Exby, a corporation that lacks openness about ownership and leadership data, has received attention owing to anomalies on its website and social media platforms. The domain “exby.io” was registered in September 2022, and the private registration was last updated on September 15th, 2023.
This date coincides with the development of Exby’s social media profiles, indicating that the domain would most likely be acquired by its owners. Despite its brief existence, Exby’s website incorrectly states that it was founded in January 2022.
Further investigation exposes troubling activities on Exby’s official YouTube account, where marketing videos include fictitious executives. For example, “Darius Dimitropoulos” is represented by a robo-dubbed AI avatar, which is commonly associated with non-native English-speaking managers.
As of November 2023, Exby’s website received roughly 490,000 monthly views, with the bulk coming from Russia (15%), Belgium (10%), Indonesia (10%), and the United States (6%). This calls into doubt the validity and transparency of Exby’s operations.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Exby is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Exby, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Exby operates on a compensation model in which affiliates sign up and invest in bitcoin with the promise of passive earnings created by an “auto-trading” system. The plan provides various returns and withdrawal costs depending on the level of investment and membership type.
Regular Exby affiliates do not pay a membership fee and receive secret daily returns. They are subject to a 1% withdrawal fee. Affiliates who pay $200 per month (or $160 per year) benefit from better returns and a 0.5% withdrawal fee.
Exby uses a unilevel pay structure with a Return on Investment (ROI) matching algorithm. This structure places an affiliate at the head of a unilevel team, with personally recruited affiliates right below them (level 1). Subsequent levels arise when affiliates join more members, resulting in a theoretically limitless number of levels. The ROI match is limited to five unilevel team levels, with different percentages:
Joining Exby requires either a free or paid membership, which ranges from $160 to $200 monthly. Paid members see higher rewards and a cheaper withdrawal charge.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Exby tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Exby reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Exby, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Exby enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Exby reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Exby.
You should always look out for consumer complaints. In the case of Exby, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Exby? You can share your complaint in the comment section or submit an anonymous tip.
Exby claims to earn external revenue with an automated trading bot, claiming that its algorithm discovers arbitrage opportunities and executes trades on affiliates’ behalf. However, no proof is provided to back up the claim that external revenue is used to fund withdrawals.
Exby’s passive return offering is regulated as securities and must be registered with financial regulators. Notably, since Russia has been identified as a key source of investors, registration with the Central Bank of Russia is essential. However, Exby does not give proof of registration with any financial body, implying potential securities fraud and illegal activity.
New investments are currently Exby’s only confirmed source of revenue. If the company relies on these new investments to pay affiliate withdrawals, it qualifies as a Ponzi scheme. Exby, like other MLM Ponzi schemes, is prone to collapse when recruiting slows, resulting in a depletion of fresh investments and, consequently, a lack of rewards. This intrinsic volatility raises fundamental questions about Exby’s long-term viability and credibility.
Exby is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Exby can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Exby?
All the evidence suggests that Exby is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is Exby a scam?
Can I withdraw money from Exby?
Where is Exby Located?
How do I get my money back from Exby?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.