Is FOMOEX Legit or Another Ponzi Scam?

In this FOMOEX review, we will be taking a closer look at this company that I recently came across that appears to be an MLM in the crypto niche.

It claims to provide its users with an innovative mining platform where you can mine and trade a new cryptocurrency, called Filecoin.

Interested to find out more about this platform, how it works, and whether it’s legit or not? I looked into it to determine whether it is legit and decided to share everything about it in the following sections.

Before I start…

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FOMOEX Review

Table of Contents

Introduction to FOMOEX

FOMOEX is an MLM company in the crypto market that provides its users with a Filecoin mining platform. It has a website that gives you the flexibility to mine this crypto so that you can earn passively.

I have covered other investment opportunities in crypto recently, including Luke Lango’s The Crypto Code, Ian Dyer’s Cryptoverse, and George Gilder’s The Cryptocosm.

The main guy behind FOMOex is Stephen Meade who is the chairman of the company. David Hung is the CEO.

FOMOex has an innovative mining system of the cryptocurrency Filecoin. Here’s how they describe Filecoin:

Filecoin is an open-source cloud-storage marketplace, protocol, and incentive layer. It is combined with IPFS, a peer-to-peer distributed network protocol, to make a more efficient and secure web.

FOMOex has both PoW and PoS systems to mine Filecoin. In this system, tokens are generated with hardware, and then inserted into a wallet as a stake. They claim that this system provides double the rewards.

Now, for your quick reference, proof of work (PoW) is a mechanism a cryptocurrency uses to regulate the creation of blocks. It requires the members of the network to solve arbitrary math puzzles to mine new tokens. It is energy-intensive.

Proof of Stake (PoS) is based on the concept of allowing the members of the network to validate or mine blocks based on how many coins they own (the number of coins is the stake). It is seen as the alternative to PoW because it requires less energy.

Mining production on FOMOEX is paid through FUSD tokens. Each FUSD token can be converted to USDT (Tether). Each FUSD is worth $1.

Who Is Behind FOMOEX?

FOMOEX is run by Stephen Meade and David Hung.

Stephen Meade

Stephen Meade is an American business executive, entrepreneur, and strategic adviser. He runs three public listed US companies. He is chairman of FOMOEX.

Stephen Meade has a bachelor’s degree in Business and Marketing.

He has experience in credit improvement and finance. He is also a global panel moderator and expert speaker focusing on finance and investment.

Stephen doesn’t have a long history in the MLM industry but over the past year, he turned his attention to crypto. He has been hosting a podcast called “TheBullsEyeGuy.” Facebook indicates that he is based in California.

David Hung

David Hung is the CEO of FOMOEX. He is said to own the largest Filecoin farms in Singapore. The website also states that he hold mining farm in Singapore and in USA and allegedly has ties to China.

David and Stephen did a prelaunch event in Dubai promoting FOMOex and according to some analysts, Dubai is the perfect hiding place for scammers. This has raised suspicion that the platform may not be trustworthy.

How Does FOMOEX Work?

FOMOex does not offer services or products worth writing about. Its business model relies heavily on the MLM structure where you mainly earn as an affiliate by promoting membership to the program.

There is a variety of FOMOEX compensation plans, including FOMOEX Comp Plan, Direct Bonus Plan, Residual Unilevel Mining Production, and FOMO Linear Plan.

When you create an account, you pick a package of which 50% will go into mining, 36% into the FOMO Linear Plan, and 4% to the rest of the Compensation Plan

Filecoin Mining

Your mining rewards are based on the size of the package you buy.

The maximum mining production is 3X the package’s value. When you reach this point, you have to buy another pack.

The mining rewards are as follows:

Package 1 : invest $100 and get up to 10% per month
Package 2 : invest $300 and get up to 11% per month
Package 3 : invest $500 and get up to 12% per month
Package 4 : invest $1000 and get up to 13% per month
Package 5 : invest $5000 and get up to 14% per month
Package 6 : invest $10,000 and get up to 15% per month
Package 7 : invest $25,000 and get up to 16% per month

All rewards are paid off on the first Friday of the month in FUSD tokens. You can convert your FUSD tokens to dollars by first converting to USDT. Each F-USD is worth one USDT.

The Comp Plan

The FOMOex Compensation Plan allows you to earn money for referring new members;

Direct Bonus

This bonus is paid based on the purchases of users that have directly registered with your referral link. It is equal to five percent of the purchase value and is an instant payment.

Residual Unilevel Mining Production

It is the residual portion of the referral plan where the payments are based on the mining production within the structure.

In the example above, if the affiliate has 5 directs in their 1st level, $100 generates 10% Monthly on 50% of the package value thus the residual is 5% on 10%. The $300 generates 11% Monthly on 50% of the package value thus 5% on 11%, and so on.

FOMO Linear Plan

There is one global linear tree based on a line, rather than a classic binary tree. Every new user who qualifies for the FOMO Linear Plan is placed alternately left then right, and then left and right again.

The payments are made weekly.

To qualify for these payments, you must have at least 1 package of $100 on your own personal account and 3 active direct referrals with $100 packages

There are two capping rules:

Three times the max mining production, which includes the total of all affiliate income plus weekly ROI.
Weekly capping payout when max mining production is reached. To continue earning, you have to buy a new package.

Every affiliate has a left and right team and every day, you get to see the FOMO reward points grow for the right and left counter. The commission week ends on Friday at midnight (Shanghai time).

FomoEX Leadership Pool

To qualify for the leadership pool, you need to have a total turnover volume using the 50% with the maximum turnover on the first leg being 50%. Affiliates who qualify receive a monthly percentage on the turnover of the entire company.

The lowest rank is Bronze where you can potentially earn $50,000 in your downline investment volume. Diamond ranked members can earn up to $1 million on their investment. The investment pools are allotted as follows:

Bronze Pool has 1% of the pool distributed equally to affiliates
Silver Pool has 1% distributed equally to affiliates (needs 2 Bronzes in 2 different legs)
Gold Pool has 1% distributed equally to affiliates (needs 2 Silvers in 2 different legs)
Ruby Pool has 1% distributed equally to its affiliates (need 2 Golds in 2 different legs)
Diamond Pool has 2% distributed equally to Diamond affiliates (needs 2 Rubys in 2 different legs)
Black Diamond Pool has 2% distributed equally to Black Diamond affiliates (needs 3 Diamonds in 3 different legs)

As you can see, the last two pools get a larger proportion of the 8% than the other four.

How much do you have to invest?

To join FOMOex, you can invest anywhere between 100 to 25,000 dollars.

Is FOMOEX Legit?

Although I think FOMOEX is legit, I think there are better platforms for investing in the world of cryptocurrencies.

While Stephen, the founder, is an well respected American Business Executive running multiple companies (including launching in 1999 what he regards the precursor of the massive success PayPal), there is little we know about the CEO, Mr. Hung.

I may be overreaching here but I was concerned that they don’t have a corporate address (the two addresses they have didn’t look genuine to me, unfortunately). There are also allegations of an involvement with Sam Lee, who’s been flagged as unscrupulous by some noteworthy analysts.

Sam Lee is involved in HyperTech:

There are alleged links between FOMOex and eOracle, the latter of which has not done very well and, in fact, collapsed more than once (some suggest that FOMOex is a new iteration of eOracle).

The connection between eOracle and FOMOex was exposed by some top earners:

Hyperfund was the other entity allegedly linked to this.

And the plot thickens because allegedly, in attendance at one of the FOMOex meetings among other crypto bros was hyperfund leadership who quickly distanced themselves:

It is strange that they would distance themselves like that if they had nothing to hide. None of it makes sense. But, I should make it clear that these are just allegations and nothing is proven. However, they are a bit worrying.

FOMOEX Verdict

FOMOex is a company that handles mining operations of a cryptocurrency called Filecoin. When you sign up for it, you will invest in one of the packages that will then allow you to earn passive mining rewards.

They also have a network marketing model where you earn money by referring people to the platform. Admittedly, the compensation plan is quite confusing at first glance and it comes across as fairly generic.

Filecoin (FIL) is a genuine cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer file storage network that lets people store, retrieve, and host digital information. You get paid in F-USD tokens that can be converted into USDT (a stablecoin that converts to one dollar per USDT).

Their business model has an emphasis on network marketing. I don’t think it is a bad model, just that it is not the most effective model because a majority of the participants don’t make good money.

You should always be cautious when making “crypto investments” of this kind because there are significant market risks.

Before you leave

If you’re tired of scams and want a real solution for making money online check out my no.1 recommendation.

It’s helped me earn over $300,000 in the last 12 months alone:

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(This is a 100% free training)

David Fortune

David Fortune has been the editor NoBSIMReviews.com since 2019. He is an expert at writing content on stock advisory services, side hustles, reviewing online business opportunities and many more topics. You can learn more about David on our about us page.

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