FomoEX is a bitcoin MLM company. On its website, the firm does not disclose a corporate address.
FomoEX is led by Stephen Meade (President) and David Hung (CEO).
Stephen Meade (right) is a relative unknown in the multi-level marketing sector. He’s remade himself as a crypto dude in recent years.
Meade’s crypto bro endeavors appear to have resulted in the failure of MonetaPro, a cryptocurrency shopping platform.
Meade has also hopped on the podcast bandwagon in the last two years or so.
On September 23rd, 2021, the final episode of “The BullsEyeGuy” was released on YouTube. It has had 11 views.
David Hung is credited on the FomoEX website.
Owner of the largest Filecoin farms in Singapore, as well as a mining farm in Singapore and the United States. [sic]
Aside than that, there isn’t much information available about Hung. He looks to be another another crypto dude with little else going on.
Hung is thought to have links to China based on his presence in a FomoEX marketing film and Chinese-language spam articles touting his ties to FileCoin.
This corresponds to FomoEX’s Shanghai time commission schedule.
On Facebook, Stephen Meade claims to be from California in the United States.
In Dubai, FomoEX just conducted a pre-launch event. Meade and Hung were both present.
It’s unclear whether the couple has taken the preventative action of relocating there yet.
Dubai is the world’s MLM fraud capital. Due to a lack of regulatory regulation, the emirate attracts MLM fraudsters from all over the world.
For the time being, FomoEX has decided to base its activities in Dubai.
In terms of pseudo-compliance, FomoEX professes to be headquartered on the British Virgin Islands in their website Terms of Service:
RULE OF LAW
These Terms & Conditions are controlled and construed in line with BVI legislation.
The British Virgin Islands (BVI) is another hideaway with no active MLM fraud regulation. As a result, it is a popular jurisdiction for fraudsters to form shell corporations in.
Continue reading for a thorough examination of FomoEX’s MLM possibility.
Products by FomoEX
FomoEX does not provide any retailable items or services.
Affiliates can only promote the FomoEX affiliate membership.
The Compensation Plan of FomoEX
FomoEX solicits bitcoin investments with the prospect of promised profits.
Package 1: Invest $100 and earn up to 10% every month.
Package 2: Invest $300 and earn up to 11% each 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 earn up to 16% each month.
Returns are provided up to 300% before requiring reinvestment to continue earning.
FomoEX is looking for investors in USDT, ECN, and MOF:
USDT may be used to fund 100% of the needed investment.
Up to 70% of the needed investment can be made in USDT, with the remaining 30% 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 backoffice, affiliates convert F-USD to USDT (1:1) for withdrawal.
Ranks of FomoEX Affiliates
FomoEX’s pay scheme includes six affiliate ranks.
They are as follows, along with their respective qualification criteria:
Bronze – create 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 unilevel team legs)
Produce $250,000 in downline investment volume and have two Silvers in your downline (one in two separate unilevel team legs)
Ruby – have two Golds in your downline and $500,000 in downline investment volume (one in two separate unilevel team legs)
Diamond – having a downline investment volume of $1,000,000 and two Rubys in your downline (one in two separate unilevel team legs)
Have three Diamonds in your downline to be a Black Diamond (one in three separate unilevel team legs)
Commissions for Recruitment
Affiliates of FomoEX get a 5% fee on monies invested by directly recruited affiliates.
FomoEX uses a unilevel compensation system to pay residual commissions.
In a unilevel compensation system, an affiliate is put at the head of a unilevel team, with every individually recruited affiliate placed right under them (level 1):
If any level 1 affiliates acquire new affiliates, they are assigned to the original affiliate’s unilevel team at level 2.
If any level 2 affiliates recruit new affiliates, they are promoted to level 3, and so on for an unlimited number of levels.
Residual commissions are provided as a proportion of affiliate monthly returns.
levels 1 and 2 – 5% levels 3 – 4% values ranging from 4 to 15%
It is important to note that in order to profit at each level, a comparable number of affiliates with active investments must be recruited.
To earn on level 1, for example, one investing affiliate must be recruited.
To advance to level 5, five investing affiliates must be recruited, and so forth.
Linear Commissions for FOMO
Everyone who joins FomoEX is assigned to a company-wide remuneration system.
The structure isn’t entirely clear:
Regardless of the exact structure, it still acts as a company-wide straight-line downline.
This straight-line is fed into a binary team by FomoEX.
Fomo linear commissions are given out at a rate of 10% of new investment matched on both sides of the binary team. weekly from monies invested after you have already deposited in the line
Each affiliate must individually recruit at least three investing affiliates to qualify for Fomo Linear commissions.
FOMO linear commissions are limited to three times the maximum amount they may make in returns and MLM commissions.
There appears to be an arbitrary weekly cap established by FomoEX each week as well.
When a FomoEX affiliate reinvests, I think a new Fomo Linear commissions position is formed.
Pool of Leadership
FomoEX invests 8% of the company’s total investment volume in six Leadership Pools.
The qualifying for the Leadership Pool is linked to rank:
The Bronze Pool is made up of 1% and is allocated evenly to affiliates who are graded Bronze.
The Silver Pool is made up of 1% and is divided evenly to affiliates with Silver rankings.
The Gold Pool is made up of 1% of all affiliates that are Gold-ranked.
The Ruby Pool is made up of 1% and is divided evenly to affiliates with a Ruby ranking.
The Diamond Pool is made up of 2% and is shared evenly among Diamond-ranked affiliates.
The Black Diamond Pool is made up of 2% and is allocated equally to affiliates who are Black Diamond ranking.
Participating in FomoEX
FomoEX affiliate membership requires an initial payment of $100 to $25,000 USD.
FomoEX is looking for investors in USDT, ECN, and MOF.
BehindMLM discovered FomoEX as a relaunch of the defunct eOracle Ponzi scheme.
This happened a few days ago, and there has been some uncertainty over who is behind FomoEX since then.
This is mostly due to FomoEX’s integration of ECN and MOF, the Ponzi tokens used by eOracle and HyperFund, respectively.
To that end, news immediately leaked that Sam Lee was in attendance at FomoEX’s closed-door prelaunch event in Dubai earlier this week.
Sam Lee (right, an Australian citizen) is a member of HyperFund owner Ryan Xu’s gang of crypto bros. The vast majority of them migrated to Dubai early this year.
Lee is officially the CEO of HyperFund.
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 backoffice:
Things are a little different at eOracle, where FomoEX is being marketed as the “phase 2” Ponzi scam.
eOracle isn’t saying anything because their Ponzi scheme has already imploded. In fact, twice.
HyperFund is most certainly on its way out, but it isn’t quite there yet, hence the note.
As previously stated, the financials of FomoEX, eOracle, and HyperFund are shrouded in mystery.
However, it is apparent that top earners in eOracle and HyperFund were preloaded into FomoEX:
Stephen Meade and David Hung appear to have emerged from nowhere. It’s unclear whether they’re merely front guys or operating 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 larger exit fraud in the expectation that eOracle and HyperFund leaders will avoid regulatory scrutiny.
Certainly, regulators throughout the world have begun to take note of HyperFund.
Securities fraud warnings are accompanied by investigations, the findings of which are still unknown.
It remains to be seen how regulators will deal with the scourge of MLM Ponzi schemes and fraudsters operating in Dubai.
In the meanwhile, FomoEX offers nothing noteworthy. It’s your typical MLM cryptocurrency Ponzi scam.
Invest in crypto, and you’ll earn back 300% of some nonsense token that took 2 minutes to create up.
The FomoEX MLM side is a pyramid scheme that pays on the recruitment of new affiliate investors.
This, like any other Ponzi scam, works until withdrawals surpass fresh investment.
After combining their fraudulent schemes, either eOracle, FomoEX, or HyperFund will triple collapse at that moment. Otherwise, we’ll witness a fresh migration.
It remains to be seen how complicated the Dubai MLM crypto Ponzi environment becomes.
One final aspect I’d want to mention is the virtual shares Stephen Meade is using to sell FomoEX.
[0:20] We’ve devised an interesting strategy, and we’ll show you how to potentially participate in the mining company’s IPO.
(We’ll) provide you the opportunity to gain shares in the firm very early on at no cost.
You’ll be able to earn them through the compensation scheme that has been devised.
FomoEX claims to earn profits through mining. This, I assume, is a reference to David Hung’s alleged FileCoin fame.
What’s missing are financial regulator registration and audited financial reporting.
At the time of publishing, Alexa lists the top three sources of traffic to FomoEX’s website as the United States (29%), India (17%), and Russia (12%).
This makes sense given that the United States and India are the leading sources of investment in HyperFund and eOracle, respectively.
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.
Top eOracle and HyperFund earnings, as previously announced, have already been preloaded into FomoEX.
Members of the public can join up now, but they won’t be able to spend their money until October 28th.
Update, November 10th, 2021 – Authorities in India have identified three fraudsters they believe are behind FomoEX, Espian Global, and eOracle.
Raghavendra, Nagaraju, and Shivamurthy are the arrested suspects. All three of them live in Bangalore, India.
FomoEx’s YouTube channel has been deactivated as of June 7, 2022.
Two videos from their channel were linked in this review. I’ve blocked the previously available links in light of the erasure.
It’s also worth noting that FomoEx’s website traffic has plummeted:
With the arrests mentioned above, FomoEX’s website remains operational, but the associated Ponzi scheme is likely over.