Paul Nash sent an email to Spinding affiliates on July 1st, promising a "relaunch" for the stalled cycler and matrix scheme. This followed months of missed deadlines and anger from participants who had invested in positions priced from $30 to $1890.
Spinding began its prelaunch in January, selling cycler positions. The company's model demanded a constant flow of new affiliates buying these positions to fund payouts for those at the top. Its inherent compliance issues made a delayed official launch unsurprising, as payment processors hesitated to accept the business model's risks.
Spinding eventually found a payment processor in i-Payout, a company previously involved in the TelexFree Ponzi scheme. The platform then launched but quickly failed. Cycler queues stalled almost immediately after launch. Nash then introduced a matrix layer to the scheme, hoping matrix payments would drive recruitment and, in turn, spur cycler position purchases.
Months of excuses and delays followed. Spinding affiliates, who had largely ignored the scheme's compliance problems, began questioning its legitimacy. June 1st was announced as the launch date for the matrix system. That date passed without any implementation.
Nash's July 1st email pleaded with affiliates to remain with the company. He wrote, "We're putting all the pieces and parts in place to support a major re-launch... The matrix and upline payment process, additional marketing videos supporting the app and the opportunity, and a strategy moving forward that everyone's going to LOVE!"
He blamed "three leaders" for the matrix system's implementation failures, claiming he no longer listened to their advice. The identities of these unnamed leaders, or if they remain with the company, are unclear. Nash's past record with GoFunRewards and Spinding's predictable outcome raise doubts about whether these leaders ever existed.
Spinding's mobile application, intended to lend credibility to what is otherwise a cycler-based, soon-to-be matrix-based, pyramid scheme, remains unavailable. Nash revealed he spent $100,000 of affiliate funds on the app's development. With the application still missing, this news is likely a difficult truth for Spinding's remaining affiliate base.
No official relaunch date for Spinding has been announced. Nash continues to assure affiliates that substantial commissions are imminent, provided they keep paying monthly membership fees.