WBank Wallet Review: WBT token securities fraud

WBank Wallet provides no information on their website about who owns or runs the company.

WBank Wallet’s website domain (“wbankwallet.com”) was privately registered in September 2019.

Despite not existing up until a few months ago, on its website WBank Wallet represents it has been around since October 2018.

An incorporation certificate for Singapore is provided on WBank Wallet’s website.

The incorporation corresponds to “WB Develop and Technology PTE. LTD.”, which was registered on January 22nd, 2019.

The address used to incorporate WB Develop and Technology PTE. LTD. is a virtual address provided by Davinci.

Two names feature in WB Develop and Technology’s incorporation, Joyce Lee and Charmaine Joshua.

Joyce Lee’s only tie to WBank Wallet appears to be curated social media content. I couldn’t find anything on Charmaine Joshua.

Given WB Develop and Technology appears to be a shell company, it’s highly likely these two individuals don’t exist.

WBank Wallet uses Fiverr actors in their official YouTube marketing videos:

One video claims to represent a WBank Wallet event held in Malaysia last October.

The video itself doesn’t contain any actual footage but does suggest WBank Wallet is being run out of Malaysia.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

WBank Wallet’s Products

WBank Wallet has no retailable products or services, with affiliates only able to market WBank Wallet affiliate membership itself.

WBank Wallet’s Compensation Plan

WBank Wallet affiliates deposit ethereum for WBT tokens.

Once acquired, WBT tokens are parked with WBank Wallet on the promise of an advertised daily return.

1st Package – invest $100 to $300 worth of ethereum and receive a daily 0.2% to 0.5% ROI

2nd Package – invest $3100 or more worth of ethereum and receive a daily 0.5% to 1% ROI

WBank Wallet state on their website that affiliates receive USD they can cash out at any time via an internal exchange.

The last published WBT internal value was 78 cents as of August 2018.

Referral Commissions are paid both on invested funds and daily returns.

Referral Commissions (investment)

WBank Wallet pays referral commissions via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

WBank Wallet caps payable unilevel team levels at fifty.

Referral commissions on investment are paid across these fifty levels as follows:

level 1 (personally recruited affiliates) – 5%

level 2 (recruit at least three affiliates who together have invested $500) –

🤖 Quick Answer

Who are the operators behind WBank Wallet?

When was WBank Wallet established?
WBank Wallet's website domain was privately registered in September 2019, though the company claims operations since October 2018. The Singapore incorporation date is January 22nd, 2019, creating discrepancies in founding timeline claims.

What registration details exist for WBank Wallet?
An incorporation certificate for Singapore entity "WB Develop and Technology PTE. LTD." is provided on the website. The registration address is a virtual address supplied by Davinci corporate services provider, raising questions about operational legitimacy.

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