In today's newsletter, we will be examining the MYVEE Token, which has recently been brought to our attention as a potential Ponzi-MLM scheme operating in rural India.
The MYVEE Token, also known as MYV, claims to provide a comprehensive crypto ecosystem, including an exchange, NFT, and token creator, all on a single platform. However, upon further investigation, the execution of this mission statement raises several red flags.
Before delving into our findings, it is important to note that we will be presenting the information objectively and it is up to the reader to form their own conclusion.
1. The MyVee “Business Model”
MyVee works on the following business model, you
Go to their website https://www.myvee.io/ and sign up for an account.
Once you have entered the details, you can now log in.
Once you are in you can start your earning journey from MYV where they make you work for your own money. You start by doing a minimum investment of $100
Myvee will now give you dividend returns of a whopping 0.5% per day till you get 300% or 300$ (if you invested 100$) back, sounds good right earning 300% without doing anything?
Now here is the kicker, if you get 0.5% of 100$ every day that is 0.5$ every day and at this rate to get your own 100$ back it will take you 200 days (or 6.8 months) and to get 300$ back it will take you 600 days (or approximately 20 months). And whether you will get that or not will depend on the company's survival.
But there is a faster way to get this money back, if you can get 2 direct referrals within 7 days, then you already got an additional 200$ for the company and now you can get your own money back at 1% per day.
But there are other referral benefits too, what about them?
Here is how their pyramid looks:
Level 1 is your direct referral, level 2 is the people that they refer, and so on.
The percentage mentioned on each level if % the amount of the daily return of that user that you will get as a bonus.
For example, if I referred Mr.X and he invested 100$ in MYV, now he gets 0.5$ per day so I will get 20% of 0.5$ which is 0.1$ and so on.
There is also Fast Track Bonus by Myvee.
The business model and referral program employed by MYVEE Token bear striking similarities to Ponzi schemes and high-yield investment programs (HYIPs), which promise high returns with little to no risk and rely on the recruitment of new investors to bring in funds. It is important to exercise caution and thoroughly research any investment opportunities before committing funds. But let us not jump to conclusions yet.
2. The MyVee “Whitepaper”
A whitepaper is a document that provides an in-depth technical and business overview of a cryptocurrency or blockchain-related project. It typically includes details about the project's goals, how it works, the team behind it, and the token economics.
But if you read MyVee Whitepaper you will find nothing but placeholder text disguised as a revolutionary technology.
I see a few red flags in this whitepaper:
The whitepaper is poorly written and lacks detail on the technical aspects of the project, including how the MYVEE token will be used and the specific features of the platform.
The whitepaper heavily focuses on Binance and its ecosystem, which looks like a ploy to gain legitimacy by implied association.
The whitepaper claims that MYVEE is "a BEP-20 blockchain-based token known for its security and reliability," but BEP-20 is a token standard, not a specific token, and it is not clear how MYVEE is different from other BEP-20 tokens.
The whitepaper includes historical information about blockchain and Bitcoin that is not relevant to the MYVEE project and does not add value to the understanding of the project.
The whitepaper does not provide any information about the team behind the project or their qualifications and experience in the blockchain and crypto space.
The whitepaper makes a lot of claims about the capabilities of MYVEE and its token, but there is little detail on how the platform actually functions.
The whitepaper is filled with every imaginable keyword with little to no explanation on how the project will work. If you read any feature explanation twice you will understand how lazy the writing is, for example, feature 5.10 ends with “which is a great feature”.
Feature 5.1, 5.4, 5.6, 5.7 applies to 95% of the Crypto tokens out there and anyone can create a token that has these features.
Myvee Token creator and launchpad is a useless features, nobody needs a random token creator, and you cannot make money without providing liquidity for your created token.
2. The MyVee “On-chain Analysis”
On-chain analysis refers to directly going to the blockchain and seeing the transactions happening for any particular token. It is a public ledger and anyone can go and look this information up.
You can look at all the data using this link.
Red Flags in on-chain analysis:
No listing on coinmarketcap/coingecko:
I know this doesn’t count as OCA but CMC/CG listings are one of the bare minima for the legitimacy of any project and any project serious enough to think at the scale that MYV claims to be at should have an entry here.
MYV cannot be traded/Sold:
Yes, unless you are using their own myvee.exchange (will cover later) or United exchange (also coming later), you can NOT sell this token. There is no liquidity pool, it is not on pancake swap or anywhere else just on 2 centralized exchanges out of which one they own themself and other you can judge yourself . So what is the problem here? Price manipulation, if I own the exchange I can decide the price also if I want I can just disappear with you holding the MYV bag with nowhere to sell. This is the BIGGEST RED FLAG.
A possible Rugpull!
97% of the 210 million MYV tokens are held by just 2 addresses, 50% by the creator (wallet 1) and 46.9% in another wallet (wallet 2). I went into the history of these wallets and the wallet 2 has been part of many rugpulls in the past.
In the next edition of our newsletter, we will delve further into on-chain analysis, uncovering additional insights and information. We encourage you to share this newsletter with your network to increase awareness and understanding of the topic.
Part 2 is Out Now - Read here