A new Cloud Mining App came to my attention, available for both Android and iOS: Cheatmoon DeFi and the age-old question came to mind: Is it a scam or legit?
Let’s find out, shall we? For better readability I’ve divided this article into the following sections:
The Cheatmoon App
Like the already reviewed Pi App, Cheatmoon allows you to start the mining process by pushing a button every 24 hours. After installing the app and registering you will receive 10 free Cheatmoons and you will start mining with a rate of 20 CTM per hour by now.
Every 20 minutes you are presented a gift either in form of free Cheatmoons or an increase of your mining rate. To unwrap your gifts you will need to watch an ad. Those ads are a bit annoying but I guess they’ll cover traffic and hardware costs.
So there is nothing more to say here. The App is very intuitive and I never experienced any errors on my Android so far. Since I do not own any Apple Hardware I was not able to test the App on an iOS device. If you want to do a little review on the Apple part, hit me up on Twitter.
A form of gamification through the form of ranks allows users to show off their prestige or to give them an indication of where they stand relative to other users on the network.
The current available ranks are:
Cadet I to V
Supporter I to V
Enthusiast I to V
Whale I to V
You are able to add users in your team to Trust Circles: Each user may have up to 10 trustworthy members in their security circle for which it vouches not to execute fraudulent transactions.
White Paper & Milestones
White Papers are written or published as an official report of a meeting or design. It has become a trend for businesses to release a white paper explaining the various aspects and goals of a particular project before the project is launched.
I must admit: Cheatmoon’s Whitepaper reads quite well and is understandable as well as the Milestone Plan:
The People behind Cheatmoon
Nothing much to tell here. Neither Cheatmoon’s Website nor the Whitepaper provide any information whatsoever about the people behind the project which is a huge lack in terms of transparency imho. And this is the one thing that concerns me.
There is no imprint on cheatmoon.com either, but to be fair this not mandatory everwhere in the world.
So I wrote an Email to firstname.lastname@example.org with the request to provide some additional information about the project. The Email address is not working (2022-03-05).
A ‘whois’ wasn’t very successful either:
[...] Domain Name: CHEATMOON.COM Registry Domain ID: 2646603717_DOMAIN_COM-VRSN Registrar WHOIS Server: whois.tucows.com Registrar URL: http://tucowsdomains.com Updated Date: 2021-10-09T17:51:11 Creation Date: 2021-10-09T16:38:58 Registrar Registration Expiration Date: 2022-10-09T16:38:58 Registrar: TUCOWS, INC. Registrar IANA ID: 69 Reseller: BusinessICS.com Domain Status: ok https://icann.org/epp#ok Registry Registrant ID: Registrant Name: REDACTED FOR PRIVACY Registrant Organization: REDACTED FOR PRIVACY Registrant Street: REDACTED FOR PRIVACY Registrant City: REDACTED FOR PRIVACY Registrant State/Province: SV Registrant Postal Code: REDACTED FOR PRIVACY Registrant Country: RO Registrant Phone: REDACTED FOR PRIVACY Registrant Phone Ext: Registrant Fax: REDACTED FOR PRIVACY Registrant Fax Ext: Registrant Email: https://tieredaccess.com/contact/d88010db-b255-4c9c-b276-9bd55ed6100b Registry Admin ID: Admin Name: REDACTED FOR PRIVACY Admin Organization: REDACTED FOR PRIVACY Admin Street: REDACTED FOR PRIVACY Admin City: REDACTED FOR PRIVACY Admin State/Province: REDACTED FOR PRIVACY Admin Postal Code: REDACTED FOR PRIVACY Admin Country: REDACTED FOR PRIVACY Admin Phone: REDACTED FOR PRIVACY Admin Phone Ext: Admin Fax: REDACTED FOR PRIVACY Admin Fax Ext: Admin Email: REDACTED FOR PRIVACY Registry Tech ID: Tech Name: REDACTED FOR PRIVACY Tech Organization: REDACTED FOR PRIVACY Tech Street: REDACTED FOR PRIVACY Tech City: REDACTED FOR PRIVACY Tech State/Province: REDACTED FOR PRIVACY Tech Postal Code: REDACTED FOR PRIVACY Tech Country: REDACTED FOR PRIVACY Tech Phone: REDACTED FOR PRIVACY Tech Phone Ext: Tech Fax: REDACTED FOR PRIVACY Tech Fax Ext: Tech Email: REDACTED FOR PRIVACY Name Server: ns1.site4now.net Name Server: ns2.site4now.net Name Server: ns3.site4now.net DNSSEC: unsigned Registrar Abuse Contact Email: email@example.com Registrar Abuse Contact Phone: +1.4165350123 URL of the ICANN WHOIS Data Problem Reporting System: http://wdprs.internic.net/ >>> Last update of WHOIS database: 2022-03-05T11:33:01Z <<< [...]
Could it be a Scam?
Yeah, that thought came to my mind.
If you take a closer look at the lawless and unregulated crypto world, the risk of falling victim to fraud is very high as scammers often have the upper hand.
So before you jump into the crypto craze, be mindful that cryptocurrencies and related financial products may be nothing more than public facing fronts for Ponzi schemes and other frauds.
So you see, a little consideration is not the worst idea.
Or is it legit?
In my opinion Cheatmoon is legit. The App and Website are updated frequently, communication channels through social media are provided and the Whitepaper seems solid. But please do not take my word for granted. I’m just a guy blogging about crypto. Always do your own reasearch!
Let’s be objective: Cheatmoon is a rather new app with a still growing user base. And I can imagine, setting up such a service and managing all the little details can be quite overwhelming. If you ever founded a company you could agree.
But ask yourself the following question: What would be the risk in trying out Cheatmoon? As far as I am concerned, there is none. Cheatmoon does not ask you to invest money in any form or steal your personal data. The worst thing that cold happen is that you lose a couple of seconds every day by pressing that rocket button.
Cheatmoon Network is an initiative built by industry specialists within the financial and blockchain fields. The team has set to tackle some of the major issues in today’s digital asset solutions. From the outrageous transaction fees to the annoyingly slow processing times.
Remember: In order to use Cheatmoon DeFi you will need a referral code. Simply use cryptocrips and start earning!