SwapIT offers no info on its web site about who owns or runs the corporate.
SwapIT’s web site area “swapit.io” was privately registered on September 2nd, 2019.
Additional analysis reveals Eric Alexandre Ceret credited as SwapIT’s founder and CEO:
Alexandre is your typical crypto bro, full with a string of failed crypto tasks.
JetCoin (to not be confused with the Ponzi scheme of the identical title), is Alexandre’s crypto declare to fame.
Launched in mid 2017, JetCoin instantly dumped. In early 2018 there was a pump to simply over $1, after which pumped to simply over $1 earlier than flatlining to 1 to 2 cents.
JetCoin is at the moment at six cents, which we’ll talk about within the conclusion of this overview.
Another person of notice in SwapIT’s company group is Rune Evensen.
Evensen is a serial scammer courting again to the Unaico SiteTalk days. Evensen fronted Unaico/SiteTalk’s reboot, The Alternative Community.
By these connections (Dan Andersson, Sebastian Greenwood and Kenny Nordlund), Evensen has ties to the infamous OneCoin Ponzi scheme.
I’m glossing over Evensen’s scamming, which undoubtedly didn’t decelerate after OneCoin, by skipping to the final rip-off he was tied to.
BehindMLM reader Semjon tied Evensen to Snap Improvements, by some bullshit crypto firm going by Coss.
Circa February 2019, Eversen was CEO of Coss.
Snap Improvements is/was a crypto Ponzi manufacturing facility. The corporate is finest identified for Torque Buying and selling, an MLM crypto Ponzi that scammed individuals out of hundreds of thousands.
In keeping with their respective social media profiles, Eric Alexandre Ceret and Rune Eversen are each based mostly out of Singapore.
Whether or not there are different notable SwapIT executives is unclear.
As at all times, if an MLM firm will not be overtly upfront about who’s operating or owns it, suppose lengthy and onerous about becoming a member of and/or handing over any cash.
SwapIT’s Merchandise
SwapIT has no retailable services or products.
Associates are solely capable of market SwapIT affiliate membership itself.
SwapIT’s Compensation Plan
SwapIT associates spend money on playing cards, which signify one token every.
- Apprentice – no funding so no playing cards
- Starter – make investments 50 and obtain 6 playing cards
- Bronze – make investments $200 and obtain 25 playing cards
- Silver – make investments $500 and obtain 60 playing cards
- Gold – make investments $1000 and obtain 125 playing cards
- Platinum – make investments $2500 and obtain 325 playing cards
- Diamond – make investments $5000 and obtain 700 playing cards
- Legend – make investments $10,000 and obtain 1500 playing cards
Card tokens are organized like a deck of playing cards, besides playing cards quantity into the hundreds of thousands.
As they’re invested in, card tokens are purportedly randomly generated.
As soon as invested in, card tokens are parked at SwapIT swimming pools. That is performed on the promise of a month-to-month return in bitcoin.
SwapIT claims 30% of invested funds are recycled to pay month-to-month pool returns.
There are six SwapIT month-to-month ROI swimming pools.
Together with their qualification standards, they’re as follows:
- Neighborhood Pool – associates can make investments as much as 100 card tokens into the Neighborhood Pool every month (1 card token = 1 share)
- 4 of a Type Pool – teams of 4 card tokens which can be the identical quantity will be submitted, ten 4 of a sort groupings per affiliate allowed every month
- Straight Flush Pool – 5 numbered playing cards in sequence and of the identical go well with will be submitted, ten straight flush groupings per affiliate allowed every month
- Royal Straight Flush Pool – 10 to Ace of the identical go well with, as much as ten royal straight flush groupings per affiliate allowed every month
- 5 Aces Pool – 5 aces of any go well with, 5 5 Aces groupings per affiliate allowed every month
- 5 Suited Aces Pool – 4 identical go well with Aces plus one identical suited Joker, one 5 Suited Aces Pool allowed every month
Joker card tokens act as wildcards.
Returns are categorized into numerous “swimming pools”, which require sure card token mixtures to receives a commission on.
Card tokens are purportedly issued randomly in funding packs.
SwapIT associates with not less than 4 card tokens parked additionally obtain a shitcoin return every month.
SwapIT chooses which shitcoin they pay out every month. The corporate claims it spends 20% of company-wide funding on shitcoin acquisition.
The MLM aspect of SwapIT is tied to recruitment and downline funding quantity.
Funding quantity (BV) is generated when an affiliate is recruited, in addition to by direct funding in SwapIT playing cards.
- recruiting an Apprentice tier affiliate doesn’t generate funding quantity
- recruiting a Starter tier affiliate generates 50 BV
- recruiting a Bronze tier affiliate generates 200 BV
- recruiting a Silver tier affiliate generates 500 BV
- recruiting a Gold tier affiliate generates 1000 BV
- recruiting a Platinum tier affiliate generates 2500 BV
- recruiting a Diamond tier affiliate generates 5000 BV
- recruiting a Legend tier affiliate generates 11,000 BV
- $25 a month funding autoship = 25 BV
- $50 a month funding autoship = 50 BV
- $100 a month funding autoship = 100 BV
SwapIT Affiliate Ranks
There are nineteen ranks inside SwapIT’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Activated Members – recruit an affiliate who has invested in not less than one card
- Supporter 1 – generate 5000 BV in downline funding quantity
- Supporter 2 – generate 10,000 BV in downline funding quantity
- Supporter 3 – generate 25,000 BV in downline funding quantity
- Crew Chief 1 – generate 50,000 BV in downline funding quantity
- Crew Chief 2 – generate 100,000 BV in downline funding quantity
- Crew Chief 3 – generate 250,000 BV in downline funding quantity
- Coach 1 – generate 500,000 BV in downline funding quantity
- Coach 2 – generate 1,000,000 BV in downline funding quantity
- Coach 3 – generate 2,500,000 BV in downline funding quantity
- Supervisor 1 – generate 5,000,000 BV in downline funding quantity
- Supervisor 2 – generate 10,000,000 BV in downline funding quantity
- Supervisor 3 – generate 25,000,000 BV in downline funding quantity
- Government 1 – generate 50,000,000 BV in downline funding quantity
- Government 2 – generate 100,000,000 BV in downline funding quantity
- Government 3 – generate 250,000,000 BV in downline funding quantity
- President 1 – generate 500,000,000 BV in downline funding quantity
- President 2 – generate 750,000,000 BV in downline funding quantity
- President 3 – generate 1,000,000 BV in downline funding quantity
Quick Begin Bonus
SwapIT associates who recruit 4 investing associates inside their first 4 weeks obtain a Quick Begin Bonus.
The Quick Begin Bonus pays the typical of funds invested into SwapIT by the 4 associates.
- 50% of the Quick Begin Bonus is paid in bitcoin
- 50% of the Quick Begin Bonus is paid in new card tokens
Residual Commissions
SwapIT pays residual commissions through a binary compensation construction.
A binary compensation construction locations an affiliate on the high of a binary group, break up into two sides (left and proper):
The primary degree of the binary group homes two positions. The second degree of the binary group is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary group are generated as required, with every new degree housing twice as many positions because the earlier degree.
Positions within the binary group are crammed through direct and oblique recruitment of associates. Notice there isn’t any restrict to how deep a binary group can develop.
On the finish of every week SwapIT tallies up new funding quantity on each side of the binary group.
Residual commissions are paid as 10% of funds matched on each side. Legend tier SwapIT associates obtain 12%.
- Apprentices are capped at $500 in weekly earnings
- Starters are capped at at $1000 every week
- Bronzes are capped at $2500 every week
- Silver are $500 to affix, capped at $5000 every week
- Gold – $1000 to affix, capped at $10,000 every week
- Platinum – $2500 to affix, capped at $20,000 to $50,000 every week
- Diamond – $5000 to affix, capped at $25,000 to $100,000 every week
- Legend – $10,000 to affix, capped at $50,000 to $150,000 every week
Notice that solely 65% of earned residual commissions are paid out. The remaining 35% is break up as follows:
- 10% is stored by SwapIT
- 25% is paid in new card tokens
As soon as paid out on, matched binary quantity is flushed. Leftover quantity does carry over however is discarded after 26 weeks.
Matching Bonus
SwapIT pays a Matching Bonus on residual commissions earned by downline associates.
The Matching Bonus is paid out through a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel group, with each personally recruited affiliate positioned immediately beneath them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel group.
If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.
SwapIT caps the Matching Bonus at seven unilevel group ranges.
What number of ranges the Matching Bonus is earned on is set by recruitment standards:
- recruit 4 SwapIT associates who’ve invested and obtain a 5% match on degree 1 (personally recruited associates)
- recruit eight SwapIT associates who’ve invested and obtain a 5% match on ranges 1 and a pair of
- recruit twelve SwapIT associates who’ve invested and obtain a 5% match on ranges 1 to three
- recruit sixteen SwapIT associates who’ve invested and obtain a 5% match on ranges 1 to 4
- recruit twenty SwapIT associates who’ve invested and obtain a 5% match on ranges 1 to five
- rank at Coach 2 and have recruited twenty SwapIT associates who’ve invested, and obtain a 5% match on ranges 1 to six
- rank at Supervisor 2 and have recruited twenty SwapIT associates who’ve invested, and obtain a 5% match on ranges 1 to 7
As with residual commissions, SwapIT pays out the Matching Bonus as follows:
- 65% is paid in bitcoin
- 10% is stored by SwapIT
- 25% is paid in new card tokens
Rank Achievement Bonus
Beginning at Coach 2, SwapIT rewards associates with the next Rank Achievement Bonuses:
- qualify at Coach 2 and obtain an “incentive journey”
- qualify at Supervisor 2 and obtain a “luxurious journey
- qualify at Government 2 and obtain a “resort residence”
- qualify at President 3 and obtain a “resort villa”
Becoming a member of SwapIT
SwapIT affiliate membership prices vary between free and $1000.
- Apprentice – no value
- Starter – $50
- Bronze – $200
- Silver $500
- Gold – $1000
The extra a brand new SwapIT affiliate spends on membership the upper their earnings potential.
- Apprentices are capped at $500 in weekly earnings
- Starters are capped at at $1000 every week
- Bronzes are capped at $2500 every week
- Silvers are capped at $5000 every week
- Golds are capped at $10,000 every week
- Platinums are capped at $20,000 to $50,000 every week
- Diamonds are capped at $25,000 to $100,000 every week
- Legends are capped at $50,000 to $150,000 every week
With the variable caps on Platinum to Legend, the primary determine is the beginning cap.
The second determine cap is achieved through rank promotion.
SwapIt Conclusion
SwapIT is marketed with typical crypto phrase salad jargon. The corporate claims it’s
optimized for the DEFI world marekt with NFT collectibles and seamless cellular expertise.
Behind the advertising, SwapIT is a smart-contract Ponzi scheme. Connected to that could be a shitcoin pump and dump manufacturing facility.
Let’s break down the Ponzi scheme first.
Card tokens are simply common ERC-20 smart-contract tokens, of which there are simply over 980 million.
How card tokens are represented on SwapIT’s front-end is beauty. On SwapIT’s backend card tokens are simply smart-contract tokens with totally different numerical values.
Past that, we don’t have to waste our time entering into tHe TeChNiCaLs (which SwapIT don’t present on their web site anyway).
SwapIT associates spend money on card tokens. SwapIT units apart 30% of recent funding and makes use of that pay returns.
That’s a Ponzi scheme.
The shitcoin pump and dump manufacturing facility sees SwapIT hailed as shitcoin treasure hunters, offering pre-pump alternatives for affiliate buyers to money out on.
In actuality all they’re doing is making backroom offers with shitcoin creators. Or simply creating the cash themselves, which takes about 5 minutes by the ERC-20 platform.
Naturally one of many shitcoins dumped on SwapIT associates was Eric Alexandre’s JetCoin.
You possibly can plot this on JetCoin’s public buying and selling chart:
No surprises there.
SwapIT additionally has its personal “swapit token” (SWIT).
SWIT is one other ERC-20 shitcoin and isn’t publicly tradeable.
SWIT is launched to SwapIT associates at each 10% of 980 million card token funding milestone.
Along with decreasing bitcoin payouts to SwapIT associates, SWIT’s solely seems to be bidding on in home generated NFTs.
SwapIT surfaced round seven months in the past. Which is across the time the short-lived NFT fad hit mainstream press.
At this time the NFT crypto area of interest is a clusterfuck of scammers promoting algorithm generated clipart to gullible morons.
Animals are the clipart style of selection, with every NFT rip-off including its personal beauty twist.
NFTS are built-in into SwapIT by the use of Jokers.
If a SwapIT associates receives a Joker and parks it with one of many Ponzi swimming pools, an NFT is generated and offered to charity profit SwapIT’s executives.
Alternatively the affiliate can request an NFT be generated and commerce the Joker card in. They’re then free to promote the NFT for no matter they’ll get for it.
The MLM aspect of SwapIT is a pyramid scheme. You enroll and receives a commission to recruit different affiliate buyers. Fairly straight ahead.
From a regulatory perspective, SwapIT’s MLM alternative is a securities providing.
SwapIT associates enroll and make investments on the expectation of a passive return. Should you’re in denial about this actuality have a take heed to how SwapIT affiliate Matt Noronha’s advertising pitch.
[14:16] On common you’re gonna have tokens every month value between 300 and 4 hundred {dollars}.
So I need you to jot down that down initially; Should you’re a Legend Holder, you’re going to have averagely three to 4 hundred {dollars} a month of the token.
[15:18] Let’s simply take that instance of somebody who buys a Legend Pack, proper?
They’re going to be making about $300 a month.
[15:33] The SwapIT group’s job is to go and discover you cash, that are gonna 10x, 100x and 1000x.
As with all MLM Ponzi schemes, as soon as SwapIT affiliate recruitment dries up so too will new funding.
This may starve SwapIT of ROI income, ultimately leaving SwapIT associates unable to withdraw.
Cue the inevitable admin disappearance or SWIT public alternate dump.
Both method math is math. The vast majority of SwapIT associates will lose cash.
Replace thirtieth October 2021 – Someday between October twenty first and this replace, Matt Noronha has deleted his SwapIT YouTube advertising video.
I had offered a hyperlink to the video however as a consequence of Noronha deleting it have disabled the hyperlink.