The Swag Ponzi scheme has collapsed.
Italian media are reporting Swag withdrawals have been disabled, affecting “virtually 30,000” traders.
As reported by Milano Finanza on December ninth;
For a while now, a number of Swag customers have been reporting that withdrawal operations, each in cryptocurrencies and fiat forex, are blocked.
The suspicion is that we’re confronted with yet one more rip-off. That’s, a rip-off that entails virtually 30,000 individuals , concentrated primarily in central Italy, between Lazio, Umbria and Tuscany.
Swag was an Italian MLM crypto Ponzi scheme arrange by an Estonian shell firm.
As of November 2024, SimilarWeb tracked ~41,000 month-to-month visits to Swag’s web site. 94% of Swag’s web site site visitors originated from Italy. The remaining 6% is attributed to Spain.
When BehindMLM reviewed Swag in 2021, the corporate was fronted by co-founder Gabriele Stampa (proper).
Stampa has in fact long-since cashed out and disappeared. Immediately Swag is headed up by CEO Giovanni Lionetti.
Based mostly on when he created his “Swag CEO” Twitter profile, Lionetti seems to have joined Swag circa 2022.
Previous to Swag, Lionetti was concerned within the Centurion Community and Starbit Worldwide Ponzi schemes.
Different names Milano Finanza attaches to Swag are Oleg Deripaska, Fiodor Lloyd Martino Lavagetto, Francesco Giampieri, Antonio Di Pasquale, Ferdinando Campana and Aleksandr Škirin.
It ought to be famous that circa 2021 Swag’s authentic exit-scam plan was constructed round its “TrueBitcoin” shittoken. These plans appear to have been deserted in favor of a subsequently launched SWA shit token.
SWA was launched in July 2024, a number of months previous to Swag collapsing. How a lot SWA Swag’s victims are bagholding is unclear.
Sadly Italian authorities seem to have ignored Swag because it launched in 2020. Whether or not they’ll take motion following its collapse stays unclear.