CONNECT model: Between ‘hub’ and repetition into risk?
CONNECT (connect.ac) promotes itself as a ‘private hub’ for crypto and DeFi services. Behind it are providers such as WADZ, BXpay, NodeK and Centtura – and rhetoric that is strikingly reminiscent of Safir, Zeniq, XPro and Homnifi. For investors from the EU, this raises legal and consumer protection issues.
A new name, old acquaintances
The platform CONNECT (connect.ac) describes itself as a referral hub and lists ‘trusted providers’ such as WADZ, BXpay, NodeK and Centtura. In its FAQ, CONNECT explicitly distinguishes its referral model from classic MLM mechanisms (‘no binary trees, no forced purchases’). At the same time, the business model is based on a referral system that rewards invitations.
For critical observers, this is reminiscent of familiar structures: Safir, Zeniq, XPro and Homnifi worked with similar narratives until regulatory authorities such as the FMA New Zealand and ASIC Australia intervened.
WADZ: Licences, 50/50 pools and ‘recovery programme’
WADZ requires licences for participation. According to official WADZ documents, deposits are automatically exchanged for 50% in ETH and made available as ETH/USDC-LP on Uniswap; returns are fed from pool fees. The licence tiers range up to a profit split of 70/30 (ULTRA) and are mostly limited to a 3× yield cap.
The ‘Recovery Programme’ is particularly sensitive: it is aimed at users of previous communities or failed DeFi projects and allows the conversion of certain legacy tokens (including Homnifi Promo, T-Balance, Journey Bridge) into a non-transferable WADZ balance, often under a separate ‘Recovery Licence’. However, the WADZ Docs do not indicate a general classification of all Homnifi tokens as legacy assets.
NodeK and BXpay: recurring motifs
In addition to WADZ, NodeK appears, an offering for ‘hardware-supported minting’. Technical descriptions refer to the coupling of physical devices with token rewards – rhetoric that is already familiar from the Safir/Zeniq era.
BXpay positions itself as a payment provider with account-to-account payments and low fixed fees (provider: BankXcellerator ApS, Denmark). What is striking is the similarity of the name to ‘B2Pay’, a provider that was explicitly mentioned in the FMA warning about XPro.
Legal grey area and possible violations
For investors in the EU, the question arises as to the legality of the offers:
- Licensing requirement: Models with licence fees, profit sharing and automated pools may fall under the KWG (Germany), the BWG (Austria) or the upcoming MiCA Regulation. Without a licence, such offers may not be legally operated in the EU.
- Consumer protection: Targeting investors who have already suffered losses via a ‘recovery programme’ may be considered exploitation of a particular situation (Section 4a UWG) – depending on the individual case.
- Misleading: Marketing statements such as ‘transparent’, “fair” or ‘no MLM’ conceal the economic reality: users continue to bear risks such as smart contract errors, impermanent loss and licence costs, which do not exist on traditional DeFi platforms.
Repetition of a familiar pattern
A look at Safir, Zeniq, XPro and Homnifi reveals parallels: licence fees, referral mechanisms, technical buzzwords and marketing as an ‘innovative ecosystem’. CONNECT now presents itself as a ‘hub’ that bundles these mechanisms under a new name.
The fact that providers who have already been mentioned in critical reports or official warnings are appearing raises questions about continuity and responsibility.
Conclusion
CONNECT presents itself as a gateway to projects such as WADZ, BXpay and NodeK. The structures are more professionally designed than previous MLM promises, but the risks remain the same: barriers to entry due to licences, psychological appeals to previous victims, lack of regulation and non-transparent earnings models.
For investors, the following applies: anyone who has ever lost money with Safir, Zeniq, XPro or Homnifi should treat CONNECT with the utmost caution. Based on the current facts, it is questionable whether the model can even be operated legally in the EU. Whether this is the case is currently being investigated.
Note
This article is based on publicly available sources, documented complaints from investors and an official press enquiry. This is a journalistic analysis. All statements about legal risks or possible contractual constellations are to be understood as assessments, not as conclusive legal advice. Those affected should seek legal advice if in doubt.
Sources (as of 18 September 2025)
- CONNECT (connect.ac), ‘Trusted Providers’ and FAQ, provider: Austen Integrated Systems, One by Omniyat, Business Bay – Dubai. Online: https://connect.ac
- WADZ Docs (GitBook), Concept & Mission, Participation & Setup (50% USDC/50% ETH, Uniswap pool). Online: https://wadz.gitbook.io/wadz-docs
- WADZ Docs (GitBook), Licence & Fees (Profit Share up to 70/30, Earn Cap 3×). Online: https://wadz.gitbook.io/wadz-docs
- WADZ Docs (GitBook), Recovery Programme (e.g. Homnifi Promo, T-Balance, Journey Bridge; Recovery Licence). Online: https://wadz.gitbook.io/wadz-docs
- Financial Markets Authority (FMA) New Zealand, Investor Warning: XPro and associated providers (Shiiro Academy, B2Pay, Homnifi), 09.05.2025. Online: https://www.fma.govt.nz
- Australian Securities and Investments Commission (ASIC) / MoneySmart, Investor Alert List – entry on Homnifi. Online: https://moneysmart.gov.au/check-and-report-scams/investor-alert-list
- LayerK Docs (GitBook), NodeK 1.0 Minting – description of hardware-based token minting mechanisms. Online: https://layerk.gitbook.io
- Homnifi Docs (GitBook), Understanding NodeK. Online: https://homnifi.gitbook.io
- BXpay (bxpay.online), website – provider BankXcellerator ApS, account-to-account payments. Online: https://bxpay.online
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