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Binary Torrent – Scam Review Part 2

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Binary Torrent’s website has no information regarding who owns or controls the firm.

The Binary Torrent website is a placeholder for a firm launch on or about August 27th.On January 4th, 2022, Binary Torrent’s website domain (“binarytorrent.com”) was privately registered.

Binary Torrent was discovered by BehindMLM last month through an agreement sent out by “Bo Jensen.”

Jensen’s email, which was issued from a BinaryTorrent domain email address, marketed Binary Torrent as an eEcomelize “rescue package.”

Jan-Eric Nyman started the eComelize pyramid scheme in 2020.

Nyman’s MLM career began with the Unaico SiteTalk pyramid scam. He is well known now as a former creator of the infamous OneCoin Ponzi scam.

Nyman went on to lead Lucky Dozens, an illegal lottery scam established in mid-2021, after eComelize failed.

Lucky Dozens went bankrupt in September 2021. Nyman registered the Binary Torrent website domain four months later.

Continue reading for a comprehensive assessment of Binary Torrent’s MLM offer.

Products from Binary Torrent
Affiliates of Binary Torrent invest in Lapland Mineral Gold Tokens (LMGT).

White Package – for €99 EUR, you will receive 16 LMGT.
Green Package: Invest €199 and receive 50 LMGT.
Blue Package: Invest €499 EUR and get 175 LMGT
The Red Package entails investing €1299 EUR and receiving 500 LMGT.
Purple Package: Invest €2549 EUR and get 1100 LMGT
The Black Package entails investing €5049 EUR and receiving 2300 LMGT.
Binary Torrent affiliates must reinvest every four months to continue earning commissions.

“One coin is tied to 0.1 gram gold,” according to Binary Torrent. According to Binary Torrent, “investors frequently see gold as one of the safest investments.”

“investments,” meaning that investing in LMGT will yield passive returns.

Binary Torrents’ MLM model is based on the recruitment of affiliate investors.

Restrictions on Withdrawal
Binary Torrent limits affiliate withdrawals by categorizing them into three groups:

Cash wallet – can be withdrawn for real money trading wallet – must be reinvested via Binary Torrent’s internal exchange tokens – withdrawal payments in LMGT tokens
The highest package tier at which Binary Torrent affiliates may withdraw without having to go through hoops determines how much or how little they can withdraw without having to leap through hoops:

Affiliates in the White Package receive 40% of withdrawals to the cash wallet, 30% to the trading wallet, and 30% in LMGT tokens.
Affiliates in the Green Package tier earn 50% of withdrawals to the cash wallet, 25% to the trading wallet, and 25% in LMGT tokens.
Blue Package tier affiliates receive 60% of cash wallet withdrawals, 20% of trading wallet withdrawals, and 20% of LMGT token withdrawals.
Affiliates in the Red Package tier earn 70% of withdrawals to the cash wallet, 15% to the trading wallet, and 15% in LMGT tokens.
Affiliates in the Purple Package tier receive 80% of withdrawals to the cash wallet, 10% to the trading wallet, and 10% in LMGT tokens.
Affiliates in the Black Package tier receive 90% of withdrawals to the cash wallet, 5% to the trading wallet, and 5% in LMGT tokens.
Affiliate Ranks for Binary Torrent
Binary Torrent’s payout structure includes eleven affiliate ranks.

They are as follows, along with their respective qualification criteria:

Sign up as a Binary Torrent affiliate, pay the yearly fee, invest €99 EUR or more, and reinvest every four months.
Manager – individually spend at least €110 EUR, attract and retain at least two Affiliates, and create 5000 GV in aggregated weaker binary team side volume over the last 12 months.
Director – individually spend at least €220 EUR, attract and retain three Affiliates or higher, and create 10,000 GV in aggregated weaker binary team side volume over the previous year.
Executive – directly spend at least €440 EUR, attract and retain four Affiliates or above, and create 20,000 GV in aggregated weaker binary team side volume in the previous year.
Ruby – individually spend at least €880 EUR, attract and retain six Affiliates or higher (at least one of them must be Executive or above), and create 40,000 GV in aggregated weaker binary team side volume over the last 12 months.
Emerald – keep an active €880 EUR investment, recruit and keep seven Affiliates or higher (one of whom must be Ruby or higher), and create 75,000 GV in aggregate weaker binary team side volume over the last 12 months.
Diamond – individually spend at least €1650 EUR, attract and retain eight Affiliates or higher (one of whom must be Emerald or above), and create 150,000 GV in aggregated weaker binary team side volume in the last 12 months.
Blue Diamond – maintain an active €1650 EUR investment, attract and retain nine Affiliates or above (one of whom must be Diamond or higher), and create 300,000 GV in aggregate weaker binary team side volume over the previous 12 months.
Black Diamond – directly spend at least €4950 EUR, keep nine personally recruited Affiliates or higher (one must be Blue Diamond or above), and create 750,000 GV in aggregate weaker binary team side volume in the last 12 months.
Crown Diamond – maintain an active €4950 EUR investment, nine individually recruited Affiliates or higher (one of which must be Black Diamond or higher), and create 1,500,000 GV in aggregate weaker binary team side volume over the last 12 months.
Presidential Diamond – maintain an active €4950 EUR investment, nine individually recruited Affiliates or higher (one of which must be Crown Diamond or above), and create 5,000,000 GV in aggregate weaker binary team side volume over the last 12 months.
GV is an abbreviation for “Group Volume.” GV was computed by Binary Torrent as 90% of invested monies.

This indicates that the investment packages offered by Binary Torrents do not correspond to the needed investment quantities. As a result, I’ve listed needed contribution amounts in euros rather than attaching them to any particular program tier.

Commissions for Recommendation
Affiliates of Binary Torrent gain 10% of monies invested in LMGT tokens by directly recruited affiliates.

Recurring Commissions
Binary Torrent affiliates are compensated with residual commissions using a binary compensation mechanism.

In a binary compensation system, an affiliate is placed at the top of a binary team, which is divided into two sides (left and right):

The binary team’s initial level has two slots. The binary team’s second level is created by dividing the initial two slots into two more positions each (4 positions).

As needed, subsequent levels of the binary team are constructed, with each successive level containing twice as many spots as the preceding level.

Positions on the binary team are filled through direct and indirect affiliate recruiting. It should be noted that there is no limit to how deep a binary team may develop.

Binary Torrent tallies new investment volume on both sides of the binary team at the conclusion of each week.

On the weaker binary team side, residual commissions are paid as a proportion of new investment volume, dependent on rank:

Affiliates get a 10% residual commission rate with no maximum.
Managers receive an 11% residual commission rate, with a weekly ceiling of €100 EUR.
Directors receive a 12% residual commission rate, with a weekly maximum of €250 EUR.
Executives receive a 13% residual commission rate, with a weekly ceiling of €500 EUR.
Rubys receive a 14% residual commission rate, with a weekly maximum of €1000 EUR.
Emeralds receive a 15% residual commission rate, with a weekly ceiling of €4000 EUR.
Diamonds receive a 16% residual commission rate, with a weekly ceiling of €10,000 EUR.
Blue Diamonds receive a 17% residual commission rate, with a weekly ceiling of €20,000 EUR.
Black Diamonds receive an 18% residual commission rate, with a weekly ceiling of €30,000 EUR.
Crown Diamonds receive a 19% residual commission rate, with a weekly maximum of €40,000 EUR.
Presidential Diamonds get a 20% residual commission rate, with a weekly ceiling of €50,000 EUR.
Once monies have been paid out, they are matched against the stronger binary team side and flushed.

Any remaining volume on the stronger binary team side transfers across.

Binary Torrent offers a Matching Bonus through a one-level compensation system.

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.

Binary Torrent sets a limit of nine unilevel team levels for the Matching Bonus.

The Matching Bonus is calculated as a proportion of the residual commissions received by unilevel team affiliates throughout these nine levels, based on rank:

On level 1, directors receive a 10% match (personally recruited affiliates)
Executives are eligible for a 10% match on levels 1 and 2.
Rubys receive a 10% match on levels 1–3.
Emeralds receive a 10% match on levels 1–3 and a 5% match on level 4.
Diamonds receive a 10% match on levels 1–3 and a 5% match on levels 4–5.
Blue Diamonds receive a 10% match on levels 1–3, a 5% match on levels 4–5, and a 2.5% match on level 6.
Black Diamonds receive a 10% match on levels 1–3, 5% on levels 4–5, and 2.5% on levels 6–7.
Crown Diamonds earn a 10% match on levels 1–3, a 5% match on levels 4–5, and a 2.5% match on levels 6–8.
Presidential Diamonds earn a 10% match on levels 1–3, a 5% match on levels 4–5, and a 2.5% match on levels 6–9.
Bonus for Rank Achievement
Binary Torrent offers the following one-time Rank Achievement Bonuses to affiliates who qualify at Executive or higher:

qualify at Executive and receive €100 EUR qualify at Ruby and receive €500 EUR qualify at Emerald and receive €1000 EUR qualify at Diamond and receive €5000 EUR qualify at Blue Diamond and receive €10,000 EUR qualify at Black Diamond and receive €15,000 EUR qualify at Crown Diamond and receive €20,000 EUR Lifestyle Bonus
Affiliates with a ranking of Diamond to Presidential Diamond are eligible for a monthly Lifestyle Bonus.

Diamonds are paid €500 EUR per month.
Blue Diamonds are paid €1000 EUR per month.
Black Diamonds are paid €1500 EUR per month.
Crown Diamonds are paid €2000 EUR per month.
Each month, Presidential Diamonds are paid €5000 EUR.
Black Diamond Trips Black Diamond ranked Binary Torrent affiliates are eligible for these trips.

Unique and exclusive luxury vacation with our co-founders, management, and mining operation partners, with all expenses paid.

As long as the Black Diamond rank is maintained, the Black Diamond Trip is awarded annually.

Signing up for Binary Torrent
Binary Torrent affiliate membership is paid for on an annual basis. The exact amount owed is not disclosed.

Furthermore, each Binary Torrent affiliate must invest €99 to €5049 every four months in order to earn commissions.

Conclusion of the Binary Torrent
Binary Torrent is essentially a tweaked OneCoin Ponzi scheme.

Education packages have been replaced with “publishing rights,” with LMGT tokens serving as the ONE token equivalent. There are also withdrawal restrictions in place to keep as much money in the system as possible.

According to Binary Torrent’s official marketing presentation, the company was “founded in the United States with offices in Sweden and Vietnam.”

By dissecting this claim, we can deconstruct the three main components of Binary Torrent’s Ponzi scheme.

Binary Torrent’s only ties to the United States are the Delaware shell companies Binary Torrent LLC and Made4Share Publishing LLC.

On March 21, 2022, Made4Share Publishing LLC was formed. I’m not sure when Jan-Eric Nyman purchased the domain “made4share.com,” but according to the Wayback Machine, it was parked as recently as December 2021.

The Binary Torrent Made4Share component allows investors to upload ebooks to the site.

Publish your online e-book with Made4Share and have millions of people read it. The revolutionary new way to be heard, seen, and appreciated.

Credits for this purpose are included in Binary Torrent’s LMGT token investment packages.

Jan-Eric Nyman, the founder of Binary Torrent, is from Sweden:

Simon Le is the link between Binary Torrent and Vietnam:

Le was a top earner in OneCoin, with a focus on marketing and recruitment in Vietnam. Le fled to Vietnam after OneCoin went bankrupt in 2017.

He has since attempted to launch a number of spinoff Ponzi schemes, none of which have succeeded. Le was last seen behindMLM in late 2021, as part of the WinWheel Ponzi scheme, which was also run by former OneCoin scammers.

WinWheel failed shortly after its debut. The scam’s website is currently inactive.

Lapland Minerals Inc., a shell company Nyman established in Panama in March 2022, is the second component of Binary Torrent.

Panama is a scam-friendly jurisdiction with no known MLM-related securities fraud regulation.

Nyman has incorporated Lapland Minerals in this jurisdiction solely for the purpose of generating LMGT tokens.

LMGT is a shit token worth BEP-20. On the Binance Smart Chain, BEP-20 tokens are created. Anyone with a few minutes and little to no money can set one up.

Nyman asserts ownership of Lapland Minerals.

All LMGT have accurate and verifiable 0.1 gram gold asset claims attached, with a total supply of 1.2 billion.

Nyman sells LMGT to investors “on the basis of the current gold price index.”

This is an intriguing feature of Binary Torrent because it means that anyone who invests will suffer an immediate loss.

For example, if you don’t want to lose money to serial Ponzi schemers, you can invest in Binary Torrent’s Black Package for €5049 EUR.

This buys you 2300 LMGT tokens for €2.19 EUR each.

Each LMGT token is worth 0.1 grams of gold, according to Binary Torrent.

Because a kg contains 1000 grams, we multiply 2.19 by 10,000 to get the LMGT 1 kg gold equivalent.

That works out to €21,900 EUR. A kilogram of gold is currently worth €56,463 EUR.

Binary Torrent’s bullshit gold tokens have lost 61% of their value in a single day.

And it gets worse when you consider LMGT’s public trading value:

The price of LMGT is currently around 0.40 EUR. Jan-Eric Nyman is selling tokens that he made out of thin air for €2.19 EUR each. They have a maximum public trading value of 0.40 EUR each.

Keep in mind that none of this is supposed to make sense. Nyman has just concocted a bogus Ponzi scheme involving a slew of shell companies in order to gain access to banking channels.

The Ponzi scheme is supposed to work as follows: new investors join, LMGT pumps, and existing investors can cash out.

And that is likely to continue as long as new investors sign up to lose money. Although, at 0.40 EUR per unit, LMGT must be increased to at least the price Nyman is selling them to Binary Torrent affiliates.

Binary Torrent’s MLM side, like OneCoin’s, is a pyramid scheme. Its sole purpose is to incentivize the recruitment of affiliate investors, without which Binary Torrent’s Ponzi scheme would be doomed.

The failed Ponzi launches between Nyman and Le have piled up since OneCoin. Binary Torrent is unlikely to be any different.

Regardless, even if it gains traction and Nyman and Le are able to cash out, the vast majority of Ponzi scheme participants lose money.

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