Whizz Network has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to USDT Pool. We’ve received over 4 complaints against Whizz Network.
Whizz Network, a UK-based company, works in the MLM gambling industry. However, the UK’s FCA ban on MLM cryptocurrency schemes raises issues regarding their legality. CEO Mark Davis has questionable ties to previous schemes. Whizz Network’s MLM structure is based on tether investments and does not offer any real products. It is unregulated and hence high-risk. Be wary of unregulated organizations and consider requesting a chargeback if you’ve been defrauded. Scammers employ strategies such as generic identities, influencers, spam emails, minor winnings, and disabling withdrawals in their scams. Always investigate and report questionable activity.
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Key Takeaways
Is Whizz Network Regulated? Do They Have a License?
Whizz Network is a corporation that operates in the gambling multi-level marketing (MLM) sector and seems to have a registered office in the United Kingdom. It is worth mentioning that the Financial Conduct Authority (FCA) implemented a prohibition on multi-level marketing (MLM) cryptocurrency investment schemes on October 8th, 2023.
Whizz Network’s participation in “blockchain-based games,” NFTs, a “blockchain lottery,” and the “metaverse,” is important to recognize that the company’s activities may not adhere to regulatory restrictions. The FCA prohibition raises issues over the legality of Whizz Network’s activities, particularly MLM crypto investment schemes.
Whizz Network appointed Mark Davis as their Chief Executive Officer. Recent discoveries made by BehindMLM indicate that Davis had ties to AladdinBot, an AI trading bot program that functioned as a fraudulent investment scam, hence raising questions about his credibility.
Davis, an Australian national, presently resides in Bali, Indonesia, according to reports. Davis was initially discovered by BehindMLM in 2018 through his involvement in AI Trade Ponzi marketing videos, where he collaborated with RV Palafox. Subsequently, in 2020, the duo established PGI Global, a fraudulent multi-level marketing scam involving cryptocurrencies, falsely guaranteeing a 200% profit. Unfortunately, this enterprise crumbled in 2021, resulting in substantial monetary setbacks for those who had invested.
In October 2021, BehindMLM verified that PGI Global was under investigation by US authorities. Subsequently, information has been scarce regarding the case. RV Palafox, who is presumed to hold dual citizenship in the United States and the Philippines, has remained unseen since the downfall of PGI Global. Mark Davis, on the other hand, seems to have moved from Australia to Indonesia.
The involvement of RV Palafox with Whizz Network remains ambiguous. To obtain a thorough evaluation of Whizz Network’s multi-level marketing (MLM) possibility, kindly proceed with reading further.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Whizz Network 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 Whizz Network, 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?
Trading Conditions and Deposit/Withdrawal Methods at Whizz Network
Whizz Network currently does not have any concrete items or services that can be sold to customers. Within the system, affiliates are restricted to promoting and marketing only the Whizz Network affiliate membership, without any other items or services available for retail purposes.
Whizz Network inquiries regarding the long-term viability and credibility of the business model, as the lack of marketable products frequently signifies possible issues in multi-level marketing (MLM) frameworks.
Whizz Network affiliates engage in a tether investment system, transforming 1 USDT into 1 WZT Ponzi point. This investment guarantees passive returns ranging from 18% to 36% each month.
Whizz Network consists of a total of sixteen levels in its investment structure.
- Plan 100 – 100 WZT
- Plan 250 – 250 WZT
- Plan 500 – 500 WZT
- Plan 1000 – 1000 WZT
- Plan 2500 – 2500 WZT
- Proposal 5K refers to 5000 WZT in this plan
Whizz Network does not provide information regarding the internal conversion rate for WZT, although returns are spread over 12 months. Additionally, the MLM component of Whizz Network operates on the recruitment of affiliate investors.
Affiliate Ranks of Whizz Network
The payout plan of Whizz Network consists of twenty-two affiliate ranks, each of which has distinct qualification criteria. Here is a summary:
- Step 1: Register and make a minimum investment of 100 WZT.
- Invest a minimum of 250 WZT and produce a total downline investment volume of 1200 WZT.
- Invest a minimum of 500 WZT and produce a total downline investment volume of 2500 WZT.
- Requirement 4: To meet this requirement, it must maintain a minimum investment of 500 WZT and create a total downline investment volume of 4000 WZT.
- Invest a minimum of 1000 WZT and produce a total downline investment volume of 6000 WZT.
- Requirement 6: To meet this requirement, people must keep a minimum investment of 1000 WZT and create a total downline investment volume of 9000 WZT.
- Requirement 7: To meet this requirement, they must keep a minimum investment of 1000 WZT, create 2000 WZT from affiliates they recruited, and have a total investment volume of 12,000 WZT from your downline.
- To achieve W8 status, people need to deposit a minimum of 2500 WZT. Additionally, they must earn 2000 WZT through individually recruited affiliates’ investments and 15,000 WZT through the overall investment volume of your downline.
- Requirement 9: People must maintain a minimum investment of 2500 WZT, create 3000 WZT in investment volume from affiliates they recruited, and have a total downline investment volume of 24,000 WZT.
- Requirement for W10 level: People must have a minimum investment of 2500 WZT, earn 4000 WZT from affiliates they recruited, and have a total investment volume of 50,000 WZT from your downline (with a maximum of 30,000 WZT from your largest recruitment leg).
Up to W22, affiliates must meet the following criteria: invest a minimum of 100,000 WZT, generate 300,000 WZT in investment volume from personally recruited affiliates, and achieve a total downline investment volume of 11,850,000 WZT (with a maximum of 2,700,000 WZT from your largest recruitment leg).
Referral Commissions of Whizz Network
Whizz Network associates receive a 5% referral commission on the monies invested by affiliates they individually recruit.
The Fast Start Bonus is a reward provided to Whizz Network affiliates within the initial two weeks of their affiliation. The structure of this bonus is contingent upon recruitment.
- Upon reaching a personal affiliate investment volume of 5,000 WZT, people will be rewarded with a bonus of 250 WZT.
- By generating a personal affiliate investment volume of 10,000 WZT, people will receive a bonus of 500 WZT.
- Upon reaching a personal affiliate investment volume of 25,000 WZT, people will be rewarded with a bonus of 2,500 WZT.
- Upon reaching a personally recruited affiliate investment volume of 50,000 WZT, people will be eligible to receive a bonus of 5,000 WZT.
Matching Bonus of Whizz Network
Whizz Network employs a binary compensation framework to allocate residual commissions.
In the binary model, affiliates are placed at the top of a binary team, which is separated into two sides. The initial level comprises two positions, and the second level is created by subdividing these positions into two each, resulting in a total of 4 positions.
Successive tiers of the binary team adhere to a comparable structure, increasing the number of positions twofold about the preceding tier.
The binary team fills opportunities by recruiting both directly and indirectly sponsored affiliates. It is important to emphasize that there is no predetermined restriction on the extent to which a binary team can expand.
Whizz Network calculates the investment volume on both sides of the binary team at the end of each week to establish residual commissions.
Whizz Network offers a Matching Bonus to affiliates in the downline based on the residual commissions they generate.
The Matching Bonus is allocated among three recruitment tiers within a uni-level system, based on the affiliate’s rank:
- Affiliates holding positions from W9 to W13 qualify for a 5% match on the first level of their downline (affiliates they recruited).
- The Matching Bonus for affiliates ranked W14 to W17 consists of a 5% match on level 1 and an additional 3% match on level 2.
- Affiliates with a rank of W18 or higher are eligible for a 5% match on their first level, 3% on their second level, and an additional 2% on their third level.
Whizz Network asserts that the affiliate membership incurs no cost.
To fully participate in the earning potential provided, a minimum investment of 100 USDT in 100 WZT is required.
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.
Whizz Network Customer Service: Do They Handle Complaints Well?
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.
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Whizz Network Reviews: What Do Others Say?
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 Whizz Network 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 Whizz Network 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 Whizz Network, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Whizz Network enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Whizz Network reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Whizz Network.
You should always look out for consumer complaints. In the case of Whizz Network, 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 Whizz Network? You can share your complaint in the comment section or submit an anonymous tip.
Is Whizz Network Legit Or Scam?
Whizz Network asserts that it produces additional income by collaborating with online gaming and technologically innovative digital enterprises. The company presents itself as an expert in promoting and assisting organizations in the online casino, gambling, gaming, and advanced digital technology industries.
Nevertheless, there is a lack of substantiated proof to validate Whizz Network’s assertions regarding the generation of external revenue.
It is important to mention that we have already addressed the issue of Whizz Network’s alleged unlawful activities in the United Kingdom, as well as its participation in a fraudulent Ponzi scheme.
The corporation employs an internal currency known as WZT, which possesses no intrinsic value outside of the platform. Affiliates allocate their investments in tether, which are subsequently converted into WZT. The monthly returns are exclusively disbursed in WZT, which are generated at the discretion of Whizz Network.
Additionally, the ability to withdraw accrued WZT is dependent on the availability of tether for withdrawal. Once the amount of money being withdrawn exceeds the amount of fresh investments, the typical course of a Ponzi scheme’s collapse is initiated.
Whizz Network 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 Whizz Network 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 Whizz Network?
All the evidence suggests that Whizz Network 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.
Frequently Asked Questions
Is Whizz Network a scam?
Can I withdraw money from Whizz Network?
Where is Whizz Network Located?
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How The Whizz Network Online Scam Works
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