CoinAppetite

S Block Review: Is it a Ponzi Scheme?

S BLOCK is an ecosystem that manages and appreciates your digital assets. Or at least, that’s what their website says. What the company means by that remains unclear.

Finding out what S BLOCK actually does take some research. When doing a little research on the website, we found out what it’s offering:

  • Digital Wallet
  • Offline Interstellar Payment Network, and finally,
  • Mechanisms that support unparalleled benefits

The company operates as a crypto MLM company. Its website also tells us that S BLOCK is based in Singapore.

While doing the research about the company we found out several red flags signaling for a Ponzi scheme. Here they are:

Suspicious CEO

According to the website, the S BLOCK’s CEO is Ivan Bolonikhin. On the website, there is no official biography, or any information about the CEO, except his LinkedIn profile. On the profile, he calls himself a digital securities expert. Further research shows us that before becoming a digital securities expert, Ivan Bolonikhin worked as a chef at a cake shop in Ukraine.

There is one more thing that is unclear. When checking out Bolonikhin’s LinkedIn profile you can see that he’s living in Singapore. However, on his Facebook profile, you can see Ukraine as a country of residence.

Free plan but with high investment

To attract more investors, S BLOCK is wisely offering a free plan. To get involved with it, you have to invest at least $300 in their SBO token. And keep in mind that this is the minimum amount. However, this is small compared with the ROI you get. Or that’s what the company is claiming.

According to them, ROI is between 6% to 15% per month, which makes 180% per year. Even in the volatile and wild world of cryptocurrencies, this is unrealistic.

Also, S BLOCK is offering compensation plans for direct referrals. In fact, they have several levels for that depending on the number of referrals.

Wallet that generate high returns

S BLOCK has products such as wallet, S-card, POS machine, and Interstellar ATM. One that attracted our attention is S BLOCK wallet. Apparently, the wallet uses AI technology for trading analysis, and this way, it generates great amounts of money for investors. Exactly what AI methods and technology it uses isn’t explained.

The company claims that none of the users’ funds are locked, and that they can withdraw them anytime. However, on the Internet, you can find reviews where users claim that their withdrawal requests were ignored or canceled out.

Conclusion about S BLOCK

Is S BLOCK one more crypto Ponzi scheme in the line? Answering that question isn’t easy. The company definitely shows some signs of a Ponzi scheme. Rewards are paid out in SBO tokens, which are, openly speaking, useless outside the S BLOCK.

Their website is full of generic statements, so it remains unclear what the purpose of the company is. Plus, on its website, you can’t find the confirmation that the company is registered with MAS (Monetary Authority of Singapore).

If you are considering investing with this company, think again. Do your own research and see if it fits you.

Tamara Jones