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Is Onyx Lifestyle A Scam? Another Crypto Scheme Charged With Fraud
Welcome to My Onyx Lifestyle Review!
In this post, we will talk about another crypto opportunity that’s making a buzz online. It claims to give a good return of investment but don’t we just hear the same thing from similar programs all the time?
Onyx Lifestyle Review Summary
Name: Onyx Lifestyle
Founders: Clif Braun, Cassie, And Travis Bott
Product Type: Multi-Level Marketing
Price: $99 Or $199 For A Year's Access + $38 For The Monthly Fee + $20 For The Admin Fee + 299 To $50.000 For The Investment + $70 For The Additional Investment
Quick Summary: Onyx Lifestyle is a multi-level marketing company that comes with a cryptocurrency investment scheme. It allows making money from their promised ROI.
But with a couple of red flags, including being not properly registered and that Onyx Lifestyle itself doesn’t come with retail products or services, makes it suspicious, almost like a Ponzi scheme.
Overall Rating: 1/10
Yes, it would be great to join an opportunity that has great promises but then again, promises can be deceiving. So better investigate first thoroughly because in the end, if it shuts down, you’ll lose it, your time, money, and effort.
And we wouldn’t want to join a program that turns out to be a scam or is not that beneficial.
So for this review, we will lay bare important details about Onyx Lifestyle, its products and compensation plan, pros and cons, and more to see if it is an opportunity worth trying for or the other way around.
What Is Onyx Lifestyle About?
Onyx Lifestyle is a cryptocurrency investment platform that comes with an offer of a promised ROI. It’s built on a multi-level marketing business model where affiliates earn commissions by building a team.
The Onyx Lifestyle domain -- “onyxlifestyle.com” -- was initially registered in 2016 but in late 2018, the domain was available for sale. Upon checking, the domain registration of Onyx Lifestyle was last updated on March 27, 2019, and probably, this is when the current owners acquired it.
Quick update in March of 2021. We have been notified that there is a Class Action Lawsuit Investigation in to Onyx Lifestyle and here is a website with more information: https://onyxclassaction.org/
With regards to who owns or runs the company on its website, Onyx Lifestyle doesn’t provide information on their website. However, on page 2 of Onyx Lifestyle’s marketing overview document, the company cited Clif Braun as a co-founder.
I’ve also seen the names of husband and wife team-up, Cassie and Travis Bott stated as the owners of Onyx Lifestyle.
But which is which?
No one can confirm because Onyx Lifestyle was not that transparent about it. Well, probably there still are other co-founders that are not mentioned.
On his LinkedIn profile, Braun confirms his status as an Onyx Lifestyle co-founder.
5 years ago Clif Braun was promoting Vemma as a Presidential Brand Partner but unfortunately, in 2015, the FTC shut that company down for being a 200 million dollar pyramid scheme.
In 2017 Braun, joined Wealth Generators as a Master Field Trainer. The other co-founder, Travis Bott, was also connected with Wealth Generators.
In June 2018 the CFTC fined Investview $150,000 for operating Wealth Generators illegally. Upon learning of the CFTC investigation, Investview renamed Wealth Generators to Kuvera Global.
Braun continued to promote Kuvera Global but at some point also resigned from the company. He recently stated, “I was hired by Onyx for my public speaking skills, I was never an officer of Onyx, after only 90 days of being in Onyx I resigned. I wasn’t in alignment with the direction the company was headed”.
Recently, he was promoting Liv, a “global lifestyle company” launched by ViSalus co-founders, Nick Sarnicola and Blake Mallen.
Meanwhile, Bott was as well known and was even considered pretty notorious with platforms like this. Apparently, Onyx Lifestyle is also facing a class-action lawsuit as we mentioned already above.
Onyx Lifestyle Product Line
Onyx Lifestyle is one of those crypto MLMs that don’t have retailable products or services. It’s the same as PayAsian, Up2Give, and Virtual Mining.
The only thing it offers is the affiliate membership itself.
Is Onyx Lifestyle A Scam?
All the red flags point to Onyx Lifestyle as a scam!
From not being totally transparent about its owners and with no retail sales, income is solely dependent on the investment of recruited affiliates.
It’s also not a Better Bureau Business (BBB) accredited opportunity.
Also, it’s not registered properly, and being a passive earning opportunity, it simply means that it’s operating illegally.
On top of all these, it is facing a class-action lawsuit and perhaps, that’s just one of the many reasons why its founders and its website is nowhere to be found.
To learn more about Onyx Lifestyle, you can watch the video below:
Is Onyx Lifestyle A Pyramid Scheme/Ponzi Scheme?
Basically making money in Onyx Lifestyle is based on recruiting an ever-increasing number of investors.
Since there's no product to sell and the only thing affiliates promote is the membership, it’s a pyramid scheme. This makes it illegal in most countries and states because of many reasons. For one, it’s not sustainable and two, only those in the higher tier of the pyramid gain most of the money while those in the lower tier end up losing it all.
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Onyx Lifestyle Compensation Plan
Primarily, making money with Onyx Lifestyle’s compensation plan is through:
- ROI Promised Commissions
- Recruitment Commissions
Onyx Lifestyle affiliates invest Bitcoin on the promise of a 120% ROI after twelve months. The investment is tracked through LQD8 Block positions.
How much an Onyx Lifestyle spends in affiliate fees determines how many LQD8 Block positions an affiliate can invest in. In short, the more an affiliate spends on fees, the higher their income potential.
Each LQD8 Block position costs $70 in Bitcoin, $20 of which is an admin fee,
- Feature ($299) – Able to invest in up to 100 active LQD8 Block positions, max annual ROI capped at $10,000 and 2% withdrawal fee
- Preferred ($799) – Able to invest in up to 250 active LQD8 Block positions, max annual ROI capped at $50,000 and 1.5% withdrawal fee
- Elite ($1499) – Able to invest in up to 500 active LQD8 Block positions, max annual ROI capped at $100,000 and 1% withdrawal fee
- Black ($10,000) – Able to invest in up to 2500 active LQD8 Block positions, max annual ROI capped at $2,000,000 and 0.5% withdrawal fee
- Reserve ($50,000) – Able to invest in up to 10,000 active LQD8 Block positions, no ROI cap or withdrawal fees.
Recruitment Commissions - Affiliates are paid 15% of membership fees paid by personally recruited affiliates.
Residual Commissions - Onyx Lifestyle pays residual commissions via a binary compensation structure. Positions in the binary team are filled via direct and indirect recruitment of affiliates, and there is no limit to how deep a binary team can grow.
At the end of each day, the Onyx Lifestyle tallies up a new membership fee and investment volume on both sides of the binary team.
Affiliate membership volume is calculated at 50% of unspecified sales volume membership fees generated.
The investment volume is calculated at $20 of every $70 invested in LQD8 Block positions. Onyx Lifestyle affiliates are paid 10% of matched volume.
Matching Bonus - The Matching Bonus is tracked through a unilevel compensation structure. Onyx Lifestyle pays on generations of Executive ranked members or higher. The company pays out a total of 7 generations.
Global Bonus Pool - Onyx Lifestyle takes 10% of company-wide volume and places it into 10 separate Global Bonus Pools. Affiliates qualify for shares in these pools based on rank. From the National Director rank, shares earned in the upper five pools are retained as affiliates progress in rank towards Global Ambassador. However, Onyx Lifestyle does not provide rank qualification criteria in their compensation plan.
How Much To Join Onyx Lifestyle?
Joining as an affiliate comes with a minimum cost of $99 or $199 for a year's access and it will also depend on what country you live in. On top of that, to fully maximize the compensation plan and the income opportunity will cost from $299 to $50,000 with a $38 monthly fee a month. Additional investment in the LQD8 Block position costs $70 in bitcoin with a $20 of the admin fee.
LQD8 Block positions:
- Feature ($299)
- Preferred ($799)
- Elite ($1499)
- Black ($10,000)
- Reserve ($50,000)
Although not clarified, probably all payments in and out of Onyx Lifestyle are made in Bitcoin.
Honestly, there’s nothing really to like about this opportunity. Knowing that it’s a Ponzi scheme, would you still continue with this opportunity?
It’s Not Registered
Onyx comes with promised returns from investment and since it’s a passive investment opportunity, it requires to be registered. However, Onyx is not registered. So, it's operating illegally and breaking security laws. This alone can be a major red flag to flee from such fraudulent opportunities!
Onyx is not transparent about their founders and what we’ve found were all from third-party research. If it’s a legitimate opportunity, they could have laid bare and enumerated clearly their founders unless they are doing something fraudulent which is indeed a possibility.
Founders’ Bad Record
Clif Braun was previously associated with Vemma as a Presidential Brand Partner but the FTC shut down Vemma for being a pyramid scheme. Travis Bott was also infamous for being involved in scams.
Operating As A Ponzi Scheme
Since there are no retail products, affiliates will have to buy the membership instead, which is the top characteristic of a Ponzi scheme. With this, we can definitely conclude that it is definitely operating illegally plus it isn't registered properly.
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They claim that when you become a member of Onyx, you will gain access to a digital platform built to save you time, money, increase your wealth, and provide you VIP treatment.
Onyx Lifestyle affiliates are given access to banking services and “luxury lifestyle services” as follows:
- Currency Management Platform: Global banking through your personal account. Connecting you to all the services you need.
- Onyx Premier Card: Not just a card, it’s a key to luxury.
- Crypto Conversion: They’ll help you bridge the fiat and crypto markets worldwide. Buy, Sell, and use Crypto. Connect your crypto wallet to your everyday activities.
- Luxury Benefits: You’ll receive exclusive access to VIP events.
- LQD8 Blocks: A micro-lending program that allows you to participate in providing liquidity loans to the crypto market.
- Wholesale Travel: Access to the best wholesale travel pricing in the world.
Onyx Lifestyle may come with a promised ROI and entice you that they’ll give you access to rich people’s stuff but don’t be deceived. We’ve reviewed tons of get-rich-quick schemes before and they all end up the same -- shut down and with several lawsuits against them.
Running an MLM structured business model with no retail products is a taboo. It also operates illegally as it’s not registered.
It’s good to hear that it promises ROI after 12 months but that’s absurd!
It’s definitely a pyramid scheme that is bound to collapse in the end.
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Thank you for reading our Onyx Lifestyle review and if you have comments or questions or you want to share your personal experience with the brand, please feel free to drop it down below.