Today we will review a new company called Onyx Lifestyle. This is an investment company that is based on the onyxlifestyle.com address. Since no information is provided about who owns the site, we decided to investigate more in order to discover if this is a safe investment or not.
The domain of the company was created back in 2016, but it was available for sale up until the end of 2018, at least, meaning that this is a fairly new company and that the current owner took possession of it this year, most specifically on March 27.
According to our research, the only name associated with the company is Clifton Braun. He promoted a company called Vemma five years ago, and it was shut down by the Financial Trade Commission (FTC) because it was a $200 million USD pyramid scheme. Some time ago, he joined Wealth Generators… which was fined by the CFTC for operating illegally.
This already gives a pretty bleak impression of the legitimacy of the company. The only name connected to it has a very shady past and this multi-level marketing company is trying to hide its owners, which is absolutely never a good sign.
How Does Onyx Lifestyle Work?
As you may have expected, Onyx Lifestyle does not have any kind of retail products. The only way that affiliates can make money, then, is by marketing membership. They are said to have access to “luxury lifestyle services” once they are members, but this is basically all the information we got.
What the company indeed promises is a return of 120% after twelve months. The investment is tracked using LQD8 Block positions and the affiliates can invest and receive some amount of money depending on the amount of money they invested. There are five different plans. The first one, Feature, costs $299 USD and it lets the person invest in up to 100 active LQD8 block positions with a maximum return of $10,000 USD. There is also a withdrawal fee of 2%.
Other plans are Preferred ($799 USD), Elite ($1499 USD), Black ($10,000 USD) and Reserve ($50,000 USD). With the reserve plan, you can invest in 10,000 blocks and has no caps for return on investment and no withdrawal fees.
It is also informed in the site that each LQD8 Block costs $70 USD and that you can pay your investment using Bitcoin.
The company pays 15% of the membership fees for affiliates and there are residual commissions, too, which means that you can make money from people recruited by the people you recruited first. At each level, the bonuses go down, but you will still keep earning money from some people down the line.
In order to join the program, you have to pay the annual membership, which costs from $99 to $199 USD and you can invest in block positions. Bitcoin is generally used for most transactions.
The Onyx Lifestyle Verdict
Onyx Lifestyle seems like a pretty poor excuse for a Ponzi scheme. The company is not registered with financial regulators and does not have any real represents, which are already two huge red flags which are very easy to spot.
Since no one in the company is regulated in order to offer securities, the company is also obviously committing securities fraud, which may or may not make a target of the U. S. government and regulators.
The company talks about getting money by lending and about its lifestyle services, but the truth is that it does not have any kind of product that it can really show, so it is really just a poor Ponzi scheme.
A company that is tied to a shady entrepreneur, has “banking services” provided by a not very trustworthy crypto exchange and is clearly a Ponzi scheme. Everything will collapse soon, so you should really just maintain your distance from this company.
- Source: First Appeared Here
- Published Time: 2019-05-22 21:49:56
The views and opinions expressed in the article Crypto Investors Be Wary of Onyx Lifestyle and Its New LQD8 Block Crypto MLM Securities Scheme do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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