Heromining is one of the trending crypto-mining platforms in the Philippines. It hit a milestone in user traffic count after gaining popularity in the US, UK, and other countries.
Also, the company offers a high ROI and bonus pack on its referral program — affiliates merely have to refer someone to the official site to qualify for up to sixty percent (60%) of the total downline investments.
Apart from the usual flat quote of 60% offered on the referral package, members also get to earn a 2% bonus calculable from the cumulative profits on the platform.
Heromining Overview
60% per referral makes Heromining an appealing deal, but not while a warning from the Philippines SEC foreshadows the project.
Does Heromining seem like a good prospect to you? Before you hit the register button, though, learn a few crucial details about the company.
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Poor CS Response — HeroMining Scams Customer
The good preamble to the sham run by the company is the generally poor support they put up. Recently, a customer reported having severally tried to contact the CS without success.
Of course, this only happens when the fraud securities masked as affiliate packages (read, investment in mining rigs) have been made out as worthless. One customer reported the issue but couldn’t make headway with it.
Although the designated CS language is the local lingua, HeroMining seems to have pulled the plug, customers are stranded on the other end. The funny part of the whole ordeal is that the worst-hit investors are Filipinos.
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Withdrawal Requests Not Processed
For investors in the fraudulent mining rigs, this has to be the worst experience on the site yet. All attempts to withdraw their earnings from mine have proven futile.
So far, any virtual currency credited to the miners is suspended in a withdrawal request loop. And the company has begun phasing out the current app iteration which was on Play Store prior to the Philippine SEC warning.
Often, an anonymously-run mining platform only goes off the radar when it has stashed enough investors’ cash to sate its greed. Usually, there will be a second iteration, with the execs claiming to have been hacked. Don’t fall for the scam, however, it plays out.
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Philippines SEC Warns About HeroMining
The Philippine SEC put the last nail in the coffin, confirming that the company is a sham.
A close perusal of the SEC notice shows that the legal jurisdiction in the country does not recognize vaguely-worded securities fraud as a non-public offering, nor does it offer licensing for such businesses.
The warning is premised on this clip (see the official sec.gov.ph website for the full notice).
The offering and selling of securities in the form of investment contracts using the “Ponzi Scheme” which is fraudulent and unsustainable, is NOT registrable security.
On the whole, the company is not registered or incorporated by any known business within the Philippine SEC jurisdiction. So, this puts paid to any shell registration safety net — although a proxy registration would still be inadmissible in the country.
Further, the SEC update shows that Heromining doesn’t have any rigs to offer. It invariably uses subscriptions from new members to pay “profits” to affiliates who are due for payments. That is just Ponzi and a poorly masked one at that.
Continuing the investigation, it is highly unlikely that the affiliate rewards and ROI programs rife in the various bonus cycles are legit.
No reliable platform offers as much as sixty-percent (60%) cumulative ROI from downline investments. It is an unwieldy deal, untenable, and ruinous to any business.
At the time of writing, there is a possibility of at least a subpoena, with a likely PHP5 million fine handed to the execs. This is on the unlikely condition that the execs don’t get a jail sentence (media insinuations peg this at 21 years each).
Heromining is not a viable option at all.
Download App — Not on Play Store!
Prior to the SEC update and the ensuing media reels, Heromining looked to put a mobile app on Google Play Store. Miners can supposedly access an API from the app, get a list of mining rigs, and of course access the attached pricing.
The PR streak has hit a road bump, though. Currently, only the APKs and poor simulations of mining software are available online.
For the Play Store Option
- Go to the official Google Play Store (play.google.com)
- Search HeroMining
No relevant result turns up, as expected. Heromining can only contrive a lookalike, a redirection that gets you to an alternative download page. But this isn’t reliable, and the app could be ridden with malware.
In any case, there is still an APK option. But the whole effort is pointless since payouts rely on prior investments from early affiliates.
Conclusion
Heromining is one of the 21 companies that recently made the Philippines SEC Advisory list, everyone for offering fraudulent securities.
So far, the company has relied on the popular fad for cryptocurrencies, including the misleading cliché that crypto is necessarily outside government purview, to scam people in the Philippines. But the SEC body has put an end to the PRs.
The worst aspect of the whole program is that it doesn’t really have any profit-making fixtures, relying only on the deposits from already purchased rigs to pay investors.
Here is a brief preview of the referral program, as disclosed by SEC.
After registering for the program, you can opt for any of these seven (7) mining rigs.
- Storm B-13 — goes for $10 over a 20 days period
- S18J-3003 — goes for $30 over a 60 days period
- M2-14T — goes for $40 over a 200 days period
- MST-3004 — goes for $40 over a 120 days period
- 1246-30T — goes for $493 over a year (365 days)
- M20S-98T — goes for $691 over a year (365 days)
- JHS-32 — goes for $789 over a year (365 days)
Based on this model, profits can range from Php1,000 to Php144,905.
Apart from the 60% profits accrued to affiliates who refer people to the site, Heromining promises up to 240% as profits from staking weekly over a three (3) months period.
The Philippines SEC has put out an advisory warning the public about the fraudulent schemes run by Heromining. Do not invest in the company.