Million Money is a moneymaking scheme found online at Million.Money that claims to be a blockchain-based smart contract platform with a multi-level network marketing plan.
The site promises to be the fastest, easiest, and most risk-free way to earn 1500 ETH (over $310,000) every 100 days. It uses an Ethereum smart contract to distribute payments to members much like the Forsage and XOXO Network opportunities.
Is Million Money a scam? How can you make $310,000 every 100 days with Million.Money? How does the moneymaking scheme work? Find out today as we explain everything you need to know about Million Money.
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What is Million Money?
Million Money is a website found at Million.Money. The website is originally in Russian, and the development team appears to be Russian. However, you can translate the website into over a dozen languages.
Million Money appears to be a pyramid scheme: you pay a fee to join the scheme, and then you refer other people to the scheme. The only way to make a positive return on your original joining fee is to convince enough people to join after you. You receive a portion of the fees from any members you recruit, while the rest of your fees get passed to higher levels of the pyramid.
If you convince enough people to join Million Money through your referral link, you can reportedly earn 1500 ETH ($312,000 USD) every 100 days. Within one year of using the Million Money system, you could earn over $1 million.
Million Money describes itself as “the fastest, easiest and risk-free way to earn 1500 ETH every 100 days”, claiming that it’s “impossible to lose money” with the system.
Obviously, we’re skeptical that Million Money works. At best, this is an illegal pyramid scheme that funnels money to top members. At worst, it’s a complete scam. Let’s take a closer look at how Million Money works.
How Does Million Money Work?
Million Money uses smart contracts on the Ethereum blockchain. You send money to that smart contract, and the smart contract sends that money to other members of the scheme. A portion of your membership fee goes to the person who referred you to the system, while the remaining portion gets passed up the pyramid.
As you recruit more people to Million Money, you make more money and progress through 10 levels. Each level requires a different membership fee.
You pay 0.03 ETH ($6 USD) to get level 1 membership, for example, and can recruit two people. If you recruit two people, those people pay 0.06 ETH (total) to join, although you only get 0.04 ETH of that amount, giving you a total profit of 0.01 ETH ($2). The remaining membership fee gets passed up the pyramid to higher levels.
Membership fees increase further up the pyramid, jumping from 0.03 Eth at level 1 all the way up to 40 ETH ($8,400) at level 10.
If you progress through all 10 levels of the pyramid, then you will earn 1,665 total ETH and $346,470 USD in just 100 days.
Why 100 days? You must renew your membership every 100 days to stay active in the company. To remain a level 10 member, for example, you must pay $8,000 to the smart contract every 100 days.
You can view the Ethereum smart contract here: https://etherscan.io/address/0xbcf935d206ca32929e1b887a07ed240f0d8ccd22
There are two core components of Million Money, including:
The Smart Contract: Million Money is based on a smart contract (an application) running on the Ethereum blockchain. This smart contract, like all smart contracts, is just a piece of software on the Ethereum blockchain. Anyone can check this contract to verify the code, although we are unable to verify this code.
The Million.Money Website: You do not need to know anything about Ethereum or smart contracts to use Million Money. You interact with the project entirely through the Million.Money website.
You will need a computer or smartphone with an Ethereum wallet to use Million Money. You can install a browser extension or mobile app, then start using Million Money today.
Who’s Behind Million Money?
Million Money provides no information online about who’s running the project. We don’t know what their background is, where they are located, or other information you would like to know before sending money to someone over the internet.
The Million.Money website claims “there is no administrator”, and that there’s simply “a creator who uploaded the contract code” to Ethereum.
Is Million Money a Scam?
Million Money appears to be a pyramid scheme. You pay money to join the scheme, and the only way to make money is to convince other people to join.
A portion of your membership fee goes to the person who referred you to the scheme, while the rest of the fee gets passed up to higher levels of the pyramid.
All payments are handled by the smart contract automatically. The smart contract accepts your payment, then distributes it to the person who referred you, sending the rest of your money up the pyramid.
As far as we can tell, Million Money is a legitimate pyramid scheme: if you send money to the smart contract, then you can join the company. In most countries, pyramid schemes are labeled as scams.
It’s also important to note that there’s no information online about who’s running the Million Money or where your money goes. We know a portion of your money gets distributed to other members further up the pyramid, which suggests there are one or more people at the top running the scheme. There’s nothing to prevent these people from disappearing.
However, because money is distributed via smart contract, you have money in your Ethereum wallet that cannot be touched by Million Money. The creators of the scheme can shut down the system and take their earnings, but they should not be able to touch any funds you earned through the scheme.
The creators of Million Money have published the address of the smart contract online, which looks active as of May 22, 2020. The smart contract has dozens of pending transactions, most of which are 0.03 to 0.05 ETH memberships.
You can also view the source code of the smart contract here. The source code is surprisingly straightforward, featuring just 305 lines of code. You can see how the contract disperses membership fees between levels, although you cannot see specific Ethereum wallets – like the wallets of the creators of the smart contract.
How to Use Million Money
You’ll need an Ethereum wallet address to sign up for Million Money. You’ll also need to purchase ETH before joining the system:
Step 1) Install an Ethereum wallet and buy at least 0.03 ETH to pay your membership fee
Step 2) Visit Million.Money and sign up by entering your ETH address or system ID
Step 3) Complete the payment, sending at least 0.03 ETH to pay your level 1 membership fee
Step 4) Recruit at least 2 other people to join the scheme, and you will receive 0.04 ETH, giving you 0.01 ETH in profit (the remaining 0.02 ETH from the membership fee gets passed further up the pyramid).
Step 5) Pay a higher membership fee and recruit more people to access higher levels of the pyramid
Who’s Behind Million Money?
Million Money has a Telegram chat (in Russian and English) and social media profiles on Twitter, Instagram, and Facebook. However, the company has published no information online about the creators of the smart contract or the admins at the top levels of the pyramid.
Most of the Million Money website is in Russian, so we assume the creators of the scheme are based in Russia or a neighboring Russian-speaking country. Beyond that, however, we know nothing about who’s running Million Money.
Final Word
Million Money is a moneymaking scheme based on an Ethereum smart contract. You send money to an Ethereum address, then recruit people beneath you. You pay membership fees every 100 days. If you recruit enough people underneath you, then you can earn significant profit through Million Money. A portion of your membership fee gets sent to the person who referred you, while the rest of the fee gets sent to higher levels of the pyramid.
Overall, Million Money seems like a straightforward pyramid scheme. You pay a membership fee every 100 days to stay active, and your fee gets passed up multiple levels of a pyramid. The people at the top get rich, while those on the lowest rungs will inevitably lose money. There’s no product or service whatsoever: it’s just a smart contract with a moneymaking scheme coded into it.
To learn more about Million Money or to sign up for the moneymaking scheme today, visit online at Million.Money.