Hummingbird Network is a multi-level marketing company that offers various products and services related to cryptocurrency and blockchain technology. The company was founded in 2021 and is based in Singapore. Hummingbird Network has generated some buzz and controversy over its legitimacy and business model.
What is Hummingbird Network?
Hummingbird Network describes itself as a “decentralized ecosystem” that aims to make cryptocurrency accessible and easy to use for everyone. The company offers several products and services:
- A cryptocurrency wallet and exchange platform
- An education platform with courses on cryptocurrency trading and investment
- A multi-level marketing structure where members can earn commissions by recruiting others
- Various mining packages that allow members to earn daily profits from crypto mining activities
The company was founded by CEO Rajiv Das and is based in Singapore. Hummingbird Network utilizes a network marketing or multi-level marketing (MLM) model. Members are incentivized to recruit new members and build “downlines” in order to increase their earning potential.
Is Hummingbird Network legit?
The legitimacy of Hummingbird Network has come into question for several reasons:
Lack of transparency
There is very little public information available about who exactly founded the company and its leadership team. The founder and CEO Rajiv Das does not appear to have any clear track record or credentials in the blockchain and cryptocurrency space.
Emphasis on recruitment
Hummingbird places a heavy emphasis on recruiting new members rather than retail sales of products to actual consumers. This is a red flag typical of pyramid schemes where earning potential relies primarily on building a downline.
Promises of guaranteed returns
Hummingbird promises daily profits from its crypto mining packages. Guaranteed returns like this are highly dubious and atypical for legitimate cryptocurrency mining operations which are subject to market risks and volatility.
Obscure mining operations
There is very little transparency into Hummingbird’s claimed mining activities. The company does not provide details on what cryptocurrencies they mine, the mining equipment, hash rate, or mining facilities. This lack of verifiable information is concerning.
Recruitment rewards over product sales
Hummingbird incentivizes affiliates to focus on recruiting new members rather than selling products or services to genuine retail customers. This is another indication of an MLM pyramid scheme business model.
Legality issues
Hummingbird Network’s operations may fall into legal grey areas in some jurisdictions. MLM cryptocurrency programs like Hummingbird have been banned in China and other countries. The company claims to operate in Singapore, but Singapore has regulations against unlawful investment schemes.
Is Hummingbird Network a pyramid scheme?
While no official legal actions have named Hummingbird Network as a pyramid scheme, the company’s business model closely aligns with typical pyramid scheme practices:
- Emphasis on payment for membership/participation rather than product sales
- Rewards and commissions paid primarily for recruiting others rather than product transactions
- Rewards escalate as you progress up the recruitment chain
- Vague or dubious claims about products and services
- Main incentive is to grow the network through recruitment rather than generate true customer demand
These are all indicators that Hummingbird Network functions like a pyramid scheme. New participant money funds payouts to earlier participants rather than genuine business activity.
Red flags and concerns
Here are some of the major red flags and concerns that cast doubt on the legitimacy of Hummingbird Network:
No company registration details
There are no official business registration details available for Hummingbird Network in Singapore or other jurisdictions. Without registration documents, it’s impossible to verify the company’s legitimacy.
Vague whitepaper
Hummingbird Network’s whitepaper provides very few technical specifics about the ecosystem, platform, or mining operations. It lacks details that would be standard for a legitimate blockchain company’s whitepaper.
No substantial online presence
The company does not seem to have any substantial reputation or online presence outside of its own marketing materials and YouTube videos. There are no independent reviews validating their mining and trading services.
Low Alexa ranking
Hummingbird Network’s website has a very low Alexa ranking, indicating minimal genuine web traffic. Genuine companies tend to have much higher Alexa traffic rankings.
Language used
The language used in Hummingbird Network’s marketing materials resembles that of typical MLM and network marketing companies rather than technology and blockchain companies.
Lack of mining facilities details
No verifiable details are provided on Hummingbird’s claimed mining equipment, hash rate, facilities, or mining pool – information that legitimate mining companies readily provide.
Non-disclosure of developers
No information provided on who developed Hummingbird Network’s supposed platforms and applications. Legitimate projects disclose their developers.
Promised daily returns
Guaranteed daily returns are promised but highly unrealistic for cryptocurrency mining operations subject to market volatility and risks.
No iOS app
Hummingbird Network currently only offers an Android app. Major technology platforms offer both Android and iOS apps from the start.
Negative reviews and complaints
There are very few independent reviews of Hummingbird Network available, but some concerning complaints and experiences have been shared:
- Difficulty withdrawing funds from the platform
- Leaders heavily push recruitment over product sales
- Prices of packages keep increasing
- Leaders make unrealistic income claims of earning thousands a day
- Emphasis on spending money to buy packages to earn rather than real product sales
These types of complaints are very common for MLM programs where the primary income opportunity is recruiting downlines rather than selling products and services.
The verdict
Hummingbird Network exhibits many characteristics of a pyramid scheme including excessive focus on recruitment, dubious products and services, questionable mining operations, exaggerated income claims, and a seeming lack of a genuine sustainable business model. There are very few independent objective reviews validating their services.
While no authorities have officially declared Hummingbird Network to be illegal, prospective participants should exercise extreme caution, skepticism and avoid investments they cannot afford to lose. Hummingbird Network’s legitimacy has not been reliably verified, and its pyramid-like compensation structure carries significant risk of losses.
Without more transparency, verified mining operations, registration details, and real-world validation from objective sources, Hummingbird Network carries many markings of being a scam or pyramid scheme rather than a legitimate cryptocurrency platform.
The safest option for most people is likely to avoid participation in Hummingbird Network until its operations and business model can be proven sustainable, legal, and not relying primarily on recruitment.
FAQs
Does Hummingbird Network really pay you?
There are some reports of participants making money, but the long-term sustainability is questionable. Much of the income seems to come from recruiting others rather than mining, trading or selling products. This carries risks of the scheme collapsing when recruitment slows.
Is Hummingbird Network mining real?
There is no verifiable evidence that Hummingbird is conducting legitimate large-scale mining as claimed. The lack of details on their mining operations and lack of transparency raises skepticism about the reality of their mining activities.
Can you make money with Hummingbird Network?
Some participants do appear to be making money, but the business model seems largely dependent on continually recruiting new members. This approach risks collapse when new recruits dry up. Earnings are unlikely to continue long-term in a recruitment-driven pyramid-like structure.
Is Hummingbird Network legal?
The legal status is unclear. No regulators have yet declared the scheme illegal or taken action, but Singapore does have laws against unlawful investment schemes which may apply here. The legitimacy has not been reliably established.
Are there real products and services?
There is an app, online education, and mining packages, however reviews of the quality are lacking. The emphasis seems to be on participation fees and recruitment rather than quality products and services.
Is the CEO Rajiv Das real?
He does appear in videos but his credentials are unclear. Very little background information on Rajiv Das is available, raising questions around his experience legitimacy as the founder and leader of a cryptocurrency platform.
Conclusion
Hummingbird Network displays multiple red flags characteristic of a pyramid scheme or scam. There is little independent objective evidence to reliably verify the legitimacy of their mining operations, products, registration status, leadership team, and overall business model sustainability.
While no formal legal action has been taken yet, extreme caution is advised for those considering participation. Hummingbird Network’s compensation plan and mining packages most closely resemble an unauthorized investment scheme dependent on recruitment. Losses can be high for later participants if the scheme collapses or gets shut down by regulators.
Anyone approached to join Hummingbird Network should think twice before handing over any money or getting involved. True legitimacy, mining capabilities, leadership credentials, and long-term business viability have not been reliably established at this point in time.
For consumers interested in exploring blockchain, cryptocurrency and mining, safer options exist at established transparent companies that do not rely heavily on recruitment and multi-level marketing structures. Hummingbird Network carries too many red flags and risks based on currently available information.
