SwapIT Review: Shitcoin Pump & Dump Ponzi Scheme 

The SwapIT website does not reveal the identity of the company’s owners or managers. 

On September 2nd, 2019, SwapIT’s website domain “swapit.io” was privately registered. 

Further investigation revealed that Eric Alexandre Ceret is the founder and CEO of SwapIT. 

Alexandre is your standard crypto dude with a plethora of unsuccessful crypto initiatives. 

Alexandre’s crypto claim to fame is JetCoin (not to be confused with the Ponzi scam of the same name). 

Immediately after its launch, JetCoin was wiped out. There was an initial surge to just over $1 in early 2018, and then a different wave to just over $1 before the price fell to 1 or 2 cents. 

JetCoin is now trading for six cents, which we will explore further after this article. 

SwapIT’s corporate team also includes Rune Evensen. 

Evensen has been a serial fraudster since the Unaico SiteTalk era. Evensen starred in the revival of Unaico/SiteTalk, The Opportunity Network. 

Evensen is connected to the infamous OneCoin Ponzi scam with Dan Andersson, Sebastian Greenwood, and Kenny Nordlund. 

By analyzing the final fraud he was linked to, I’m passing over Evensen’s scamming, which didn’t slow down after OneCoin. 

BehindMLM reader Semjon linked Evensen to Snap Innovations via a bogus cryptocurrency firm called Coss. 

Eversen was the CEO of Coss in February 2019. 

There is no doubt that Snap Innovations is/was a Ponzi scheme. Torque Trading, multi-level marketing (MLM) crypto Ponzi scheme, is the company’s most well-known product. 

Eric Alexandre Ceret and Rune Eversen both claim Singapore as their home base on their various social media accounts. 

It’s not apparent if there are any more high-ranking SwapIT executives. 

Don’t join or send any money to an MLM firm unless they are completely transparent about who owns and runs it.

Products by SwapIT 

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

Affiliates may only advertise SwapIT affiliate membership to other affiliates.

Compensation Scheme 

Affiliates of SwapIT purchase cards that each represent one token. 

  • No investment means no cards for the Apprentice; 
  • Invest $50 and receive six cards as a Starter;
  • Invest $200 and receive 25 cards as a Bronze; 
  • Invest $500 and receive 60 cards as a Silver; 
  • Invest $1,000 and receive 125 cards as a Gold; 
  • Invest $2500 and receive 325 cards as a Platinum; 
  • Invest $5000 and receive 700 cards as a Diamond; 
  • Invest $10,000 and receive 1500 cards as a Legend; 

Card tokens are arranged similarly to a deck of cards, except millions of cards. 

Card tokens are said to be produced at random as they are invested in. 

Card tokens are parked in SwapIT pools once they have been purchased. This is accomplished through the promise of a monthly bitcoin return. 

SwapIT claims that 30% of invested money is repurposed to pay pool returns every month. 

Six SwapIT ROI pools are available each month. 

They are as follows, along with their eligibility criteria: 

  • Community Pool – Each month, affiliates may deposit up to 100 card tokens (1 card token equals one share);
  • 4 of a Kind Pool – groups of four identical card tokens may be submitted, with each affiliate permitted to submit ten four-of-a-kind groupings every month;
  • Straight Flush Pool – five consecutive numbered cards of the same suit may be provided; each affiliate is permitted to submit ten straight flush groups every month;
  • Royal Straight Flush Pool – Groupings of ten to the ace of the same suit are permitted each month. Each affiliate may have up to ten royal straight flush groupings;
  • Five Aces Pool – five aces of any suit; each affiliate is permitted five 5 Aces groups every month;
  • 5 Suited Aces Pool – four identical Aces plus one identical Joker; each month, only one 5 Suited Aces Pool is permitted. 

Joker card tokens represent wildcards. 

Returns are classified into various “pools,” each one necessitating the payment of specific card token combinations. 

Card tokens are said to be randomly distributed in investment packets. 

SwapIT affiliates with at least four parked card tokens also receive a monthly shitcoin payout. 

SwapIT is in charge of determining which shitcoins are paid out each month. The firm asserts that it invests 20% of its total capital on shitcoin acquisition. 

SwapIT’s MLM component is based upon recruiting and downline investment volume. 

The investment volume (BV) is created through affiliate recruitment and direct investment in SwapIT cards. 

  • Recruiting a lower-tier affiliate does not increase in investment volume;
  • Recruitment of a Starter tier affiliate generates 50 BV;
  • Recruitment of a Bronze tier affiliate causes 200 BV;
  • Recruitment of a Silver-tier affiliate generates 500 BV;
  • Recruitment of a Gold tier affiliate generates 1000 BV;
  • Recruitment of a Platinum tier affiliate generates 2500 BV;
  • Recruitment of a Diamond tier affiliate generates 5000 BV;
  • Recruitment of a Legend tier affiliate generates 11,000 BV; 
  • Autoship investment of $25 per month equals 25 BV; 
  • Autoship investment of $50 each month equals 50 BV; 
  • Autoship investment of $100 each month equals 100 BV.

Affiliate Ranks at SwapIT 

SwapIT’s compensation structure consists of nineteen tiers. 

They are as follows: 

  • Activated Members – recruit an associate who has purchased at least one card;
  • Supporter 1 – produce a downline investment volume of 5000 BV; 
  • Supporter 2 – produce a downline investment volume of 10,000 BV; 
  • Supporter 3 – produce a downline investment volume of 25,000 BV; 
  • Team Leader 1 – produce a downline investment volume of 50,000 BV; 
  • Team Leader 2 – produce a downline investment volume of 100,000 BV; 
  • Team Leader 3 – produce a downline investment volume of 250,000 BV; 
  • Coach 1 – produce a downline investment volume of 500,000 BV; 
  • Coach 2 – produce a downline investment volume of one million BV; 
  • Coach 3 – produce a downline investment volume of 2,500,000 BV; 
  • Manager 1 – produce a downline investment volume of 5,000,000 BV; 
  • Manager 2 – produce a downline investment volume of ten million BV; 
  • Manager 3 – produce a downline investment volume of 25,000,000 BV;
  • Executive 1 – produce a downline investment volume of 50,000,000 BV;
  • Executive 2 – produce a downline investment volume of 100,000,000 BV;
  • Executive 3 – produce a downline investment volume of 250,000,000 BV; 
  • President 1 – produce a downline investment volume of 500,000,000 BV; 
  • President 2 – produce a downline investment volume of 750,000,000 BV; 
  • President 3 – produce a downline investment volume of 1,000,000 BV.

Fast Start Bonus 

SwapIT affiliates who recruit four investing affiliates in their first four weeks are eligible for a Fast Start Bonus. 

The Fast Start Bonus equals the average of the four affiliates’ investments in SwapIT. 

Bitcoin is used to pay half of the Fast Start Bonus. 

Residual Commissions

SwapIT compensates residual commissions with a binary compensation system. 

A binary compensation system positions an affiliate at the top of a binary team divided into two halves.

The binary team’s initial level contains two slots. The binary team’s second level is produced by dividing these initial two places into two additional positions each (4 positions in total). 

SwapIT tallies fresh investment volume on both sides of the binary team at the end of each week. 

Residual commissions are paid at a rate of 10% on both sides of the transaction. SwapIT affiliates on the legend tier earn 12%. 

  • Apprentices are limited to weekly earnings of $500; 
  • Starting salaries are set at $1000 per week for newcomers; 
  • Bronzes are limited to a weekly pay of $2500;
  • Silver membership is $500, with a weekly maximum of $5000;
  • Gold – $1000 to join, with a weekly limit of $10,000;
  • Platinum – $2500 to join, with a weekly ceiling of $20,000 to $50,000;
  • Diamond – $5000 to join, with weekly earnings ranging from $25,000 to $100,000;
  • Legend – $10,000 to join, with a weekly maximum of $50,000 to $150,000. 

It’s worth noting that only 65% of earned residual commissions are paid out. The remaining 35% is divided as follows: 

  • SwapIT retains 10%;
  • 25% is compensated in new card tokens. 

Once payment has been made, the matching binary volume is flushed. There is some carryover volume, but it is dumped after 26 weeks.

Matching Bonus

SwapIT compensates downline affiliates with a Matching Bonus on residual commissions earned. 

The Matching Bonus is distributed per a single-tier compensation system. 

A uni-level pay system positions an affiliate at the top of a uni-level team, immediately below whoever they individually recruit.

SwapIT’s Matching Bonus is limited to seven uni-level team levels. 

The following recruitment criteria govern the number of levels at which the Matching Bonus is received: 

  • Recruit four SwapIT affiliates and get a 5% match on level 1 investment (personally recruited affiliates); 
  • Bring in eight SwapIT affiliates and get a 5% match on levels 1 and 2; 
  • 12 SwapIT affiliates who contribute will get a 5% match on levels 1 to 3; 
  • Recruit sixteen SwapIT affiliates and get a 5% match on levels 1–4; 
  • Recruit twenty SwapIT affiliates and receive a 5% match on levels 1 to 5 at Coach 2;
  • Recruit twenty SwapIT affiliates and receive a 5% match on levels 1 to 6 at Manager 2;
  • Recruit twenty SwapIT affiliates and receive a 5% match on levels 1 to 7 at Manager 3. 

As is the case with residual commissions, SwapIT pays the Matching Bonus in the following manner: 

  • Bitcoin is used to pay for 65% of the transaction; 
  • SwapIT retains 10%;
  • 25% is compensated in new card tokens.

Joining SwapIT

SwapIT affiliate membership is available for a fee ranging from free to $1000. 

  • Apprentice – free of charge;
  • Starter – costs $50;
  • Bronze – costs $200;
  • Silver- costs $500;
  • Gold – costs $1000.

The more a new SwapIT affiliate spends on membership, the higher their income potential.

  • Apprentices’ weekly earnings are limited at $500;
  • Starting salaries for new employees are set at $1000 per week;
  • Bronzes are limited to $2500 per week, Silvers to $5000 per week, and Golds to $10,000 per week; 
  • Platinums are limited to $20,000 to $50,000 every week, while diamonds are limited to $25,000 to $100,000 per week;
  • Legends are limited to a weekly salary of $50,000 to $150,000;

The first value is the initial cap for the variable caps from Platinum to Legend. 

The second figure cap is obtained by rank advancement.

Summing Up

SwapIT is marketed via standard crypto lingo. According to the firm, 

NFT collectibles and smooth mobile technologies have optimized the DEFI worldwide market. 

SwapIT is a smart-contract Ponzi scam disguised behind the marketing. A shitcoin pump and dump factory is attached to it. 

First, let’s dissect the Ponzi scam. 

Card tokens are simply ERC-20 smart-contract tokens, of which there are around 980 million. 

The representation of card tokens on SwapIT’s front-end is purely aesthetic. Card tokens are smart-contract tokens with varying numerical values on SwapIT’s backend. 

Aside from that, we need not waste time delving into tHe TeChNiCaLs (which SwapIT doesn’t give on their website in the first place). 

SwapIT’s affiliates invest in card tokens. SwapIT saves 30% of new investment and utilizes it to pay returns. 

That’s a classic pyramid scheme. 

SwapIT is touted as a shitcoin treasure hunter, giving pre-pump opportunities for affiliate investors to cash out on the shitcoin pump and dump machine. 

In reality, they’re just making backdoor agreements with shitcoin developers. Alternatively, you may create the coins yourself, which takes approximately five minutes using the ERC-20 platform. 

Unsurprisingly, Eric Alexandre’s JetCoin was one of the shitcoins dumped on SwapIT affiliates. 

SwapIT has its own “swapit token” as well (SWIT). 

SWIT is another ERC-20 shitcoin that is not openly traded. 

SWIT is distributed to SwapIT affiliates at 10% of the 980 million card token investment milestone. 

SWITs appear to be bidding solely on in-house produced NFTs, in addition to limiting bitcoin rewards to SwapIT affiliates. 

SwapIT first appeared about seven months ago. This was around the time the brief-lived NFT craze entered the mainstream news. 

Today’s NFT crypto niche is a jumble of crooks peddling algorithm-generated clipart to unsuspecting idiots. 

Animals are the most popular clipart genre, with each NFT scam adding its decorative spin. 

Jokers are used to integrating NFTS with SwapIT. 

When a SwapIT affiliate gets a Joker and deposits it in one of the Ponzi pools, an NFT is produced and sold to benefit SwapIT’s executives. 

Alternatively, the affiliate might request an NFT and trade the Joker card. They can then sell the NFT for whatever price they can obtain. 

SwapIT’s MLM program is a pyramid scheme. You sign up and are compensated for recruiting other affiliate investors. It’s pretty straightforward. 

SwapIT’s MLM opportunity is a securities offering, as per regulatory standards. 

Affiliates of SwapIT Sign up and invest in the hope of receiving a passive return. If you’re still not convinced, listen to SwapIT affiliate Matt Noronha’s marketing spiel:

“[14:16] On average, you’ll receive tokens valued between $300 and $400 every month. 

So, first and foremost, if you’re a Legend Holder, you’re going to have three to four hundred dollars of the token per month. 

[15:18] Let’s use the example of someone purchasing a Legend Pack. 

They’ll be making around $300 each month. 

[15:33] The SwapIT team’s goal is to go locate your currencies that will be multiplied by 10, 100, and 1000 times.” 

SwapIT affiliate recruiting, like any other MLM Ponzi scam, will dry up once new investment ceases. 

This will deprive SwapIT of ROI revenue, eventually preventing SwapIT affiliates from quitting.

Math is math in any case. The vast majority of SwapIT affiliates will suffer financial losses. 

October 30th, 2021 – Matt Noronha removed his SwapIT YouTube marketing video on October 21st. 

I had supplied a link to the video, but Noronha deleted it; thus the link is no longer active.

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