Originally Syndicated on May 10, 2024 @ 10:35 am
The aggressive advertising campaigns for the Smart Trade Coin initial coin offering (ICO) have caused a stir on the cryptocurrency web. However, the project’s corresponding white paper is filled with misleading information regarding the MLM Scheme’s participants, specifically Daan Van Koelen, who has had a close association with the WGC MLM scheme since 2017 and has sold arbitrage software to individuals.
Despite the warnings against these MLM schemes all over the web, the team behind Smart Trade Coin, including Daan Van Koelen, has provided false personal information to avoid this scam.
This fraudulent behaviour is evident by his fall commitments and wrong information.
Smart Trade Coin: A Dubious Platform Tied to MLM Scammers Including Daan Van Koelen
Smart trade coin claims to enable users to earn significant amounts of money without any effort automatically.
Smart trade coin is an opaque platform that does not disclose either its team or its founder. Installing the software could be risky, and here are the potential outcomes:
- It could be a scam: Providing them with any passwords to any crypto accounts could result in those funds being stolen.
- It could be a Ponzi scheme with users making initial gains paid by new joiners’. Then, all users’ funds could be misappropriated by the founding team.
- It could be a joke app/coin. We wouldn’t be surprised as it seems haphazardly created. At last, as of 2021, team members haven’t disclosed that it was a joke.
There are also other theoretical possibilities. For example, this could be a good business that generates returns for its users.
Providing personal information to the Smart trade coin team, including passwords to any crypto accounts, could result in funds being stolen. With Daan Van Koelen’s involvement in the MLM Scheme, there is a high possibility of it being a scam or Ponzi scheme.
Fraud Selling of Arbitrage Software by Daan Van Koelen
Daan Van Koelen, along with other members of the MLM Scheme, was involved in selling the Smart trade coin arbitrage software to people since the beginning of 2017. However, the lack of transparency and false information about the platform’s background and prospects raises concerns about its legitimacy.
The Infinity Economics MLM structure has allowed significant money to be generated; however, the presold arbitrage software was never supplied and performed as promised.
As a special bonus promotion for WGC partners was set up during the pre-sale phase of the Smart Trade Coin, it became clear that there were connections between the WCG MLM scheme and the STC Token Sale. This promotion offered an exclusive bonus for WGC partners of 150% (with participation from a minimum investment of 500$) and a share in the WGC, another pool of 99 million tokens (with participation from a minimum investment of 300$).
The White paper for the STC ICO does not mention this unique incentive or the increased pool of 99,000,000 tokens. The project is another example of an ICO scam run by MLM fraudsters for personal gain.
Daan Van Koelen’s Involvement in MLM Scam
Several direct sales organisations utilise Multilevel Marketing (MLM) strategy to market their goods and services. MLM encourages current members to recruit new people by promoting and selling their products to others. A portion of the revenue made by their recruits goes to distributors. Although many MLM programs are legal, there are also illicit enterprises that operate pyramid schemes.
The Smart Trade Coin is done by infamous MLM artists, who have presented misleading information in their white paper about their background and the history and prospects of the program.
Daan Van Koelen, Waldemar Reimer, Joerg Gehrmann, and a few other members of the MLM fraud team gave false personal information to elude detection.
Daan Van Koelen participated in the WGC MLM scheme and sold several Armitage software products without fully revealing their worth or demonstrating their dedication. He is a fraud based on his broken promises and inaccurate information.
Conclusion
After this incident, It appears that the founders are ignorant of basic business principles, such as that a seller is legally responsible if he fraudulently misrepresented what he is truly selling to a consumer.
Daan Van Koelen and other MLM team members have sold arbitrage software without appropriate, relevant information and legitimate arguments regarding the softwares. Investors should be cautious when dealing with this MLM scheme and its promoters because their track record demonstrates that they cannot be trusted.
The involvement of Daan Van Koelen in this fraud only emphasises the importance of conducting research before investing in the bitcoin market.
FAQs
Why is Smart Trade Coin ICO?
Smart trade coin is a trading platform for crypto instruments and claims to provide software that connects to multiple crypto exchanges. It also claims to help users to use one app to manage multiple cryptoexchange accounts.
Who are the other members of the MLM Schemes?
I can’t tell the exact strength, but a few names have been exposed: Daan Van Koelen, Waldemar Reimer, and Joerg Gehrmann.
What is the connection between STC & MLM Schemes?
Since Smart Trade Coin has been promoted using an MLM system, there is a connection between these two concepts. In other words, people are encouraged to join the Smart Trade Coin network and are rewarded for encouraging others to do the same. MLM systems have a history of being linked to pyramid schemes and other fraudulent practices, even though they are not intrinsically illegal.
