Gym Network is a GYMNET BEP-20 token Ponzi scheme.
CEO Claudio Catrini is in charge of Gym Network, which came out in early 2022.
Here’s what’s happening now with Gym Network and its GYMNET Ponzi scheme:
Gym Network told people about Gym Street in or around August 2022. Gym Network advertises Gym Street as “Wall Street in the Metaverse.”
Gym Street was just a cover for adding NFT and metaverse scamming to Gym Network. It also brought in VBTC.
People think that VBTC is another BEP-20 shit token, just like GYMNET. These can be made on demand and don’t cost much or anything.
On the business side, Claudio Catrini is now an “Advisor” for Gym Street:
We don’t know if this means Catrini is a puppet or if he’s trying to hide his role.
On the website for Gym Street, Frank Roehrig (right) is listed as the company’s CEO.
Roehrig’s lack of a verifiable MLM history is evidence that Catrini was right to hide his involvement. Roehrig has a profile on Facebook that looks like it was bought or made earlier this year.
Roehrig’s LinkedIn profile shows that he has worked in sales and marketing in fields other than MLM.
Affiliates buy $100 NFT positions as part of Gym Street’s business model.
Think of NFT jobs as jobs that pay money. Affiliates of Gym Street can then invest up to $200 per NFT position they own, in $50 chunks.
This costs a total of $300 ($100 for the NFT and $200 for the investment), and Gym Street promises a 100% return (200% in Ponzi math) on this amount.
Affiliates hope to trade their worthless VBTC tokens for funds that have already been invested. Gym Street is a Ponzi scheme because of this.
The MLM part of the business is similar to Gym Network in most ways. The only thing I can see that is different is that mandatory NFT positions have been built into the criteria for rank:
- Members have to buy an NFT position for $100.
- Rookie has to buy $250 worth of NFT positions.
- Rookie IIs must buy $500 worth of NFT positions.
- Rookie IIIs and Amateur Is have to buy into NFT positions for $1000.
- All players from Amateur III to Pro must buy $5000 in NFT positions.
- Senior Pro Is to Champion IIs must buy $10,000 worth of NFT positions.
- Champion IIIs to Co-Trainer IIIs have to buy $20,000 in NFT positions.
- Trainer Is have to buy $25,000 in NFT positions for Trainer IIIs.
- Vice Presidents have to buy NFT positions for $30,000.
- The president has to buy $35,000 worth of NFT positions.
- Legends must buy $40,000 worth of NFT positions.
- I’m not sure if the $250 Rookie purchase requirement is correct since each Gym Street NFT position costs $100.
Most likely, the $50 investments and the $100 NFT position purchases are both part of these requirements.
Gym Street Marketing talks about “Land & Miner bundles” when asking affiliates to spend $17,500 to unlock 22 levels of compensation.
Inside Gym Street’s Ponzi scheme, “land” means NFT positions. The $50 investments are called “miners.”
A Gym Street affiliate can invest on their own, or they can buy “super bundles”:
From Super Bundles, we learn that Gym Street returns seem to be paid out for a year (“electricity”). After this, you’ll need to reinvest to keep making money.
Gym Street is also planning to add a “staking” Ponzi scheme to their business model in the future:
Like Gym Network, Gym Street must always find new affiliate investors to keep going. When this eventually stops, Gym Street will fall apart.
At the time this article was written, SimilarWeb was only keeping track of a few thousand visits to both Gym Network and Gym Street’s websites each month.
This is a sure way for an MLM Ponzi scheme to fail, even if it has its own “shit tokens.”
One more difference between Gym Street and Gym Network is that Gym Street’s Network has an office in Dubai.
In particular, Meta Networks FZCO is said to be the company that runs Gym Network and Gym Street.
Dubai is the world’s MLM crime capital.
The rules for Dubai from BehindMLM are:
- If someone from Dubai tells you about an MLM opportunity, they are trying to take advantage of you.
- It’s a scam if an MLM company is based in or says it has ties to Dubai.