The Swag Ponzi scheme has collapsed.

Italian media are reporting Swag withdrawals have been disabled, affecting “almost 30,000” investors.

As
reported by Milano Finanza on December 9th
;

For some time now, several Swag users have been reporting that withdrawal operations, both in cryptocurrencies and fiat currency, are blocked.

The suspicion is that we are faced with yet another scam. That is, a scam that involves almost 30,000 people , concentrated mainly in central Italy, between Lazio, Umbria and Tuscany.

Swag was an Italian MLM crypto Ponzi scheme set up through an Estonian shell company.

As of November 2024, SimilarWeb tracked ~41,000 monthly visits to Swag’s website. 94% of Swag’s website traffic originated from Italy. The remaining 6% is attributed to Spain.

When BehindMLM
reviewed Swag
in 2021, the company was fronted by co-founder Gabriele Stampa (right).

Stampa has of course long-since cashed out and disappeared. Today Swag is headed up by CEO Giovanni Lionetti.

Based on when he created his “Swag CEO” Twitter profile, Lionetti appears to have joined Swag circa 2022.

Prior to Swag, Lionetti was involved in the
Centurion Network
and
Starbit International
Ponzi schemes.

Other names Milano Finanza attaches to Swag are Oleg Deripaska, Fiodor Lloyd Martino Lavagetto, Francesco Giampieri, Antonio Di Pasquale, Ferdinando Campana and Aleksandr Škirin.

It should be noted that circa 2021 Swag’s original exit-scam plan was built around its “TrueBitcoin” shittoken. Those plans seem to have been abandoned in favor of a subsequently launched SWA shit token.

SWA was launched in July 2024, a few months prior to Swag collapsing. How much SWA Swag’s victims are bagholding is unclear.

Unfortunately Italian authorities appear to have ignored Swag since it launched in 2020. Whether they’ll take action following its collapse remains unclear.

🤖 Quick Answer

What is the Swag Ponzi scheme?
Swag was an Italian MLM cryptocurrency Ponzi scheme operated through an Estonian shell company. It attracted nearly 30,000 investors, primarily concentrated in central Italy across the Lazio, Umbria, and Tuscany regions. As of November 2024, its website received approximately 41,000 monthly visits, with 94% of traffic originating from Italy.

When did the Swag Ponzi scheme collapse?
The Swag Ponzi scheme collapsed in late 2024. By early December, Italian media outlets including Milano Finanza reported on December 9th that multiple users had been unable to process withdrawals for some time, with both cryptocurrency and fiat currency withdrawal operations confirmed as blocked on the platform.

How many people were affected by the Swag scheme?
According to Italian media reports, the Swag

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