The Cloud Token Wallet scam is yet another crypto scam. I am surprised how people fall for these scams, they are basically copies of each other and super simple to spot. If its too good to be true… then its not true.
Who is behind the Cloud Token Wallet scam?
According to their website Ronald Aai, Simon Tran and Metthew Suen are the team behind the Cloud Token. We dont know for sure that the last two are listed because they are involved or if their names are used without their permission. We know for sure that Ronald Aai is part of the company and the scam. I guess his Photoshop editing skills give us an idea about how his general computer skills are, from the photos he have edited to make himself look more important 🙂
The domain cloudtokenwallet.com was privately registered on January 27th, 2019. The website seem to be hosted in the US. The company dont have any contact details, but Ronald Aai claim to be from Singapore so I guess the business is based here – but many crypto scams dont setup companies, why should they, its not like it will become a long lasting business.
Clould Token Products
To become part of the Cloud Token Wallet Scam the first step is to install the wallet on your phone. You then have to invest a minimum of $500. There is no real product, but they make a promise of 10-16% monthly return on your money.
You can also earn commission. Now this creates an interesting problem. Lets assume you invest $500 and expect 10% monthly return. If 50% is paid as commissions your investment is only $250, which now need to return 20% per month. How lightly is that?
This is very theoretical thinking since no money is invested, commissions are paid some lucky people and the rest of the money the scamsters keep. This is how all Ponzis work.
From what we can see this scam is promoted by Simon Stepsys, Luigi Bruni, Justin Halladay. Update: Justin Halladay is now promoting Cash FX Group, he must have made enough money on the Cloud Token scam.
Update October 2019
On a webinar in October 2019 investors in the Cloud Token Wallet Scam was informed that they can no longer withdraw cash (crypto) commissions, they will instead withdraw ‘Ribbons’ which is a worthless unit of some kind. It can seem like the scam is falling apart. The last idiot have joined. At least we can hope so.