In a “State of the Union” video published a few days ago, Tom McMurrain has revealed CoinMD is facing a “financial hurdle”.
CoinMD has grown quickly – in fact too quickly and we have run out of operating capital. This is a good and bad problem.
Pending injection of new investment, McMurrain has threatened to “close the doors” by the end of the month.
According to McMurrain (right), CoinMD is going through a “short-term cash crunch”.
[00:49] The solution is a lot of people who have a vested interest pitching in (and) offering to help a little bit to fix it.
In attempt to raise funds, McMurrain launched a crowdfunding campaign on Crowdfunder.
[1:12] The Crowdfunder campaign is live and I’m committed to achieving the $100,000 goal.
If we do not reach this goal we may have no choice but to close down CoinMD by the end of the month.
We need a minimum of say a thousand members, who are willing to invest $100 or more to keep the CoinMD vision and mission alive.
Those that do invest have been promised equity, CoinMD tokens and commissions “to sell to a future member, so you can recoup your investment”.
In other words McMurrain is looking for new CoinMD bagholders, or existing bagholders to take on more bags.
Then, in true Ponzi fashion, the only way to recover losses is to offload said bags onto new bagholders.
As per a response received from Crowdfunder support, as of a few hours ago Crowdfunder has removed McMurrain’s CoinMD campaign.
The CoinMD campaign was removed from our platform.
Regards,
Support
CoinMD
launched in mid 2017. The company’s business model is essentially “blockchain
something something
I wrote an ebook on Amazon once
something something
healthcare”.
At the core of the business are CoinMD and CoinRewards tokens, which McMurrain generates on demand at little to no cost.
Through the CoinMD compensation plan, CoinMD and CoinRewards tokens are dumped on investors.
Neither token is publicly tradeable and thus they hold no value outside of CoinMD itself.
The MLM side of the business is your typical MLM cryptocurrency hype model with pyramid recruitment.
Since inception neither CoinMD or McMurrain have registered with the SEC, meaning the company operates illegally in the US.
Leaning into his former
OneCoin
downline, McMurrain managed to carve out a gullible group of investors from Nigeria.
At the time of publication Alexa estimates that roughly 73% of traffic to the CoinMD website originates out of Nigeria.
Neither McMurrain or CoinMD are registered with the Nigerian SEC either.
Meanwhile whether anyone in Nigeria has healthcare through CoinMD is unknown.
The company does not provide any audited disclosures to the SEC or its investors.
This includes how much has been invested in CoinMD since 2017, what invested funds have been spent on and how much is left.
Outside of CoinMD, McMurrain also operates what he calls the “Titan Trading Club”.
Hello CoinMD Family,
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🤖 Quick Answer
What financial crisis is CoinMD currently facing?CoinMD is experiencing a severe cash shortage despite rapid growth. Founder Tom McMurrain announced the company has depleted operating capital and threatened closure by month's end unless new investment is secured.
How much funding is Tom McMurrain seeking to save CoinMD?
McMurrain launched a Crowdfunder campaign targeting $100,000. He stated commitment to achieving this goal, indicating the funds are essential to prevent the company's closure and operational collapse.
What consequences could result if CoinMD fails to meet its funding goal?
If the $100,000 crowdfunding target is not achieved, McMurrain indicated CoinMD may have no alternative but to close operations. The company's survival depends entirely on reaching this financial threshold.
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