SwapIT provides no information on its website about who owns or runs the company.
SwapIT’s website domain “swapit.io” was privately registered on September 2nd, 2019.
Further research reveals Eric Alexandre Ceret credited as SwapIT’s founder and CEO:
Alexandre is your typical crypto bro, complete with a string of failed crypto projects.
JetCoin (not to be confused with the Ponzi scheme of the same name), is Alexandre’s crypto claim to fame.
Launched in mid 2017, JetCoin immediately dumped. In early 2018 there was a pump to just over $1, after which pumped to just over $1 before flatlining to 1 to 2 cents.
JetCoin is currently at six cents, which we’ll discuss in the conclusion of this review.
Someone else of note in SwapIT’s corporate team is Rune Evensen.
Evensen is a serial scammer dating back to the Unaico SiteTalk days. Evensen fronted Unaico/SiteTalk’s reboot, The Opportunity Network.
Through those connections (Dan Andersson, Sebastian Greenwood and Kenny Nordlund), Evensen has ties to the notorious OneCoin Ponzi scheme.
I’m glossing over Evensen’s scamming, which definitely didn’t slow down after OneCoin, by skipping to the last scam he was tied to.
BehindMLM reader Semjon tied Evensen to Snap Innovations, through some bullshit crypto company going by Coss.
Circa February 2019, Eversen was CEO of Coss.
Snap Innovations is/was a crypto Ponzi factory. The company is best known for Torque Trading, an MLM crypto Ponzi that scammed people out of millions.
According to their respective social media profiles, Eric Alexandre Ceret and Rune Eversen are both based out of Singapore.
Whether there are other notable SwapIT executives is unclear.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
SwapIT’s Products
SwapIT has no retailable products or services.
Affiliates are only able to market SwapIT affiliate membership itself.
SwapIT’s Compensation Plan
SwapIT affiliates invest in cards, which represent one token each.
- Apprentice – no investment so no cards
- Starter – invest 50 and receive 6 cards
- Bronze – invest $200 and receive 25 cards
- Silver – invest $500 and receive 60 cards
- Gold – invest $1000 and receive 125 cards
- Platinum – invest $2500 and receive 325 cards
- Diamond – invest $5000 and receive 700 cards
- Legend – invest $10,000 and receive 1500 cards
Card tokens are organized like a deck of cards, except cards number into the millions.
As they’re invested in, card tokens are purportedly randomly generated.
Once invested in, card tokens are parked at SwapIT pools. This is done on the promise of a monthly return in bitcoin.
SwapIT claims 30% of invested funds are recycled to pay monthly pool returns.
There are six SwapIT monthly ROI pools.
Along with their qualification criteria, they are as follows:
- Community Pool – affiliates can invest up to 100 card tokens into the Community Pool each month (1 card token = 1 share)
- 4 of a Kind Pool – groups of four card tokens that are the same number can be submitted, ten four of a kind groupings per affiliate allowed each month
- Straight Flush Pool – five numbered cards in sequence and of the same suit can be submitted, ten straight flush groupings per affiliate allowed each month
- Royal Straight Flush Pool – 10 to Ace of the same suit, up to ten royal straight flush groupings per affiliate allowed each month
- 5 Aces Pool – five aces of any suit, five 5 Aces groupings per affiliate allowed each month
- 5 Suited Aces Pool – four same suit Aces plus one same suited Joker, one 5 Suited Aces Pool allowed each month
Joker card tokens act as wildcards.
Returns are categorized into various “pools”, which require certain card token combinations to get paid on.
Card tokens are purportedly issued randomly in investment packs.
SwapIT affiliates with at least four card tokens parked also receive a shitcoin return each month.
SwapIT chooses which shitcoin they pay out each month. The company claims it spends 20% of company-wide investment on shitcoin acquisition.
The MLM side of SwapIT is tied to recruitment and downline investment volume.
Investment volume (BV) is generated when an affiliate is recruited, as well as through direct investment in SwapIT cards.
- recruiting an Apprentice tier affiliate does not generate investment volume
- 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 investment autoship = 25 BV
- $50 a month investment autoship = 50 BV
- $100 a month investment autoship = 100 BV
SwapIT Affiliate Ranks
There are nineteen ranks within SwapIT’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Activated Members – recruit an affiliate who has invested in at least one card
- Supporter 1 – generate 5000 BV in downline investment volume
- Supporter 2 – generate 10,000 BV in downline investment volume
- Supporter 3 – generate 25,000 BV in downline investment volume
- Team Leader 1 – generate 50,000 BV in downline investment volume
- Team Leader 2 – generate 100,000 BV in downline investment volume
- Team Leader 3 – generate 250,000 BV in downline investment volume
- Coach 1 – generate 500,000 BV in downline investment volume
- Coach 2 – generate 1,000,000 BV in downline investment volume
- Coach 3 – generate 2,500,000 BV in downline investment volume
- Manager 1 – generate 5,000,000 BV in downline investment volume
- Manager 2 – generate 10,000,000 BV in downline investment volume
- Manager 3 – generate 25,000,000 BV in downline investment volume
- Executive 1 – generate 50,000,000 BV in downline investment volume
- Executive 2 – generate 100,000,000 BV in downline investment volume
- Executive 3 – generate 250,000,000 BV in downline investment volume
- President 1 – generate 500,000,000 BV in downline investment volume
- President 2 – generate 750,000,000 BV in downline investment volume
- President 3 – generate 1,000,000 BV in downline investment volume
Fast Start Bonus
SwapIT affiliates who recruit four investing affiliates within their first four weeks receive a Fast Start Bonus.
The Fast Start Bonus pays the average of funds invested into SwapIT by the four affiliates.
- 50% of the Fast Start Bonus is paid in bitcoin
- 50% of the Fast Start Bonus is paid in new card tokens
Residual Commissions
SwapIT pays residual commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each week SwapIT tallies up new investment volume on both sides of the binary team.
Residual commissions are paid as 10% of funds matched on both sides. Legend tier SwapIT affiliates receive 12%.
- Apprentices are capped at $500 in weekly earnings
- Starters are capped at at $1000 a week
- Bronzes are capped at $2500 a week
- Silver are $500 to join, capped at $5000 a week
- Gold – $1000 to join, capped at $10,000 a week
- Platinum – $2500 to join, capped at $20,000 to $50,000 a week
- Diamond – $5000 to join, capped at $25,000 to $100,000 a week
- Legend – $10,000 to join, capped at $50,000 to $150,000 a week
Note that only 65% of earned residual commissions are paid out. The remaining 35% is split as follows:
- 10% is kept by SwapIT
- 25% is paid in new card tokens
Once paid out on, matched binary volume is flushed. Leftover volume does carry over but is discarded after 26 weeks.
Matching Bonus
SwapIT pays a Matching Bonus on residual commissions earned by downline affiliates.
The Matching Bonus is paid out via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
SwapIT caps the Matching Bonus at seven unilevel team levels.
How many levels the Matching Bonus is earned on is determined by recruitment criteria:
- recruit four SwapIT affiliates who have invested and receive a 5% match on level 1 (personally recruited affiliates)
- recruit eight SwapIT affiliates who have invested and receive a 5% match on levels 1 and 2
- recruit twelve SwapIT affiliates who have invested and receive a 5% match on levels 1 to 3
- recruit sixteen SwapIT affiliates who have invested and receive a 5% match on levels 1 to 4
- recruit twenty SwapIT affiliates who have invested and receive a 5% match on levels 1 to 5
- rank at Coach 2 and have recruited twenty SwapIT affiliates who have invested, and receive a 5% match on levels 1 to 6
- rank at Manager 2 and have recruited twenty SwapIT affiliates who have invested, and receive a 5% match on levels 1 to 7
As with residual commissions, SwapIT pays out the Matching Bonus as follows:
- 65% is paid in bitcoin
- 10% is kept by SwapIT
- 25% is paid in new card tokens
Rank Achievement Bonus
Starting at Coach 2, SwapIT rewards affiliates with the following Rank Achievement Bonuses:
- qualify at Coach 2 and receive an “incentive trip”
- qualify at Manager 2 and receive a “luxury trip
- qualify at Executive 2 and receive a “resort apartment”
- qualify at President 3 and receive a “resort villa”
Joining SwapIT
SwapIT affiliate membership costs range between free and $1000.
- Apprentice – no cost
- Starter – $50
- Bronze – $200
- Silver $500
- Gold – $1000
The more a new SwapIT affiliate spends on membership the higher their income potential.
- Apprentices are capped at $500 in weekly earnings
- Starters are capped at at $1000 a week
- Bronzes are capped at $2500 a week
- Silvers are capped at $5000 a week
- Golds are capped at $10,000 a week
- Platinums are capped at $20,000 to $50,000 a week
- Diamonds are capped at $25,000 to $100,000 a week
- Legends are capped at $50,000 to $150,000 a week
With the variable caps on Platinum to Legend, the first figure is the starting cap.
The second figure cap is achieved via rank promotion.
SwapIt Conclusion
SwapIT is marketed with typical crypto word salad jargon. The company claims it’s
optimized for the DEFI global marekt with NFT collectibles and seamless mobile technology.
Behind the marketing, SwapIT is a smart-contract Ponzi scheme. Attached to that is a shitcoin pump and dump factory.
Let’s break down the Ponzi scheme first.
Card tokens are just regular ERC-20 smart-contract tokens, of which there are just over 980 million.
How card tokens are represented on SwapIT’s front-end is cosmetic. On SwapIT’s backend card tokens are just smart-contract tokens with different numerical values.
Beyond that, we don’t need to waste our time getting into tHe TeChNiCaLs (which SwapIT don’t provide on their website anyway).
SwapIT affiliates invest in card tokens. SwapIT sets aside 30% of new investment and uses that pay returns.
That’s a Ponzi scheme.
The shitcoin pump and dump factory sees SwapIT hailed as shitcoin treasure hunters, providing pre-pump opportunities for affiliate investors to cash out on.
In reality all they’re doing is making backroom deals with shitcoin creators. Or just creating the coins themselves, which takes about five minutes through the ERC-20 platform.
Naturally one of the shitcoins dumped on SwapIT affiliates was Eric Alexandre’s JetCoin.
You can plot this on JetCoin’s public trading chart:
No surprises there.
SwapIT also has its own “swapit token” (SWIT).
SWIT is another ERC-20 shitcoin and isn’t publicly tradeable.
SWIT is released to SwapIT affiliates at every 10% of 980 million card token investment milestone.
In addition to reducing bitcoin payouts to SwapIT affiliates, SWIT’s only appears to be bidding on in house generated NFTs.
SwapIT surfaced around seven months ago. Which is around the time the short-lived NFT fad hit mainstream press.
Today the NFT crypto niche is a clusterfuck of scammers selling algorithm generated clipart to gullible morons.
Animals are the clipart genre of choice, with each NFT scam adding its own cosmetic twist.
NFTS are integrated into SwapIT by way of Jokers.
If a SwapIT affiliates receives a Joker and parks it with one of the Ponzi pools, an NFT is generated and sold to charity benefit SwapIT’s executives.
Alternatively the affiliate can request an NFT be generated and trade the Joker card in. They are then free to sell the NFT for whatever they can get for it.
The MLM side of SwapIT is a pyramid scheme. You sign up and get paid to recruit other affiliate investors. Pretty straight forward.
From a regulatory perspective, SwapIT’s MLM opportunity is a securities offering.
SwapIT affiliates sign up and invest on the expectation of a passive return. If you’re in denial about this reality have a listen to how SwapIT affiliate Matt Noronha’s marketing pitch.
[14:16] On average you’re gonna have tokens each month worth between three hundred and four hundred dollars.
So I want you to write that down first of all; If you’re a Legend Holder, you’re going to have averagely three to four hundred dollars a month of the token.
[15:18] Let’s just take that example of someone who buys a Legend Pack, right?
They’re going to be making about $300 a month.
[15:33] The SwapIT team’s job is to go and find you coins, which are gonna 10x, 100x and 1000x.
As with any MLM Ponzi schemes, once SwapIT affiliate recruitment dries up so too will new investment.
This will starve SwapIT of ROI revenue, eventually leaving SwapIT affiliates unable to withdraw.
Cue the inevitable admin disappearance or SWIT public exchange dump.
Either way math is math. The majority of SwapIT affiliates will lose money.
Update 30th October 2021 – Sometime between October 21st and this update, Matt Noronha has deleted his SwapIT YouTube marketing video.
I had provided a link to the video but due to Noronha deleting it have disabled the link.