The Independent Digital Assets Alliance, often known as IDAA, emerges as a complex body in the world of MLM (Multi-Level Marketing) opportunities. This evaluation focuses on IDAA’s two essential components: IDAA Games and GrowthPool.
IDAA Games presents an MLM opportunity based on Alpha GamesCoin tokens. However, one significant weakness is the lack of ownership or leadership information on its website. The domain registration for “idaa.games” dates back to April 16th, 2020, with a private registration updated on April 15th, 2023.
Similarly, GrowthPool, another MLM income opportunity under the IDAA umbrella, does not provide clarity about ownership or executive data on their website. The domain “growthpool.org” was registered in December 2021, and the private registration was last updated on November 9th, 2023.
Anton “Toni” Federspiel, a notable Austrian promoter and high-earning participant in the defunct OneCoin Ponzi scheme, is one recognizable character affiliated with IDAA Games. Federspiel’s marketing presentation in October 2023 attributes the job of creator and President of GamesCoin Group to Alex Suarez, whose MLM history is unverifiable.
While IDAA Games claims ties to the UAE via Independent Digital Assets Alliance LLC, which is reportedly registered as a shell business in Sharjah, the actual operation appears to be situated in Germany. The company operates under the name “Youre Family GmbH,” which is a registered entity in Germany. This innovative use of a seemingly inconspicuous name raises concerns about potential attempts to defraud banks and escape regulatory discovery.
Despite its ties to the UAE, IDAA Games operates mostly from Germany, as demonstrated by the company’s invoicing and registration information. Notably, MLM organizations affiliated with or claiming ties to the UAE should be approached with caution, considering Dubai’s reputation as an infamous MLM criminal capital.
According to SimilarWeb data for November 2023, IDAA Games receives the majority of its traffic from Austria, Germany, Italy, and Switzerland, indicating that the company’s marketing efforts are centered on the German-speaking region. GrowthPool, on the other hand, has a public-facing webpage that just contains an affiliate sign-in form and no other content.
The lack of regulation or the presence of poor regulation is a huge red flag. It means IDAA Games 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 IDAA Games, 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?
IDAA Games, as an MLM company, falls short of providing actual things or services that affiliates can sell. Instead, they focus primarily on selling the IDAA Games affiliate membership.
IDAA Games’ compensation scheme has two components: IDAA Games and GrowthPool.
Affiliates participate in the AGC investment program, investing various sums to receive Alpha GamesCoin (AGC) tokens. The investment tiers and their respective AGC allocations are arranged as follows:
AGC investments are made with the hope that the token’s value would rise, reportedly because to the creation of unreleased blockchain games. Commissions on AGC investments are paid via a binary compensation mechanism, however specifics are not revealed.
GrowthPool seeks investments in tether (USDT). Affiliates spend USDT in “lots” with guaranteed returns over time. Referral commissions are provided via a one-level compensation scheme, with percentages distributed across five levels based on the USDT invested by affiliates.
IDAA Games affiliate membership is free, however active participation in the earning opportunity requires either a €199 EUR investment in IDAA Games or an unknown USDT investment into GrowthPool.
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 IDAA Games 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 IDAA Games 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 IDAA Games, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like IDAA Games enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “IDAA Games reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising IDAA Games.
You should always look out for consumer complaints. In the case of IDAA Games, 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 IDAA Games? You can share your complaint in the comment section or submit an anonymous tip.
IDAA Games positions itself as a crypto MLM venture based on blockchain gaming, specifically GamesCoin. However, suspicion arises since blockchain gaming has not acquired substantial popularity outside of some scams. The supposed game aspect looks to be a pretext for a pump-and-dump scheme conducted by individuals such as Alex Suarez and Toni Federspiel.
IDAA Games and GrowthPool are Ponzi schemes, with most investors expected to lose money. Given that the games do not exist, IDAA Games’ professed gaming focus appears to be useless. Investors should exercise cautious given the dubious nature of many MLM crypto companies.
IDAA Games 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 IDAA Games 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 IDAA Games?
All the evidence suggests that IDAA Games 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 IDAA Games a scam?
Can I withdraw money from IDAA Games?
Where is IDAA Games Located?
How do I get my money back from IDAA Games?
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.