Beware of FomoEX: Review

FomoEX is a bitcoin MLM firm. On its website, FomoEX does not disclose a corporate address. 

FomoEX is led by Stephen Meade (President) and David Hung (CEO). 

Stephen Meade has worked in the multi-level marketing industry for many years. Last year, he reinvented himself as a crypto man. 

MonetaPro, a cryptocurrency retail platform, appears to have failed due to Meade’s crypto ventures. 

Meade has also hopped on the podcast bandwagon in the last two years. 

On September 23rd, 2021, the final episode of “The BullsEyeGuy” was released on YouTube. It currently has 11 views. 

David Hung is credited on the FomoEX website as the “owner of one of Singapore’s largest Filecoin farms, including mining operations in Singapore and the United States.” 

Hung is suspected of having links to China based on his presence in a FomoEX marketing film and Chinese-language spam articles touting his FileCoin ties. 

This track is equipped with FomoEX and operates according to a Shanghai time commission schedule. 

Stephen Meade’s Facebook page indicates that he is situated in California, USA. 

In Dubai, FomoEX just conducted a pre-launch event. Meade and Hung were both present. 

It’s unknown if the couple has taken the preventative action of relocating there yet. 

Dubai is the world’s MLM fraud capital. The absence of regulatory enforcement in the emirates attracts MLM fraudsters from all over the world. 

For the time being, FomoEX has decided to base its activities in Dubai. 

To seem compliant, FomoEX claims to be headquartered on the British Virgin Islands, as per their website Terms of Service: 

“THE LAW OF GOVERNMENT: These Terms & Conditions are controlled and construed in line with BVI legislation.”

The British Virgin Islands (BVI) is another haven with no active MLM fraud regulation. As a result, it is a popular jurisdiction for fraudsters to form shell corporations. 

Stay tuned for a thorough analysis of FomoEX’s MLM structure.

FomoEX’s Products

FomoEX does not provide any retailable items or services. 

Affiliates can only promote the FomoEX affiliate membership. 

FomoEX’s Compensation Plan

FomoEX solicits bitcoin investments with the prospect of promised profits:

  • Package 1 – Invest $100 and earn a monthly return of up to 10%;
  • Package 2 – Invest $300 and earn up to 11% every month;
  • Package 3 – Invest $500 and earn up to 12% every month; 
  • Package 4 – Invest $1,000 and earn up to 13% each month; 
  • Package 5 – Invest $5,000 and earn up to 14% each month;
  • Package-6 – Invest $10,000 and earn up to 15% every month;
  • Package-7 – Invest $25,000 and gain up to a 16 percent monthly return. 

Returns of up to 300 percent are paid, after which reinvestment is necessary to continue earning. 

FomoEX is looking for investors in USDT, ECN, and MOF.

Up to 70% of the needed investment amount can be done in USDT, with the remaining 30% made in ECN or MOF. 

The MLM component of FomoEX is based on the recruiting of affiliate investors. To receive MLM commissions, FomoEX affiliates must have an active investment. 

Monthly returns and MLM commissions are paid in F-USD via FomoEX. 

The F-USD coin is an internal shittoken. It has little value outside of FomoEX. 

In their FomoEX back office, affiliates convert F-USD to USDT (1:1) for withdrawal.

FomoEX Affiliate Ranks

FomoEX’s pay structure includes six affiliate ranks. 

They are as follows, along with their respective qualification criteria: 

  • Bronze – produce a downline investment volume of $50,000;
  • Silver – have $100,000 in downline investment volume and two Bronzes in your downline (one in two separate uni-level team legs); 
  • Gold – having $250,000 in downline investment volume and two Silvers in your downline (one in two separate uni-level team legs); 
  • Ruby – having two Golds in your downline and $500,000 in downline investment volume (one in two separate uni-level team legs); 
  • Diamond – having a downline investment volume of $1,000,000 and two Rubys in your downline (one in two separate uni-level team legs); 
  • Have three Diamonds in your downline to be a Black Diamond (one in three separate uni-level team legs). 

FomoEX Hiring Commissions

FomoEX affiliates get a 5% fee on monies invested by directly recruited affiliates. 

FomoEX Residual Commissions

FomoEX pays residual commissions via a one-level compensation system. 

A uni-level compensation system positions an affiliate at the head of a uni-level team, with every individually recruited affiliate positioned right under them.

If any level 1 affiliates bring in new members, they are put on level 2 of the original affiliate’s uni-level team. 

If any level 2 affiliates bring in new members, they are promoted to level 3 and down an unlimited number of groups. 

Residual commissions are earned as a proportion of monthly returns paid to affiliates: 

  • levels 1 and 2 – 5%;
  • level 3 – 4%;
  • Level 4 – 3 %;
  • levels 5 to 15 – 2 %. 

In order to profit at each level, a comparable number of affiliates with active investments must be recruited. 

For instance, to earn on level 1, one investing affiliate must be recruited. 

To earn up to level 5, five investing affiliates must be recruited, and so on. 

FOMO Linear Commissions

Everyone who joins FomoEX is placed in a company-wide remuneration system. 

The structure itself isn’t entirely clear; Whatever the precise system is, it still acts as a company-wide straight-line downline. 

FomoEX feeds this straight-line into a binary team. 

Fomo linear commissions are given at 10% of new investment matched on both sides of the binary team. 

Each affiliate must acquire at least three investing affiliates to be eligible for Fomo Linear commissions. 

FOMO linear commissions are limited to three times the maximum possible return and MLM commissions. 

There appears to be an arbitrary weekly cap established by FomoEX each week. 

FomoEX Leadership Pool

 FomoEX invests 8% of the company’s total investment volume in six Leadership Pools. 

Qualification for the Leadership Pool is contingent upon rank: 

  • The Bronze Pool: 1% of the total and is split evenly among affiliates with a Bronze ranking;
  • The Silver Pool: 1% of the total pool and is split evenly among Silver-ranked affiliates;
  • The Gold Pool: 1% of the total revenue and is split evenly among Gold-ranked affiliates; 
  • The Ruby Pool: 1% of the total revenue and is split evenly among Ruby ranking affiliates; 
  • The Diamond Pool: 2% of the total revenue and is split evenly among Diamond-ranked affiliates; 
  • The Black Diamond Pool comprises 2% of the total and is allocated evenly among affiliates with a Black Diamond ranking.

Joining FomoEX

A $100 to $25,000 initial investment is required to become a FomoEX affiliate. 

FomoEX is now accepting investments in USDT, ECN, and MOF.

Summing Up

BehindMLM discovered FomoEX as a relaunch of the defunct eOracle Ponzi scheme. 

In the days afterward, there’s been a lot of speculation about who is behind FomoEX. 

This is primarily due to FomoEX’s integration of ECN and MOF, the Ponzi tokens used by eOracle and HyperFund, respectively. 

When FomoEX hosted its closed-door pre-launch event in Dubai earlier this week, news immediately leaked that Sam Lee was present. 

Sam Lee is a member of HyperFund owner Ryan Xu’s crypto brothers gang. The vast majority of them migrated to Dubai early this year. 

Lee is officially acknowledged as HyperFund’s CEO. 

While they are glad to keep the nature of the financial relationship between FomoEX and HyperFund a secret, the firm quickly understood that if FomoEX was positioned as a substitute, recruiting would suffer. 

On October 23rd, an emergency alert was sent to the HyperFund affiliate back office. 

At eOracle, however, FomoEX is being marketed as “phase 2” of the Ponzi scam. 

Because eOracle’s Ponzi scheme has already failed, they have no resistance on this. Twice, to be exact. 

HyperFund is certainly on its way out, but it isn’t quite there yet.

As previously stated, the financials of FomoEX, eOracle, and HyperFund are shrouded in mystery. 

However, top earners in eOracle and HyperFund were preloaded into FomoEX.

Stephen Meade and David Hung appear to have emerged from the shadows. It’s unclear if they’re merely front guys or genuinely operate FomoEX. 

It seems strange that two crypto bros would meet up in Dubai at random to create a successor to two unsuccessful MLM Ponzi scams. 

This might potentially be part of a more giant exit fraud expecting eOracle and HyperFund leaders to avoid regulatory scrutiny. 

Certainly, regulators throughout the world have begun to take notice of HyperFund. 

Securities fraud alerts are accompanied by investigations, the findings of which have yet to be revealed. 

In the meanwhile, FomoEX offers nothing noteworthy. It’s your typical MLM cryptocurrency Ponzi scam. 

Invest in crypto, and you’ll receive back 300 percent of some nonsense token that took 2 minutes to create. 

The MLM part of FomoEX is a pyramid scheme that pays for new affiliate investor recruiting. 

This works like any other Ponzi scheme until withdrawals surpass new investments. 

Either eOracle, FomoEX, or HyperFund will triple collapse at that moment after merging their fraudulent schemes. Alternatively, a new migration will occur. 

The complexity of the Dubai MLM crypto Ponzi environment is still being worked out. 

Finally, I’d want to talk about the virtual shares Stephen Meade is using to promote FomoEX:

“[0:20] We’ve devised a clever strategy, and we’ll show you how to participate in the mining company’s initial public offering possibly. (We’ll) provide you the opportunity to gain free stock in the firm very early on. You’ll be able to earn them thanks to the compensation scheme that has been put in place.” 

FomoEX claims that mining is the source of their profits. This, I assume, is the link to David Hung’s alleged FileCoin fame. 

Registration with financial regulators and audited financial reports are both lacking. 

At the time of publishing, Alexa ranked the United States (29 percent), India (17 percent), and Russia (12 percent ) as the significant sources of traffic to FomoEX’s website. 

The US and India are the leading investors in HyperFund and eOracle.

FomoEX, Stephen Meade, and David Hung are not registered to sell securities in the United States or India. Or, for that matter, anyplace in the globe. 

As previously indicated, top eOracle and HyperFund earnings have already been preloaded into FomoEX. 

Members of the public can join up right now, but they won’t spend their money until October 28th. 

Updated on November 10th, 2021 – The fraudsters behind FomoEX, Espian Global, and eOracle have been identified, according to Indian officials.

Raghavendra, Nagaraju, and Shivamurthy are the detained suspects. They are all based in Bangalore, India.

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