How are they making $1 Million in Crypto just by referrals? [scam?]

[crashedanon]

This is a referral system trading bot that promises handsome referrals to whoever joins their network and also refers their friends and family for trading Crypto Currencies. I have been hearing about the same for the past 6 months and all the aesthetics about the bot and their website suggest it is a "Fraud".

THE BOT/COMMUNITY IS KNOWN AS ROYALQ -> https://royalq.io/

The bot trades cryptocurrencies using Binance API but that is not what the main goal of the community here is!

Most of the money people make in the community is by referral in which you will have to subscribe to the bot with a fee.

They have a handsome subscription fee of nearly $100 to the trading bot. [$100 here in India is a salary/pension to a lot of the population]

The bot is perfectly useless to a non-technical person/trader.

After information was gathered, it came to my knowledge that a guy from Kerala, India has made $1 Million dollars which they support by payout screenshots and fool people [ most money comes from referrals as per sources ].

The "investment" company RoyalQ is said to be incorporated on 28 May 2021. At least 2019 would give me some good hope about the bot making this big sum to someone, LOL.

Find their website here: https://royalq.io/contact

Their incorporation certificate as an investment management company: https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=04738345-30640136 [ Doesn't look legit]

CURRENTLY, THEY ARE OPERATING AT A VERY FAST RATE IN INDIA.

Their bot does not even have a Github, come on, if I was doing the fraud, I would at least put a GitHub about the code of the BOT/OPERATIONS.

I SENSE IT IS A PERFECTLY DESIGNED PONZI SCHEME WORKING ON THE SUPPORT OF THE BOT & REFERRAL SYSTEM

I WOULD LOVE IT IF ANYONE FROM THE COMMUNITY CAN PROVIDE ASSISTANCE ON HOW TO PERFECTLY IDENTIFY THIS SCAM.

PLEASE NOTE: The sources of the following information are people who have been in the RoyalQ community in the past.

[JohnBitCo]

I WOULD LOVE IT IF ANYONE FROM THE COMMUNITY CAN PROVIDE ASSISTANCE ON HOW TO PERFECTLY IDENTIFY THIS SCAM.

The earning model based on the referral system only usually ends up in a scam. One way to check the site is to examine its domain name details.

https://who.is/whois/royalq.io

This domain will expire in few days and scammers usually do not renew the domains.

[Poker Player]

I SENSE IT IS A PERFECTLY DESIGNED PONZI SCHEME WORKING ON THE SUPPORT OF THE BOT & REFERRAL SYSTEM

It does look like a classic scam. The business is not done by selling something that brings added value but by getting a sufficient number of suckers to pay the fee, and on top of that starting with family and friends, of course. Mix it with a bot that is supposed to give you incredible returns from trading and you have a perfect bait to attract the gullible.

I have looked at the certificate and it doesn't look legitimate to me either. Anyway, I am gonna stay away from supposed businesses like this one but I am sure some naive people will fall for the trap.

[Obito]

Referral scheme is Ponzi scheme, the reason that they're making a lot of money is because they're promising those people that they've given a referral a reward and at the same time make them invite more because they believe that they can make more, they're the one's at the top so they make a lot of money.

[cryptoaddictchie]

Referral scheme is Ponzi scheme, the reason that they're making a lot of money is because they're promising those people that they've given a referral a reward and at the same time make them invite more because they believe that they can make more, they're the one's at the top so they make a lot of money.

Only those who dont read and understand falls for this. There are plenty of activities showm before that ponzi is obviously scamming people by referrals and investing at early stage. Of course those ponzi will let those early investors gain their profits. Thats the drill, let them make you look at it as paying and legit and if everyone got hooked already and many people believe its real for first few trials then they will invest. The scammers will get your attention first then get all the money later on.

[robelneo]

I notice they are using Trustpulse to gain the trust of their visitors I remember this application that you can install in  WordPress to make the site trustworthy by making it appear that there are people who are actually signing up, this kind of plugin is being used by marketers who are using WordPress and checking their script they do use WordPress, there are a lot of plugins on WordPress script that can easily deceive visitors, so don't trust what they show on their homepage the stat can be manipulated.

https://royalq.io/wp-login.php