Agrichainx South Africa: after the previous extension notice from the CEO, a recent update drags withdrawals down to 15 months.
The public notice, which reads, “This is to bring to your notice that a withdrawal after 11 months of investment will be extended to 15 months as from 1 July”, appears on this FB account, Agrichain Agricoin-AGN RSA.
Although the above information is for the Agrichainx niche in South Africa, it resonates with a blooming compliance issue in MLM.
In the USA, Agrichainx is supposedly run by Robert Logan. Whether by coincidence or deceit, this name is also that of an American Actor. In Nigeria, the CEO of Agrichainx is Otoaye Godfrey, who also serves South Africa. But as there is reportedly an Agrichainx in the US, the African CEOs may well be proxies.
Whoever the CEO is, his latest announcement shuffles back and forth the scam/legit line. Read this article for more information.
Agrichainx South Africa: Overview
The platform offers decentralized agricultural solutions to local farmers. By leveraging a Smart Contract and an AI algorithm, Agrichainx South Africa attempts to improve traditional farming. So, the takeaway in this platform is a Defi/Agric merger.
Also, there is a chance for an affiliate earning option. Instead of slacking at the local agric-investor level, affiliates can upgrade to passive profits in Agricoin (AGN) Tokens.
These spates of farming-related investments are run through node.africhainx.com. The node part signals the alleged fast rate of node confirmation on the ERC-20 blockchain on which Agricoin trades. Supposedly, Node generation takes 6 secs on the Agrichainx platform.
Given the close semblance of the Agrichainx facets in Nigeria and South Africa, we explain their activities as those of a single company. In this way, the recent announcement from Agrichainx South Africa CEO also affects the Nigerian clients remotely.
11 Month Lock Period, Compliancy Signal
Agrichainx South Africa ensures that all investors keep form by tacking cumulative profits until eleven months after investment. Then an affiliate can withdraw ROIs in AGN token.
Agrichainx’s African clients, being so new to crypto MLMs, do not understand their complaisance to an 11 month AGN Initial Coin Offering (ICO). An ICO helps a cryptocurrency to generate large holder banks. Its providers will attempt to incentivize crypto traders to buy their tokens. And in time, the crypto coin will have enough market capitalization to make its holders rich. That is why Agrichainx South Africa puts investments in locks.
But when the company gulps enough fiat currency to pay ROIs to clients, will it pay accordingly? The Agrichainx South Africa CEO announcement suggests differently. See more details in the following section.
CEO Extends Withdrawals to 15 Months
After the initial 11-month withdrawal agreement with customers, the CEO of Agrichainx South Africa announces an additional four months lock.
Nothing is more alarming than the arbitrary nature of the public notice. No consultations, no prior communications. Clients wake up one morning to an ROI delay announcement. How long until the company delays withdrawals to, say, three years?
The tricky bit is that the platform does not offer any proof of Securities and Exchanges Commission (SEC) regulation. So, clients cannot get due compensation. In simple terms, the company is defaulting on payments, and it does so arbitrarily.
What could possibly be wrong with the payment structure? Perhaps, the Defi Farm is only a ruse for a crypto ICO? See the conclusion below for more details.
Agrichainx South Africa: Conclusion
Currently, the AGN token, pegged to $1, flounders in its small hodler pool. It does not have enough support to trade appreciable CFDs or Swaps on a crypto exchange.
Also, the company barely focuses on the agricultural side of the business. Instead, it winds up on an affiliate recruitment spree. Cue its dwindling farm revenue (assuming it exists in the first place) and kicks-and-starts recruitment, Agrichainx South Africa might well be offering a Ponzi scheme. Why? Because it then relies on recruitments to float its sinking AGN token on Ethash.
To be on the safe side, always request proof of SEC regulation from a company that brokers securities (Cefi or Defi) before investing funds.
official website _ agrichainxsouthafrica.co.za