Tycoon69 describes itself as an ICO network that provides world-class crypto services. Tycoon69.com mentions that a number of features of the network that are supposed to make it a most successful crypto community. However, there are a lot of red flags for this company.
Firstly, the website does not give any information about the owner of the company. In some of the marketing videos of the company, only a single man is present. After some research, I found out his name to be Stefan Hostettler. It is not clear if he is the owner of the company or just a marketing man. However, whenever a crypto company tries to hide its owner’s name, you should think a lot before investing your hard-earned money in it.
Keep reading this review to know whether Tycoon69 is legit or just another crypto scam.
What is Tycoon69?
Tycoon69 is an ICO crypto network that gives you an opportunity of making money online through its compensation plan. If you carefully examine the business model of this company, you will find it to be an MLM company. However, the website focuses on calling the company a modern ICO network. It also gives Switzerland as the corporate address of the company.
In 2019, the Swiss Financial Market Supervisory Authority (FINMA) described Tycoon69 as an MLM Ponzi scheme and started investigating it. Recently, on 2nd July 2020, the Financial Market Authority in Switzerland shut down the company operations. Moreover, FMA will be initiating bankruptcy proceedings against Tycoon69. It proves the fraudulent nature of the company. Thus, the company is not operating in Switzerland.
Quite surprisingly, Tycoon69.com is still operating and asking people to invest in their Ponzi schemes. Hence, it is crucial to learn about the other aspects of the company and warn people about this scam.
Products of Tycoon69
In terms of products and services, the company does not sell either of them. Affiliate memberships seem to be the primary focus of the company. Members have to invest in a type of crypto tokens that this company describes as “MCV Points.” In order to buy, sell, or trade MCV points, you must be pay affiliate membership. A minimum investment of 50 EUR required to become an affiliate of Tycoon69.com. You can invest a maximum amount of 100,000 EUR to earn more profits.
Moreover, the membership also gives access to an eBook library and a personal coaching subscription. Many MLM companies use this tactic to avoid legal issues. However, any MLM company must have a retail product or service in order to become legal and in compliance with the rules and regulations.
As discussed, Tycoon69 is a crypto MLM company that is facing a lot of legal issues. It is already shut down in Switzerland, which shows that it is a scam. Everyone should beware of investing in Tycoon69. Instead, use the reliable crypto trading bots to make investments yourself. In this way, you will not face any scams, and there will be minimum chances of losing any money.
Once you have made an investment in the company, there are different levels of investment that you can access. Here’s is the breakdown of the investment levels in MCV Points:
- Invest €50 in the Basic level to get 104 MCV points.
- Invest €250 at the Bronze level to get 336 MCV points.
- Invest €500 in the Silver level to get 632 MCV points.
- Invest €1000 in the Gold level to get 1207 MCV points.
- Invest €2948 in the Platinum level to get 2948 MCV points.
- Invest €5000 in the Diamond level to get 5907 MCV points.
- Invest €10,000 in the Professional level to get 12,073 MCV points.
- Invest €25,000 in the Founder level to get 30,132 MCV points.
- Invest €50,000 in the Investor I level to get 64,191 MCV points.
- Invest €100,000 in the Investor II level to get 128,382 MCV points.
The purpose of making this investment for various affiliate levels is to earn daily ROIs. However, there is no proof that Tycoon69.com actually pay any commission to the members.
To earn referral commissions, you will have to keep referring people and build a team for the MLM section of the compensation plan. The amount of commission varies on different affiliate ranks. These ranks are:
- Coin Trainee – the most basic level of sign-up
- Coin Team Builder – when you maintain at least €1000 of investment.
- Coin Manager – when you maintain at least €2500 of investment.
- Coin Coordinator – on generating and maintaining €5000 of investment
- Coin Expert – on generating and maintaining €10,000 of investment.
- Coin Supervisor – on generating and maintaining €25,500 of investment.
- Coin Officer – on generating and maintaining €50,000 of investment.
- Coin Director – on generating and maintaining €100,000 of investment
- Coin Executive – on generating and maintaining €250,000 of investment
- Coin Master – on generating and maintaining €500,000 of investment
- Coin Vice President – on generating and maintaining €1,000,000 of investment.
- Coin President – on generating and maintaining €2,500,000 of investment and recruiting at least eight Coin Directors.
- Coin Chairman – on generating and maintaining €5,000,000 of investment and recruiting at least sixteen Coin Executives.
- Coin Baron – on generating and maintaining €10,000,000 of investment and recruiting at least thirty-two Coin Masters.
- Coin Tycoon – on generating and maintaining €25,000,000 of investment and recruiting at least sixty-four Coin Vice Presidents.
The company also claims that once you generate €10,000 in your investment volume as well as €10 million by the end of the year, you will get a bonus check of 1 million dollars. Remember that all of these ranks, compensation plans, commissions, and bonuses are only designed to attract you towards the company and make you invest in it.
Conclusion about Tycoon69
Tycoon69.com is a scam. There is a lot of competition in the crypto industry due to which you can millions of such companies. However, a huge number of these self-proclaimed ICO crypto networks are scams and only want your money before they are caught by the legal authorities or collapse due to lack of funds.
The company has designed a thorough and enticing compensation plan to convince people about its legitimacy. However, MCV points do not hold any real value other than this company. It contradicts the company’s claim that they have a world-class crypto network. Moreover, it does not have any retail products, which make it an illegal MLM company.
Tycoon69 is only offering multiple levels of earning without any solid products or services. It is not in compliance with the legal regulations. Hence, it has been shut down in Switzerland due to fraudulent activities. The company raises so many flags. It is highly possible that its domain will also be closed in the near future.
It is quite evident that the company is an ICO crypto scam. It is running on a traditional business model of a Ponzi scheme. It is expected that its website will be closed down soon as well. Hence, it would be best if you use trustable crypto trading bots. Most of them are free and offer you guidance on making smart trades to increase your profits. Even if you are a newbie, you can learn a lot about crypto trading through these bots. Thus, you will not fall victim to the scam companies like Tycoon69.