WaterMine, an MLM crypto Ponzi I hadn’t heard of, has collapsed.

WaterMine disabled withdrawals a fews days ago. This was followed up by an investor notice sent out on June 1st.

Watermine was hacked yesterday by an newly added email support member.

They have been hacking users account the last few days and last night.

The [sic] stole all instant withdrawals that was million of dollars by adding fake funds using the administration panel.

We were hesitant to add more support members however, we wanted users to have more support to assist with questions or concerns.

We are handling the situation. Currently, we are trying to determine how many accounts were hacked thats [sic] why payments are currently pending.

If we will enable instant payments again more account may lose money.

Regards

Your financial growth partner

Watermine Corporation Limited administration

WaterMine is your typical MLM crypto Ponzi.

Gullible affiliates invested USD or bitcoin on the promise of up to 2.6% a day, paid for three months.

The MLM side of the business paid on recruitment of new WaterMine investors:

8% on level 1 (personally recruited affiliates

6% on level 2

4% on level 3

2% on level 4

According to its website, WaterMine launched mid to late 2020. That’s a few withdrawal cycles, after which the majority of WaterMine affiliates will now take a loss.

No details of company ownership are provided on WaterMine’s website. Instead, a UK incorporation certificate for “WaterMine LTD” is provided.

UK incorporation is a calling card for scammers.

Based on Alexa traffic estimates, the majority of WaterMine victims are from Venezuela (15%), the US (8%) and Russia (7%).

🤖 Quick Answer

What happened to WaterMine cryptocurrency platform?
WaterMine, a cryptocurrency MLM Ponzi scheme, collapsed after disabling withdrawals in early June. The platform claimed a security breach occurred when a newly hired email support member gained unauthorized access to the administration panel, allegedly stealing millions in instant withdrawals by adding fraudulent funds to accounts.

How did WaterMine justify the collapse?
WaterMine attributed the incident to a hacking attack by an employee, stating they were verifying compromised accounts before resuming instant payments. Management acknowledged their hesitation about hiring additional support staff but claimed they wanted to improve customer service and assistance capabilities.

What measures did WaterMine implement following the breach?
The platform suspended instant withdrawal payments temporarily while investigating the extent of the security breach. Management stated they were determining how many accounts were compromised before potentially reactivating the payment system to prevent further financial losses.

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