Welcome to Bulliscoming Bank of BNB Review. Recently, we came across a new Ponzi scheme in the cryptocurrency sphere with the name “Bank of BNB’. Because we are experts in cryptocurrency and online deals we know that the Bank of BNB is a scam, and that’s why we urge you to keep reading reviews before you do any business online, and we can be your best plug. (You can join our Whatsapp TV by sending ‘ADD ME’ to +2349061741954)
We have been in this space for quite a long time, and we have seen a scam format like that of Bank of BNB that occurred around August 2020 with the name “Bank of Tron” as seen in the screenshot below.
And if you confirm the site screenshot of Bank of Tron above, and that of Bank of BNB below, you will discover that Bank of BNB is a copy of the past scam of Bank of Tron, trying to repeat itself.
Unbiased Bank of BNB Review
Bank of Bank claims to be a cryptocurrency investment platform which specifically bases on the BNB Smart chain network built with smart contract code. They claim to offer a return on investment (ROI) in the range of 3.7-6.7% depending on the favourite investment plan chosen by their investors, they offer 5%-0.5% referral commission in different three (3) level which are:
- 1st level – 5% commission on direct referral
- 2nd level – 2% commission on indirect referral (referral of direct referral)
- 3rd level – 0.5% commission on third level referral
They also claim that the Bank of BNB runs automatically on the blockchain and its smart contract is uploaded to the BNB blockchain. And that no one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract.
They want further to say that the Bank of BNB smart contract generates 3.7-6.7% dividends per day based on your investment and distribute your dividends to your balance.
For example, if you invest in the 4.7% plan, then you will get over 100% of your first deposit in 21 days. The dividends generate every second and you can withdraw or reinvest your dividends each second. When you reinvest, the total investment would increase and you will get more dividends.
But Here’s what we have to say about Bank of BNB.
Apart from being a Ponzi scheme, there are other dangers that could be lurking that most investors may not be aware of. To illustrate, last year there was a similar website called Tron Bank which also promised to pay high dividends.
After Tron Bank operated for some months, it disappeared with all the funds of its investors. There have been accusations and counter-accusations on how this happened but a popular explanation posits that a backdoor was placed in the code of the contract which allowed all the funds to be moved.
What is BNB
Bnb is a decentralized digital asset created in 2017 by the CEO of binance (one of the largest exchanges globally) It has a 200million maximum supply, it is used to pay trading fees, exchange fees, and listing fees on binance exchange. It is also used fee on binance Smart chain (a network blockchain that allows any user to build their own decentralized exchange {Dex} and digital assets)
What Does a Smart Contract Mean
Smart contracts are self-executing business automation application that runs on blockchain It is merely code which allows for automatic payments when conditions are met between two users while the contract is indeed decentralized
Is Bank of BNB Scam or Legit?
With the information gotten and researches made on Bank of BNB Investing in Bank of Bank platform is not safe as we’ve labeled the platform as a scam and we advise you to runaway for the tangible reasons below:
Reasons Why Bank of BNB is a Scam
Here are few reasons why we say Bank of BNB is a scam, and why you should run away from them.
1. Outrageous ROI
Bank of Bank claim to pay 3.7-6.7% daily on the investment made by the investor and also three (3) levels referral commission whereas an investors get 5% on 1st level referral, 2% on 2nd level referral and 0.5% on 3rd level referral which mean an investor will get 5% on the investment made by their referral, 2% on an investment made by the referral of their referral and 0.5% on the investment made by the referral referrals of their referral
Meanwhile, there’s no valid means of generating revenue by the platform. The only mean of making money coming in is through new investors which is the main reason they incentivize investors with a three-level referral so that they will keep inviting others and luring them to the Ponzi scheme hence, there may be many positive reviews about them but the fact is that the credibility of that reviews is quite low as it’s just to make new investors come in so the reviewer can get the mouthwatering referral commission promised by the bank of bnb platform
They didn’t have any product or service which indicate it as Ponzi scheme
2. Anonymity of the CEO
During the course of our research on the bank of bnb, we got to discover that the CEO and team of the platform make their identity hidden. Their domain information of the website show us that it was registered on 3rd march
The information about the registrant name and location is anonymous as it is hidden for privacy.
There’s no tangible information about who set-up the scheme and also there’s no contact information like email address,phone number or even address and it seem quite clear that this investment platform is a Ponzi scheme
They are trying to prove their investment platform as safe because it is running as a blockchain smart contract, the fact is even though it’s a blockchain smart contract it’s still a set-up as they created a backdoor when deploying the contract code (just as in the case of Bank of Tron).
The above incident highlights the added risk of investing in such schemes as very few investors have the technical knowledge to review the code of a blockchain smart contract to verify if they contain any backdoors.
In conclusion, we advise you to not invest in the Bank of BNB as there is a high probability of you losing your money, please don’t let the history of Bank of Tron repeat itself.
Ponzi schemes have a perennial appeal; each time we see new iterations of the same old scheme: they promise high returns to investors and use money from previous investors to pay new investors.
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