This review reveals why you should stay away from the social platform Weownomy that promises to make you money.
What is Weownomy
Weownomy is defined on its official website as a social platform owned by its users. Users own not only the platform, but also their personal data, so they can monetize it.
Weownomy wants to be like Facebook or Twitter, except that money from advertisers will be shared among the users of the platform.
In order to become a user and co-owner of the Weownomy platform, you have to buy on of the three packages: Basic, Advanced or Premium.
Basic costs $8.33 per month, Advanced $59.24 per month and Premium $177.72 per month.
The Basic plans will supposedly generate you an income of $800 per month, Advanced $4265.34 per month and Premium $12796.02 per month.
This would mean that investing in Weownomy will generate you thousands of percent per month in returns. But is it true, is it even possible?
Beware of Weownomy
There are several aspects of Weownomy that look very suspicious and that you should be aware of. We believe that it is not a good idea to invest in this so-called social platform. Here is why.
Illegal securities offering
Weownomy clearly states that when you invest in the platform, you will be entitled to share income as a co-owner of the company.
This means that Weownomy is effectively selling its shares to the public, which constitutes a securities offering. And this is a heavily regulated matter.
Weownomy says it is located in the United States where public offerings are strictly regulated. But the company provides no information whatsoever about having an authorization from the financial regulator to sell its shares to the public. Providing this information is required by the law, so we have to assume that Weownomy has no authorization to sell its shares to the public.
In other words, Weownomy is acting illegally, it is selling unregistered securities to the public. This is a huge red flag.
In fact, the Central Bank of Lesotho has confirmed that Weownomy is not authorized to sell its shares to the public. The bank said that Weownomy is acting together with BAHAESO Holdings.
Where is the company?
We made a research about the company that supposedly is behind the Weownomy social platform. It is true that a company called Weownomy Platform Corporation is registered in Delaware, USA.
But it is registered only since January 2021, so it has no history, no track record. Moreover the only address it provides (256 Chapman Road, Suite 105-4, Newark, Delaware) is the address of a local agent, Weownomy is not located there, it has no offices at this address.
And as we have already explained, the company is breaking US laws because it is selling its shares without the necessary authorization.
Another important fact is that Weownomy is dominantly advertised in Africa. Which raises questions, like why it is registered in the US and operating in Africa?. It seems that the US registration is just decoy and all the activities are conducted in Africa.
Another huge red flag is the investment plans that Weownomy offers. Because making $800 per month out of a $8.33 monthly payment is just impossible. The ratio between investment amounts and returns that Weownomy promises screams scam.
The social platform has not even been launched, it is supposed to go live in December, but they already promise you thousands of percent in profits each month. This is ridiculous, no legitimate company can achieve that.
The Weownomy investment plans make us believe that it is a plain scam.
3 million users?
On its official website, Weownomy suggests that it already has more than 3 million users. Which we also consider impossible. The platform is not even live, it is only gathering money.
We believe that the number is false.
How Weownomy works
We know that Weownomy is selling unregistered securities, which is against the law. It already has been blacklisted by at least one financial regulator. And the social platform is not even live.
So how does Weownomy works? One hint is that it accepts payment in bitcoins only. Cryptocurrency transactions are irreversible, so once you send them money, nobody will be able to help you to get your money back.
To us it looks like Weownomy is just a simple scam that will collect money from people during 2021 and shut the entire scheme down when they see fit. It will just take money from people and pay nothing back.
Or, it could try to ride like a Ponzi scheme and pay some of the profits in the early stages to attract even more investors and money. And then collapse like all Ponzi scheme do.
In any case it is not safe to participate in Weownomy.
Weownomy review – Conclusion
Weownomy runs an illegal shares offering and offers impossible returns, which makes it is a scam. We recommend staying away from it.
When investing, you should use only regulated companies that have the authorizations to provide investment services.
Before investing any money in any asset, please be sure to understand the risks.