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Is Cloud Token A Scam? Ponzi Scheme Revealed!
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Because of what’s happening today, many things done online have an increase in demand. This includes online shopping, online banking, and even online opportunities.
Cloud Token Review Summary
Name: Cloud Token
Founders: Ronald Aai
Product Type: Pyramid Scheme
Price: $550 Fund To Keep Account Active
Quick Summary: Cloud Token is a popular pyramid scheme in Malaysia, China, and even the US. It had defrauded a lot of people, specifically Chinese investors with over $4 million. It led to the arrest of 72 people, however, its founder, Ronald Aai, was able to hide.
Overall Rating: 1/10
The coronavirus pandemic has forced people to stay at home and to survive, they need to look for ways on how they can make money over the Internet.
Unfortunately, this gives scammers a chance to take advantage of people and if you’re not careful enough, you might end up losing cash rather than earn it. Therefore, it’s always a good idea to learn more about the program -- no matter how promising it is and no matter how the people you personally know claim that they make money out of it.
In this post, we’ll learn about a program called Cloud Token, a popular cryptocurrency program that’s collapsed last year, leaving many “investors” unpaid.
What Is Cloud Token About?
CloudTaken made a buzz last year when the platform stopped repaying its investors and the only representative, Ronald Aai, has disappeared. While the brand’s obviously a scam, it’s still worth talking about it so more and more people will know how a pyramid scheme like this works.
But before we go into that, let’s talk about basics.
What is Cloud Token really about?
Cloud Token is a platform that promotes cryptocurrency and if this word is new to you, here’s a simple explanation: it’s like digital cash. You can use it to pay for a purchase and major establishments are accepting this, such as Microsoft.
That being said, the digital currency itself is legit but can only be used in virtual transactions. It’s good since most things are done online now but unfortunately, many “suspicious” programs are using this to their own advantage.
One of which is Cloud Token, a pyramid scheme that’s been busted almost a year ago.
Originally based in Singapore, Cloud Token was founded by Ronald Aai and Daniel Csokas, who were both closely tied to the founders of another cryptoscam, Plustoken.
Founded in 2018, the brand introduced itself as an online wallet that could integrate all digital assets. This enables the users to perform payments and trading using its blockchain technology.
Cloud Token, like the crypto scheme mentioned above, claims to give users at least 6% to 12% every month. That’s huge enough compared to banks, which often gives 0.6% to 0.16%. However, despite the big percentage it gives, there’s almost a zero percent chance for you to get your money back.
Other than the “promising” interest, the 4.0 blockchain technology-designed digital wallet also uses AI (Artificial Intelligence) power called Jarvis. This lets users earn more by analyzing and predicting future results.
But does it work?
Apparently, not and you can see a lot of negative reviews online. Here’s another issue: investors should agree to let the CTO balances be locked for six months. They can leave earlier though and get their money back, however, Cloud Token will only provide the original amount invested.
How To Make Money With Cloud Token
Cloud Token claims to provide 6% to 12% and you can do this by simply downloading their app. You don’t have to do anything and you can earn even if you don’t log into the mobile application. All you need to do is fund it with at least $500 of cryptocurrency.
It’s marketed as a passive income and the app is supposed to let you earn 24/7.
Another way to make money, other than putting money in your wallet, is to invite people.
Typical pyramid schemes wherein you need to share the opportunity and invite people so you can earn commissions. Apparently, you’ll earn a matching bonus of 100% from what your downline is earning.
The brand encourages you to recruit as much people as you can so you can earn more cash. The problem is that since there’s no product or service promoted, the business model is unstable. I mean, what if you cannot recruit anymore? That means you won’t receive commissions anymore, too.
Is Cloud Token A Scam?
Obviously, Cloud Token is a scam and perhaps, the arrest that happened in China last year is more than enough to convince you.
But for the benefit of the doubt, here are several red flags. It’s important to take note of this to avoid similar schemes in the future and also, there's news about another MLM crypto platform to be released.
Founders Relationship With The Pyramid Scheme Founders
As mentioned above, Ronald and David were reported to have close connections with Plustoken, another Ponzi scheme, and although these are different people, the way that the platform works is almost the same.
Also, there’s a saying that goes like this: “Tell me who your friends are, and I'll tell you who you are.” Considering this, there’s a huge chance that the founders of Cloud Token have also created another pyramid scheme and it wasn’t long until the public proved that.
Not Registered In Singapore And Malaysia
Legally speaking, Cloud Token is not authorized to offer securities in Singapore and Malaysia. They’ve also committed securities fraud in the US. Several warnings have also been released in the Republic of Mauritius and Africa. Apparently, a certain group of people was holding public events to promote their application.
Arrest In Taiyuan
At least 72 people were arrested in China last year (2019) after holding an event in a train station. These people have scammed over 300 victims and defrauded almost $4 million out of its investors.
Complaints From Several People
According to a victim of Cloud Token: “Payment was to be received in the form of the company’s utility token and the reward would be 6% to 10% of the invested coin amount.” However, instead of receiving the promised returns, the brand has stolen more than $500 million from its users.
Too Good To Be True
Earn 24/7 without doing anything? I want to ask, sarcastically, if anyone else believes that but apparently, there are still vulnerable people.
After all, this promise is exciting, a dream for many because imagine how much time you can have for other things and still have the chance to make money.
In reality, this is not the case. Hard work, consistency, and continuous improvement are the keys to becoming successful. If you want to make more money, you have to work and if you want to do this without doing anything, you can consider legit platforms that will allow you to invest in stocks, mutual funds, etc. You can also talk to your bank to learn more.
Otherwise, you can invest in real estate or consider affiliate marketing if you want to earn money while you sleep.
Of course, there are legitimate programs (such as our top-recommended platform) that are not only lucrative but also offer the best tools and support you need to start a business online.
Learn more about Cloud Token scam in the video below:
As mentioned, you need to have a fund of at least $500 in your mobile app or digital wallet. This keeps your account active and “qualified” to earn. You also need to deposit another $50 just in case the crypto prices drop in the market.
Apparently, the JARVIS (AI) software will stop working and you won’t earn anything if your fund is below $500. What a joke!
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Who Is It For?
I don’t recommend this or any similar platforms that claim things like “you can make money without doing anything, even without experience.”
It’s 2020 and many similar platforms have been shut down already so be careful. $500 is a huge amount, let alone $100 and whether you’re a beginner or a seasoned investor, it’s not easy to make or lose this amount.
There are other options to choose from and if you want to invest or venture into cryptocurrency, it’s best to talk to financial experts or find programs that are authorized to perform such transactions. Don’t get fooled with their promises because this is just one of the reasons why such scams exist: they know that there will be people who will fall for their program.
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I’ve reviewed more than a dozen cryptocurrency companies that pose as multi-level marketing companies. MLM alone is almost a bad idea because of the huge investments, overpriced products, and the need to recruit but at least, there’s a chance to earn cash and most networking brands are legit.
Crypto-related scams, on the other hand, are downright scams. There’s no way to make money and it’s a waste of time.
Therefore, if you encounter similar platforms like Cloud Token, don’t fall for their trap. Ignore and be sure to share this post so other people can learn from this, too. Together, we can bust suspicious platforms and founders!
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As always, thank you for reading my Cloud Token review and I do hope that this will help you avoid scams in the future. If you’re in doubt about any program you see online, you can always check our blog to learn more about it or you can comment it down below.