first sign up. We hope they will soon elaborate what they mean by these two contradictory statements.
Also, when we look at the tariffs, no time periods for the contracts have been specified. We don’t know whether we are supposed to earn these ROIs for a specific duration of time or forever. However, it appears that the site is suggesting that these ROIs are supposed to be earned for a lifetime.
And by the way, real mining contracts are supposed to have a limited time duration as opposed to paying a small amount and expecting to earn for a lifetime. This is because mining of Crypto currencies is expensive. There is the cost of hardware mining and that of electrify.
But the greatest evidence that Wawex is not mining is the numbers which they are giving us in the mining contracts. You cannot expect to make 5% daily returns in any mining operation and even if we blended mining with other forms of economic activity, we would still not earn this ROI. The reason you cannot earn 5% daily ROI is because the ultimate profits that we will earn is influenced by the prices of Crypto currencies and the cost that we are incurring when we mine the coins.
So these promises are not sensible and it proves that Wawex is yet another scam. We have reviewed several of them before and we know that these signs always represent something fishy.
These numbers are false because they cannot be verified. The anonymous owner of Wawex does not provide a means to independently audit those figures and establish the truth. There is a list on the site which shows us supposed payments to their members. But these numbers are fake. You don’t have to wonder whether the owner of the site is telling the truth.
After carrying out investigations, we have deduced that Wawex is either a ponzi scheme or an outright scam. So, if it is a ponzi scheme, it will pay for a specific period of time before it can stop issuing out payments. However, even as it pays out these returns, it will be using money which is collected from deposits., and that is how ponzi schemes are supposed to work.
Because this business model is flawed, you can rest assured that things will not continue this way for a long time. A ponzi scheme is mathematically doomed to fail for the simple reason that when investors finally discover that this is a high risk investment, they will stop showing interest and one thing will lead to another. Eventually, the anonymous owners of Wawex will pull an exit scam with all the money that had been invested. By the way, even as they issue out payments, they will only be using a small fraction of funds collected from new investors to do so.
On the other hand, if Wawex is an outright scam, then it will just take your money and pay nothing in return. Both of these scenarios are bad for your financial future.
Wawex is a a scam that lies that it is mining Crypto currencies when in truth, it is intending to scam gullible investors of their hard earned money. It is a question of when it scams you and not if it scams you. The best thing you could do for your investment is to trade Crypto currencies or mine them with these reliable companies. Don’t trust scammers though.
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