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Monarch’s homepage is somewhat cryptic:

“Monarch is completely free to join and enables you to begin earning weekly revenue immediately.”

We receive a bit more information farther down the page:

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

Monarch is an authorized distributor of United Crypto cards and any future United Solutions ecosystem goods”.

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

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

He joined the Wellstar pyramid scam in 2015. Following the collapse of Wellstar, Kruusmaa transitioned to cryptocurrency fraud with the infamous OneCoin Ponzi scam.

Kruusmaa was a member of Igor Alberts’ downline, which switched to DagCoin following the collapse of OneCoin in early 2017.

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

That did not last long, as Kruusmaa joined United Token as Head of Marketing later that year.

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

Kent Kruusmaa is the co-founder of EliteX Exchange, Ex Utility Token, Ucube Crowdfunding platform, Monarch, and U-land marketplace.

I’ve never heard of Ucube or U-land, but I did take note of EliteX last November.

I wanted to draw attention to a Ponzi scheme that is being perpetrated using Erik Nurm’s Coinswap Space fraud platform.

Kent Kruusmaa, a former OneCoin and DagCoin Ponzi schemer, runs EliteX Exchange.

Usual crypto shitcoin nonsense: buy ex tokens and earn 250 % staking, or 240 % if you “farm” with CoinSwap Space’s CSS shitcoin.

Referral commissions are not multilevel marketing; you earn $5 USDT for each affiliate investor you bring.

Eirk Nurm is a member of the TronCase Ponzi scheme. Following the demise of TronCase, he founded the CoinSwap Space blockchain bro factory.

Martin Karus was Erik Nurm’s accomplice in the crime. Karus made an appearance last month on a Monarch webinar presented by promoter Fallon Neeme:

Unofficially, it looks as though Nurm and Karus, two Troncase fraudsters, are collaborating with Kaaruusma.

Kaaruusma is utilizing Nurm’s CoinSpace platform to establish his own crypto fraud factory. Monarch is the most recent addition.

Monarch was formally released in November, about the same time EliteX made its debut:

Stay tuned for a comprehensive overview of Monarch’s multilevel marketing potential.

Products by Monarch

Monarch does not sell items or services to the general public.

Affiliates are only permitted to promote the Monarch affiliate program.

Compensation Plan

Monarch’s affiliates invest in unified tokens (UTED).

  • United Standard – EUR 50 entitles you to EUR 60 in UTED tokens (locked for 12 months);
  • United Silver 250– EUR 250 entitles you to 375 EUR in UTED tokens (locked for 12 months);
  • United Silver 1000 – EUR 1000 entitles you to get EUR 1500 in UTED tokens (locked for 12 months);
  • United Silver 2500 – EUR 2500 provides you with UTED tokens worth EUR 3750 (locked for 12 months);
  • United Gold 1000 – EUR 1000 entitles you to a total of EUR 2200 in UTED tokens (locked for 24 months);
  • United Gold 2500 – EUR 2500 entitles you to UTED tokens worth EUR 2500 (locked for 24 months);
  • United Gold 7500 – EUR 7500 entitles you to UTED tokens worth EUR 7500 (locked for 24 months);
  • Maxx Limited – EUR 10,000 entitles you to get EUR 30,000 in UTED tokens (released weekly over 156 weeks).

Monarch’s website does not include pricing for purchasing UTED tokens.

Given Monarch’s ability to create UTED on demand, it is unknown if UTED is sold at the current market price or at a reduced internal rate.

Monarch’s MLM division pays commissions on investments made by directly and indirectly recruited affiliates.

Affiliate Ranks

Monarch’s pay structure is divided into twelve tiers.

They are as follows:

  • Silver – create and maintain a monthly binary team volume of 2000 BV;
  • Platinum – create and maintain a monthly binary team volume of 10,000 BV;
  • Topaz – produce and maintain a monthly binary team volume of 20,000 BV;
  • Sapphire – create and maintain a monthly binary team volume of 40,000 BV;
  • Ruby – produce and manage a monthly binary team volume of 80,000 BV;
  • Emerald – create and maintain a monthly binary team volume of 160,000 BV;
  • Diamond – create and maintain a monthly binary team volume of 320,000 BV;
  • Blue Diamond – create and maintain a monthly binary team volume of 640,000 BV;
  • Black Diamond – produce and maintain a monthly binary team volume of 1,200,000 BV;
  • Crown Diamond – produce and maintain a monthly binary team volume of 2,400,000 BV;
  • Ambassador – create and maintain a monthly binary team volume of 5,000,000 BV.

BV stands for “Business Volume” and is created through affiliate investment.

Weekly Commissions

Monarch establishes a weekly commission cap based on rank:

  • Affiliates with a Silver ranking can earn up to EUR 200 every week;
  • Affiliates with a Platinum ranking can earn up to EUR 1000 every week;
  • Affiliates with a Topaz ranking can earn up to EUR 5000 each week;
  • Affiliates with a Sapphire ranking can earn up to EUR 10,000 every week;
  • Affiliates with a Ruby ranking can earn up to EUR 15,000 per week;
  • Affiliates with an Emerald ranking can earn up to EUR 20,000 every week;
  • Affiliates with a Diamond ranking can earn up to EUR 25,000 every week;
  • Affiliates with a Blue Diamond ranking can earn up to EUR 35,000 every week;
  • Affiliates with a Black Diamond ranking can earn up to EUR 45,000 every week;
  • Affiliates classified as Crown Diamonds can earn up to EUR 50,000 every week.

Referral Commissions 

Monarch pays a 5% referral commission on monies invested by directly recruited affiliates.

Monarch distributes referral commissions in TRON every week.

Residual Commissions 

Monarch compensates residual commissions in a binary manner.

Monarch keeps track of fresh volume (BV) on both sides of the binary team at the conclusion of each day.

Affiliates are compensated 10% of the volume created by their inferior binary team.

Commissions on residual sales are paid in TRON.

Once paid out, the weaker volume is matched and flooded against the stronger side.


The official marketing scheme employed by Monarch has little to do with the MLM potential:

“Monarch affiliates can sell real estate, United crypto cards, marketing for United properties, United Token cryptocurrency, or United exchange items.

Platforms operate on a referral basis and are completely free to join, which is why we surpassed 1000 affiliates in our first month”.

In a word, Monarch is an excuse for Kent Kruusmaa’s larger crypto fraud platform to enroll fools.

United coin was released late last year and saw a brief surge followed by the inevitable crash:

UTED remained down at roughly two cents until mid-February when the following began to occur:

In any case, investing in Monarch enables Kruusmaa to distribute UTED tokens to investors. Unless they deposit EUR 10,000, said investors face 12/24 month lockouts.

This is to halt sales in the expectation that limited external interest and whatever is occurring in the chart above may drive up the value prior to those deadlines. Of course, if you deposit 10,000 EUR, you get to cash out first.

That is all. Monarch investors are also exposed to Kruusmaa’s recycled EliteX exchange (along with ex-token staking investments and Coin Swap Space’s css token).

Making the case for securities fraud is a little murky, given that Monarch does not pay out any overt returns (via staking or otherwise). What is certain is that nobody invests in UTED tokens in the hope of profit.

One may claim that encrypting the tokens creates a common entity, satisfying the Howey Test. Profit generated from the labor of others is undoubtedly satisfied, as any growth in UTED’s trade value is a result of external investment.

Monarch’s “M-Points” are another dubious component.

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

The more M-DEX tokens an affiliate has, the greater their part of a pool allegedly supported by M-DEX transaction fees:

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

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

Both its MPoints –> M-DEX token strategy and suggested “invest in our UTED tokens because of the moon” swing the scales in Monarch’s favor.

Nor are there any audited financial records demonstrating that Monarch is performing as promised on the backend.

Monarch’s MLM division operates as a pyramid scam, as no products or services are offered or sold to ordinary investors.

One critical point to notice is that, despite the proliferation of shittokens offered by Kruusmaa, none of them can be used to sign up for Monarch affiliate membership.

Kruusmaa is not interested in his own tokens since he is aware of their worthlessness.

Coming from OneCoin and DagCoin, the cynic in me feels EliteX, United Token, and Monarch are Kruusmaa learning that only those operating token scams become wealthy.

Others may earn some money advertising them, as Kruusmaa did with OneCoin and DagCoin, but long-term gains are not maximized until the tokens are generated on demand and flogged.

Regrettably, those profits are derived from gullible investors. As history demonstrates, both OneCoin and DagCoin are rife with shittoken bagholders; do not be one of them!

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