BitClub Network Scam Letter Of Caution
The BitClub Network scam is blocked from access for U.S. investors, but promoters are still pushing it here. This is one example of how they get around the BitClub block in the U.S.:
If you think this is right for you there is one other hurdle you must cross if you live in the USA. As of today if you live in the USA you have to change your IP address to another country to be able to invest in Bitclub. This is very easy with your browser for FREE. The reason for this is to do with how the governments and regulation and the unknown how this will affect the company so by changing your IP address it reduces the risk on the company Bitcoin. If this affects your decision that is OK we have many other ways to create multiple streams of income.
The North Carolina Secretary of State it not putting up with this and they have issued a Letter of Caution to a promoter of the BitClub Network who resides in North Carolina. Here is what that promoter did next.
Since receiving their Letter of Caution, the promoter has deactivated their website. Wise move.
BitClub Network was founded in 2014. They do not list the founders of this company on their website. They provide a vague statement about who is running this company. This is done so it is difficult for you to look into the history of the people behind the company.
BitClub is not owned by any one person, we are a team of experts, entrepreneurs, professionals, network marketers, and programming geeks who have all come to together to launch a very simple business around a very complex industry. – Source bitclubnetwork.com
I was able to find the following co-founders of BitClub Network:
Co-Founder Russ Medlin
Co-Founder Joe Abel
Co-Founder Joby Weeks
These founders have a long history in promoting MLM schemes. In my opinion, these are not bitcoin experts. They are expert recruiters.
The North Carolina Secretary of State’s Securities Division has issued an alert to warn investors of an investment scheme being offered by BitClub Network. BitClub Network purports to be a “global distribution network to help people from all over the world accumulate digital assets and participate in blockchain technology.” It claims that “[b]y combining a crowd-funded mining pool with the power of an affiliate structure we have an opportunity for members to leverage their earning potential unlike anything else in this space.” BitClub Network is selling pooled cryptocurrency mining contracts.
The Securities Division determined that the BitClub Network mining contracts are securities. These securities are not registered, nor are they covered under federal law or exempt from registration. Further, BitClub Network is not registered to sell them in North Carolina.
Currently, BitClub Network prohibits the sale of its mining contracts to United States residents, and it uses geo-blocking software on its website to enforce this policy. However, the Securities Division has found that there are promoters of this scheme in North Carolina and they are providing instructions to enable investors to circumvent the geo-blocking technology. – Source sosnc.gov
BitClub Network Scam Conclusion
In my opinion, BitClub Network is another recruiting scam that uses low paying mining packages to get people to recruit for them. They provide a vague statement about who is running this company on their website. This is done so it is difficult for you to look into the history of the people behind this company. They provide no address for where the company is located at. The founders of this scam have a long history with other MLM schemes. None of the founders I was able to find are cryptocurrency experts. The BitClub Network is blocked from access for U.S. investors, but promoters are still pushing it here. Their compensation plan offers 8 levels or more for commissions. The excessive levels in their downline make it an exploitative money transfer scheme. I would avoid the BitClub Network crypto mining recruiting scam.