The homepage of Monarch is fairly vague:

There is no cost to join Monarch, and you can begin earning a weekly income immediately.

Further down the page, further information is presented:

Monarch OÜ was created in Estonia in October 2020 by Kent Kruusmaa.

Company Monarch is an authorized distributor of all United Crypto cards and future United Solutions ecosystem goods.

Ken Kruusmaa identifies himself as a “cryptocurrency specialist and investor.”

According to his LinkedIn page, Kruusma began his career in 2011 as the CEO of a cleaning firm.

He joined the Wellstar pyramid scam in 2015. After Wellstar Kruusmaa transitioned to cryptocurrency fraud with the infamous OneCoin Ponzi scam, he became infamous.

Kruusmaa was a member of Igor Alberts’ downline that switched from OneCoin to DagCoin in early 2017.

Kruusmaa was reportedly generating EUR 140,000 every month through the DagCoin Ponzi scheme and the Success Factory marketing arm.

That did not survive, and in that same year, Kruusmaa joined United Token as its Director of Marketing.

Today, Kruusmaa is listed as United Token’s founder and CEO on the company’s website.

The creator of the United was an Estonian man named Kent Kruusmaa.

Kent is now the Founder/Co-Founder of EliteXC Exchange, Ex Utility Token, the Ucube Crowdfunding platform, Monarch, and the U-land marketplace.

Cube and U-land are unfamiliar to me, but I took notice of EliteXC in November.

The Coinswap Space fraud site operated by Erik Norm is currently operating a Ponzi scheme.

Kent Kruusmaa, a former OneCoin, and DagCoin Ponzi schemer, is currently operating EliteXC Exchange.

Usual crypto shitcoin nonsense: invest in ex token and receive 250% staking, or 240% if you “farm” with CoinSwap Space’s CSS shit token.

Referral commissions are not MLM; for each affiliate investor you recruit, you receive 5 USDT.

Erik Norm is one of the con artists of the Ponzi scheme TronCase. After the failure of TronCase, he launched his CoinSwap Space blockchain bro factory.

Martin Karus was Erik Norm’s accomplice in the Tron case plot. Last month, Karus appeared on a Monarch webinar presented by promoter Fallon Neeme (enlarge image):

Unofficially, it appears that both Norm and Karus are collaborating with Kaaruusma.

Kaaruusma is constructing his crypto fraud factory using the CoinSpace Space platform developed by Norm. The most recent addition is Monarch.

The monarch debuted officially last November, at the same time as EliteXC:

Continue reading for a detailed analysis of Monarch’s MLM offer.

Products Made by Monarch
Monarch does not sell any goods or services.

Affiliates may only promote affiliate membership with Monarch.

Plan of compensation for Monarch
Affiliates of Monarch invest in unified tokens (UTED).

United Standard 18 – EUR 18, basic affiliate membership, hence no UTED tokens
United Standard 50 – EUR 50 is equivalent to EUR 60 in UTED tokens (locked for 12 months)
United Silver 250 – EUR 250 will acquire you €375 worth of UTED tokens (locked for 12 months)
United Silver 1000 – €1,000 buys €1,500 worth of UTED tokens (locked for 12 months)
United Silver 2500 – EUR 2500 yields EUR 3750 in UTED tokens (locked for 12 months)
United Gold 1000 – EUR 1000 yields EUR 2200 in UTED tokens (locked for 24 months)
United Gold 2500 – EUR 2500 yields EUR 2500 in UTED tokens (locked for 24 months)
United Gold 7500 – EUR 7500 yields EUR 7500 in UTED tokens (locked for 24 months)
Maxx Limited – EUR 10,000 receives EUR 30,000 in UTED tokens (released weekly over 156 weeks)
On its website, Monarch does not disclose a UTED token purchase price.

Given Monarch’s ability to create UTED on demand, it is unclear if UTED is sold at the current market price or a discount.

Monarch’s MLM component offers returns on investments made by both directly and indirectly recruited affiliates.

The Premier Affiliate Ranks
There are twelve grades under the pay structure of Monarch.

In addition to their specific eligibility requirements, they are as follows:

Affiliate – Register to become a Monarch affiliate
Silver – Generate and maintain a monthly volume of 2,000 BV for the binary team
Platinum – Generate and maintain a monthly binary team volume of 10,000 BV
Topaz – create and maintain a monthly volume of 20,000 BV for the binary team
Sapphire – Generate and maintain a monthly volume of 40,000 BV for the binary team
Ruby – create and maintain 80,000 BV in monthly volume for the binary team
Emerald – create and maintain a monthly binary team volume of 160,000 BV
Diamond – Generate and maintain a monthly binary team volume of 320,000 BV
Blue Diamond – Generate and maintain a monthly binary team volume of 640 000 BV
Black Diamond must create and maintain a monthly binary team volume of 1,200,000 BV.
Crown Diamond – Generate and sustain monthly binary team volume of 2,400,000 BV
Ambassador – Generate and maintain a monthly volume of 5,000,000 BV
BV stands for “Business Volume” and is created through affiliate investments.

18 BV are produced by United Standard 18 recruiting.
United Standard 50 employment results in 50 BV.
United Silver 250 recruiting results in 250 BV
United Silver 1000’s recruitment results in 1100 BV.
United Silver 2500 recruiting results in 3000 BV.
United Gold 1000’s recruiting results in 1,300 BV.
United Gold 2500 recruiting results in 3250 BV.
10,000 BV are generated by United Gold 7500 recruiting
The employment of Maxx Limited creates 10,000 BV.
Note that monthly binary team BV needs must be distributed 50/50 between the two parties.

Commission Limits Per Week
Monarch restricts weekly commissions earned based on position.

Affiliates in the Silver tier can earn up to EUR 200 every week.
Affiliates ranked platinum can earn up to EUR 1000 every week.
Affiliates with the Topaz status can earn up to €5,000 per week.
Affiliates with the Sapphire rating can earn up to EUR 10,000 every week.
Affiliates with the Ruby ranking can earn up to €15,000 per week.
Affiliates ranking Emerald can earn up to EUR 20,000 every week.
Affiliates ranking diamonds can earn up to EUR 25,000 every week.
Affiliates graded Blue Diamond can earn up to EUR 35,000 each week.
Affiliates ranking Black Diamond can earn up to EUR 45,000 each week.
Affiliates classified as Crown Diamond can earn up to EUR 50,000 every week.
Referral Compensation
Monarch pays a 5% referral commission on investments made by affiliates directly recruited.

Weekly, Monarch pays referral commissions in TRON.

Recurring Commissions
Monarch pays residual commissions via a binary system of compensation.

A binary compensation system sets an affiliate at the head of a two-sided (left and right) binary team:

The initial level of a binary team contains two places. The second level of a binary team is formed by dividing the initial two places into two additional positions (4 positions).

As necessary, successive levels of the binary team are constructed, with each new level containing twice as many slots as the preceding level.

The binary team is staffed through direct and indirect recruiting of affiliates. Note that there is no limit to a binary team’s depth.

Monarch tallies fresh volume (BV) on both sides of the binary team after each day.

Affiliates are compensated 10% of the volume earned on the side of their inferior binary team.

In TRON, residual commissions are paid.

After payment has been made, the weaker volume is matched with the stronger side and flushed.

The surplus volume on the side of the stronger binary team is carried over.

Momentum Bonus
Affiliates of Monarch who are eligible for the Momentum Bonus receive a 15% residual commission rate.

To qualify for the Momentum Bonus, new Monarch affiliates must meet the following criteria:

qualify for Topaz during the first 30 days, or Sapphire within the first 90 days of membership.
Rank Achievement Bonuses
Monarch provides the following Rank Achievement Bonuses to affiliates that qualify for Platinum or higher:

attain Platinum status and obtain a “international event ticket.”
Topaz members who qualify will receive a three-month online membership to “Go Pro by Eric Worre.”
Sapphire qualifiers receive an iPhone SE Ruby qualifiers receive a MacBook
Emerald qualifiers receive “Tony Robbins UPW” with airfare and hotel; Diamond qualifiers receive a Rolex Submariner. Date qualify for Blue Diamond and receive a “all-inclusive, 5-star luxury holiday for two in the Maldives” qualify for Black Diamond and receive a Tesla Model 3 qualify for Crown Diamond and receive a Corvette C8 qualify for Ambassador and receive $250,000
Monarch Monarch affiliate membership is free to join.

To fully participate in the associated revenue opportunity, X United Tokens are required.

Monarch solicits Ethereum, Bitcoin, Tron, and US Dollar investments.

Imperial Conclusion
The official marketing deception of Monarch has little to do with the MLM potential.

Affiliates of Monarch can opt to offer real estate, United crypto cards, marketing for United properties, United Token cryptocurrency, or United exchange items.

Platforms operate on a referral basis and are free to join, which is why we had over 1,000 affiliates in the first month.

In a word, Monarch is a pretext to recruit gullible individuals onto Kent Kruusmaa’s broader crypto fraud network.

United token was introduced late in 2017 and had a brief spike followed by an eventual drop.

UTED remained dropped at around 2 cents until mid-February, when the following began to occur:

Regardless, investing in Monarch enables Kruusmaa to sell UTED coins to investors. The said investors are subject to 12-month or 24-month lockouts, unless they pay €10,000.

This is to halt sales in the hopes that limited external demand and whatever is depicted in the chart above would boost the price before to the deadlines. Obviously, if you lose 10,000 EUR, you are the first to cash out.

That’s pretty much it. Monarch investors are exposed to Kruusmaa’s EliteX exchange, coupled with ex-token staking investments and the css token from Coin Swap Space.

Given that there are no overt profits handed out through Monarch, the argument for securities fraud is quite murky (via staking or otherwise). Despite this, it is evident that nobody invests in UTED tokens without the hope of profit.

One may claim that locking the tokens creates a common entity, therefore passing the Howey Test. Profit generated from the labor of others is unquestionably satisfied, as any growth in UTED’s market value is the consequence of investment by others.

M-Points are another dubious aspect of Monarch.

M-Mpoints are earned through investments and commissions. They are transformed into “Monarch Dex Native Token” once purchased.

The higher an affiliate’s part of a pool ostensibly supported by M-DEX transaction fees, the more M-DEX tokens they own.

Each member will get m-points, which they may exchange on December 15, 2022 for a monarch dex native token.

On December 15, 2022, Monarch dex will be published, and the top 100 members with the highest m-points will become shareholders on m-dex.

Monarch’s MPoints –> M-DEX token scheme and suggested “buy in our UTED tokens because moon” tilt the scales in favor of securities fraud.

In addition, there are no audited financial reports proving that Monarch is doing what it claims to be doing behind the scenes.

Important is the question of whether or not Monarch is issuing securities because Monarch exists in Estonia as a basic organization. Monarch is not registered in any country to offer securities.

Someone is now advertising Monarch in Pakistan. According to Alexa, Pakistan is the sole significant source of traffic to the Monarch website (62%).

Monarch’s MLM division operates as a pyramid scam because nothing is offered or sold to regular investors.

Noteworthy is the fact that none of Kruusmaa’s shit tokens can be used to sign up for Monarch affiliate membership, despite the number of shit tokens that he has released.

Kruusmaa does not desire his own tokens since he is aware of their worthlessness.

Having come from OneCoin and DagCoin, my cynicism leads me to assume that EliteX, United Token, Monarch, etc. are Kruusmaa’s realization that only those operating token scams become wealthy.

Others may make money advertising them, as Kruusmaa did with OneCoin and DagCoin, but long-term benefits are not maximized until the tokens are generated on demand and sold.

Sadly, these earnings are the result of naïve investors. Learn from the past, since both OneCoin and DagCoin are filled with crap token bagholders, and avoid being one of them.

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