In early June GSPartners began
circulating promotional material for a new real-estate themed Ponzi scheme
.

JONE tokens were supposedly tied to physical real-estate in the J One Towers, an apartment complex in Dubai.

Before GSPartners could make any big announcements at their Dubai event later in the month, the developer behind J One Towers came out and
denied having anything to do with GSPartners or Josip Heit
.

This halted promotion of JONE tokens in their tracks. With GSPartners’ Dubai event going ahead as scheduled, it also raised the question of what would be revealed.

In place of JONE tokens and the J One Towers ruse, GSPartners has found a new developer to partner with.

Cue the launch of XLT tokens.

To realize their Dubai real-estate themed shitcoin Ponzi scheme, GSPartners’ new partner in crime is Driven Properties.

Driven Properties is run by founder and Managing Director Abdullah Alajaji.

Supposedly the deal between the companies will see 200 Movenpick Hotels and Apartments Dubai units tied to XLT token investment.

Before he was cut off by Heit, Alajaji spoke briefly about the “Movenpick Hotels and Residents” scheme at GSPartners’ recent Dubai event.

The official marketing name for GSPartners’ XLT real-estate scheme is “Movenpick Exclusive Living G999”.

Outside of letting GSPartners use their units through Driven Properties, Movenpick appears to otherwise be a legitimate apartment and hotel operator.

Unless there’s a secret development Movenpick hasn’t made public, their only presence in Dubai seems to be Movenpick Hotel & Apartments Bur Dubai.

The development features “312 rooms, suites and hotel apartments”.

The ruse is XLT tokens are tied to floor-space. When the apartments are rented out, some of that revenue is paid back as a return to XLT token holders with tokens tied to that apartment.

Interestingly enough I was able to tie Driven Properties to J One Towers:

I wasn’t able to confirm Driven Properties was involved in the bungled GSPartners J One Towers deal.

It’s not out of the realm of possibility that GSPartners and Driven Properties worked together to set up the JONE token Ponzi scheme, unbeknownst to J One Towers’ developer, RKM Durar Properties.

Whether Movenpick know one of their properties has been attached to GSPartners’ Ponzi scheme through Driven Properties is unclear.

If Movenpick are aware and don’t care, one explanation could be their current financial situation.

COVID-19 not withstanding, things must be pretty dire for a company operating multiple hotels around the world to get in bed with a Ponzi scheme.

Movenpick was
bought by Paris-based Accor Group
 in 2018.

Courtesy of Statista, here’s Accor Group’s revenue chart up to 2020.

Bear in mind Accor Group is a large company. I wasn’t able to establish what percentage of that revenue was attributable to Movenpick’s Dubai business.

Considering Dubai primarily relies on tourism, this isn’t surprising.

Lease 200 otherwise unoccupied units to G

🤖 Quick Answer

What real-estate scheme did GSPartners promote with JONE tokens?
GSPartners circulated promotional material for JONE tokens, allegedly tied to physical real estate in J One Towers, a Dubai apartment complex. The developer subsequently denied any association with GSPartners or Josip Heit, halting token promotion.

How did GSPartners respond after JONE token promotion failed?
Following the J One Towers developer's denial, GSPartners launched XLT tokens as a replacement. The company partnered with a new developer to continue their Dubai real-estate themed cryptocurrency scheme.

What characterized GSPartners' token offerings?
Both JONE and XLT tokens were structured as real-estate themed Ponzi schemes. They relied on promotional material claiming asset backing through physical properties, operating as investment frauds targeting cryptocurrency investors.

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