This review shows that Sunony is a cryptocurrency scam that is only pretending to be mining Bitcoin and Ethereum.
What is Sunony Exchange
Sunony is primarily presented as a cryptocurrency exchange that will allow you to trade with different tokens like Bitcoin, Ether, XRP, Cardano or Litecoin.
The exchange also has a crypto DeFI staking and a mining program. In staking you allegedly can get 17% monthly returns on your deposits and in mining 23% monthly returns.
The minimum investment in the mining program is 3000 USD.
Sunony says it is registered with the MSB in United States and that it has a dedicated 20,000 BTC security reserve fund.
So, is Sunony Exchange a legit platform, can you trust it? Let’s answer that in this review.
The short answer is that the Sunony Exchange is not legit. In fact, it is a scam that is destined to collapse. Now let us provide a more detailed explanation of why you should avoid this service.
No company and MSB registration?
We begin with a usual background check of the company. The only real information you can find on its official website is the claim that it is registered with the FinCEN in the United States as a money services business (MSB).
And here comes the first problem, there is no Sunony Exchange registered with the FinCEN. The registration confirmation they show you contains a different name: Sonony Network Technology. Which obviously is not the same.
But even if it was, it is important to explain that a MSB registration means absolutely nothing in terms of the legitimacy of any business. The FinCEN explains this on its website and you can see a confirmation in an e-mail they sent to us.
Basically, anyone can fill up a form on FinCEN’s website a become registered, the FinCEN does not verify the information you submit.
What is very important, is that Sonony Network Technology is a company that supposedly is registered in Colorado. However, there is no company of this name registered in the entire United States.
All this together is a huge red flag which shows that something is wrong with the Sunony Exchange.
Fake security fund
Sunony wants you to believe that they have some kind of insurance fund with 20,000 BTC that can be used to cover unexpected losses. However, it’s completely fake.
At current prices such a fund would be worth more than half a billion US dollars. But the Sunony Exchange has no fund of this kind whatsoever. If they did, they would show you the Bitcoin address where their BTC is stored.
To be clear, money deposited with Sunony is not insured or protected in any way.
Fake iOS app
Another red flag that is worth mentioning about the Sunony Exchange is that it is pushing you its mobile app while it does not really have one for Apple mobile devices.
Instead of the advertised iOS app it will make you download a profile to your iPhone or iPad, which is a workaround when you can’t get your mobile app approved by Apple.
Apple is known for their strict security measures, so this indicates that Sunony is a shady enterprise and Apple don’t want their app in their official App Store.
Scam financial products
Now let’s get to the main aspect of the Sunony Exchange scam. It’s the financial products that are the best proof that the whole platform is completely fraudulent.
One of the three main investment functions of the Sunony platform is the one that allows you to invest in new tokens, in the initial coin offerings (ICOs).
However, a closer look reveals that they are selling non-existent or long inactive tokens like YFEH or STMO. This is as shady as it gets.
They obviously are just trying to get your money without selling you anything real. You can check all the tokens they list to see what we mean.
Fake crypto DEFI staking
Cryptocurrency staking is when you stake your tokens directly or indirectly to secure a blockchain that works with the proof of stake mechanism.
Which is not USDT or BTC that Sunony wants you to stake. But it is true that even some legit platforms use the term staking loosely for yields that do not come from proof of stake.
However, no legit crypto platform can offer 8% monthly on USDT or Bitcoin like Sunony does. You will be lucky to get these returns in a year. Monthly returns of this magnitude on USDT and Bitcoin are completely unsustainable and a great indication of a scam.
The reality is that there is no real staking or lending or anything similar happening on the Sunony platform because it is a total scam.
Fake crypto mining
The last but the most important aspect of the Sunony scam offering we want to address is the cryptocurrency mining program.
It is the flagship program with returns of over 23% per month. Which is completely absurd. In fact, it is outright impossible to earn 23% monthly in Bitcoin mining. It is dictated by physics.
You see, mining profits are the results of an equation where you have crypto prices on one side and mining difficulty and electricity and hardware costs on the other.
And these hard facts and numbers make it impossible to make 23% monthly returns in Bitcoin mining. Period.
Which leaves us with the inevitable conclusion that the Sunony Exchange is a total scam because it is offering you returns that are impossible in the real world.
How Sunony really works
It is possible that Sunony is currently paying its users. If it is, it does not mean that it is not a scam. It only means that it is a Ponzi scam.
They basically just take money from new users and distribute it among older users. A typical and illegal financial pyramid that can last anywhere from days to years.
But Sunony most certainly is a scam because it is not doing any real crypto mining, it is no running a real cryptocurrency DeFi platform.
So its collapse is given. If it has not happened yet, it is only a question of when will it happen, not if.
This is why you have to stay away from frauds like the Sunony Exchange, they are certain to collapse on themselves, you just don’t know when will that happen.
Sunony review – Conclusion
Sunony is a fake company and a scam cryptocurrency investment platform. It is not running a DeFi platform and it is not mining Bitcoin or any other cryptocurrencies, all of its plans are fake and returns on investment impossible. Stay away from it!
If you are interested in cryptocurrency trading and investing, you can try it on a free demo account with a regulated company. You will get virtual fiat money for that purpose.
Before investing real money you have to make sure that you understand the risks and that you have a trading capital that you can afford to lose.