The S19antminers website lacks critical ownership and executive information. The domain (“s19antminers.com”) was registered in August 2023 and has a private registration that was most recently updated on January 8, 2024.
Despite its efforts to seem legitimate, S19antminers associates itself with a UK corporate address and references the firm registration of “Stash Networks Limited,” which was registered in November 2021 and appears unrelated to S19antminers.
The lack of regulation or the presence of poor regulation is a huge red flag. It means S19antminers 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 S19antminers, 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?
S19antminers, as an organizational entity, does not provide customers with any physical goods or services that can be purchased. Affiliates are granted sole authorization to advertise and endorse the S19antminers affiliate membership.
Affiliates who invest cryptocurrency under the S19antminers compensation plan have the potential to earn up to 20% per day. It is worth mentioning that certain sections of the S19antminers website feature advertisements promising a maximum return of 3%. Affiliates are predominantly compensated through the MLM component of S19antminers for bringing new investors into the program.
Ranks of Affiliates
S19antminers implements a tiered structure in its compensation scheme, which consists of five affiliate ranks. The positions and the corresponding criteria for qualification are delineated as follows:
- Become an affiliate of S19antminer by enrolling.
- Junior: Successfully assemble a team of ten affiliate investors.
- The chief objective is to assemble a team of twenty affiliate investors.
- Guru: Ensure that forty affiliate investors are recruited.
- SAGE: Successfully assemble a team of sixty affiliate investors.
In a unilevel structure, S19antminers allocates commissions on invested cryptocurrency across three tiers of recruitment.
Referral commission rates for S19antminers affiliates are as follows:
- Level 1 (personally recruited affiliates): 7%
- Level 2: 2%,
- Level 3: 1%.
It is worth noting that for S19antminers’ affiliates who reach Representative position, the referral commission rates are increased to:
- Level 1: 10%
- Level 2: 3%
- Level 3: 2%
However, specific qualification criteria for Representative status are not specifically stated.
Rank Achievement Bonus
S19antminers provides one-time tier Achievement Bonuses to affiliates that qualify at the Younker tier or higher.
- Younker: $100 bonus
- Chief: $200 bonus
- Guru: $300 bonus
- Sage: $400 bonus
Becoming an S19antminers affiliate is free. To fully engage in the linked revenue possibility, affiliates must invest an undisclosed amount of cryptocurrency.
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 S19antminers 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 KS19antminers 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 S19antminers, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like S19antminers enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “S19antminers reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising S19antminers.
You should always look out for consumer complaints. In the case of S19antminers, 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 S19antminers? You can share your complaint in the comment section or submit an anonymous tip.
The relationship between artificial intelligence (AI) and cryptocurrency mining is uncertain, especially in the case of S19antminers. Despite claiming to be a “AI-backed mining company,” S19antminers does not provide concrete evidence of its engagement in bitcoin mining.
Furthermore, a rigorous review of S19antminers’ business model reveals flaws, as it fails to adhere to logical concepts, notably those connected with Ponzi schemes. The assertion that S19antminers can create up to 20% daily profits through cryptocurrency mining raises an important question: why does the company need extra funding from investors?
S19antminers currently relies primarily on new investments for revenue. This reliance on incoming funds to fulfill affiliate withdrawals raises worries about the operation’s long-term viability, like a Ponzi scheme. In the typical trajectory of MLM Ponzi schemes, when affiliate recruitment declines, so does the influx of new investments, resulting in a negative impact on S19antminers’ return on investment (ROI) revenue.
The inherent structure of Ponzi schemes ensures that when they fail, the majority of participants will lose their investments. As a result, prudence and due research are required when considering involvement with businesses like S19antminers.
S19antminers 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 S19antminers 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 S19antminers?
All the evidence suggests that S19antminers 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 S19antminers a scam?
Can I withdraw money from S19antminers?
Where is S19antminers Located?
How do I get my money back from S19antminers?
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.