It’s official — Magellan International is closing its doors
Magellan International has been getting a lot of attention on the web lately.
Because there is so much hype, a lot of network marketers are trying to sell this opportunity all over the place, including all over social media. But have you heard they might be closing?
I want to let you all know that I am NOT in any way promoting or selling Magellan International.
I have simply gathered for you all the facts in this Magellan International Review in order for you to make a proper decision about it.
So, is it true? Is Magellan International a scam?
Can it really help you build an online empire?
Let’s carry on with the review.
What Is Magellan International?
Magellan International, the failed crypto MLM opportunity, is officially shutting down.
Jef Welch, a previous Master Distributor or was then appointed to President of the company, served as CEO between June 20 and December 15, 2018, to try and make the best of the current situation and ensure that all affiliates were refunded as a result of the closure.
According to Welch:
“I joined CGI/Magellan to study the possibilities of solutions for cryptocurrency companies in the MLM space. I saw so many people in the industry being burned and my objective was to find the solutions.
I negotiated with the owners to take several actions to protect the approximate 35,000 members to assure Magellan was not one of those companies who left people burned, knowing this would cost the owners a tremendous amount of funds.”
Underbelly scams are far too common in the MLM space, opening up, promising big earnings, and then abandoning their members when times get tough. It sounds like this could have been the story for Magellan International, but thanks to the help of Jef Welch, this story may have a happier ending than other similar situations.
A financial agency in Irvine, California in the United States is handling the audit process to make sure any members that need refunds get them and the process is being done in a legal way from start to finish.
“This is a major win in the MLM/Cryptocurrency niche. Everyone who is deemed eligible by the liquidator receives their refund, and they get their cryptocurrency.”
If you’ve followed the MLM space for any amount of time, you’ll know that the world of crypto has seen a lot of failed opportunities. A lot of brands saw the rise of bitcoin, created opportunities to cash in on the popularity, but when it eventually collapsed, so too did all of these startups hoping to make it big.
Some of these companies had good intentions, others not so much.
“The Magellan business model, supported by the 3rd party mining operations was deemed unsustainable once the BTC value dropped below $6,000. Most cryptocurrency businesses during the year of 2018 experienced major downturns as well, which the niche went into a crypto-winter.”
Welch continues with the following:
“In June 2018 Edward Reyes asked that I take on the role of CEO. (Lorence Irvine, former CEO was experiencing health issues.) Mr. Reyes made it very clear that he wanted me to take the role because he understood my concerns and asked me to help correct the issues.
October 1, I announced that November 27th would be the end of all sales of packages. At that time, the overall business expenses of the company, was moving deep into the negative as the BTC prices stayed way below the $6K benchmark.
Although the owners were willing to continue to self-fund the company until the crypto-winter passed, I expressed once again that the business model was a broken business model, and it should be liquidated and all qualifying members be refunded if due.”
This whole situation surrounding Magellan International is a messy one, but once again, it’s not unique in the sense that it’s a failed crypto opportunity where a lot of people could have lost a lot of money.
It’s lucky for the involved affiliates that Jef Welch managed to turn things around in the end to ensure they receive refunds, but that’s unfortunately not what usually happens in these cases.
Is Magellan International A Scam?
Have you heard from a friend that Magellan International is a scam?
Based on this review, it might be hard to tell.
What exactly is the truth about Magellan International – is it a scam or legit?
Good news – Magellan International is not a scam – it just didn’t work out.
But, be sure to take a look at the conclusion, because there are some things you should be aware of.
This is how you will build a successful in your business.
Let me help you make more money.
Magellan International Review Conclusion
I sure hope that you have found my Magellan International review helpful for you.
Some other reviews have been pretty scant on details, and I wanted my Magellan International review to have all the information for you.
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