OpenAlexa Review 2.0: ETH gifting scam turns shitcoin factory

O

OpenAlexa still provides no information on their website about who owns or runs the company.

A reader recently reached out to let me know that since BehindMLM’s original June 2020 review, OpenAlexa’s compensation plan had been modified.

I confirmed and so here we are with an updated OpenAlexa review.

At the time of launch OpenAlexa was primarily being promoted in India. Alexa estimated 92% of OpenAlexa’s website traffic originated out of India.

While OpenAlexa still undoubtedly has tied to India, since then promotion and recruitment has migrated to the US.

Today Alexa attributes the US as contributing 60% of OpenAlexa’s website traffic. India is the second largest source of traffic at 31%.

Spearheading US promotion of OpenAlexa is a woman going by “Mrs. Etherlite”.

I was able to identify this individual as Gale J. Gajardo, a resident of California in the US.

Gajardo is no stranger to MLM crypto Ponzi schemes. Prior to OpenAlexa, Gajardo was promoting Suponic Global.

In between promoting MLM crypto Ponzi schemes, Gajardo works as a Broker Account Executive at Scan Health Plan.

OpenAlexa marketing material credits Gale Gajardo as an OpenAlexa “Global Leader”.

As per the schedule above, Gajardo is joined by Munir Jannedy, Daniel Wang, Dr. Loago and Dr. Debass.

Of the other leaders Munir Jannedy appears to be the most visible, sometimes joining Gajardo on OpenAlexa marketing presentations.

Jannedy (right) has ties to Germany and I believe is likely OpenAlexa’s bridge between India and the rest of the world.

Jannedy has a long association with fraudulent schemes. He popped up on BehindMLM’s radar in connection to Ads Profit Reward back in 2013.

Going back further, in 2009 Jannedy was promoting the TVI Express Indian pyramid scheme:

More recently Jannedy was promoting Crowd1, another Ponzi scheme.

Between TVI Express (2009) and Crowd1 (2020), Jannedy was likely promoting any number of fraudulent schemes.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

OpenAlexa’s Products

OpenAlexa has no retailable products or services.

OpenAlexa affiliates are only able to market OpenAlexa affiliate membership itself.

OpenAlexa’s Compensation Plan

Open Alexa’s original business model was a simple ethereum smart-contract gifting scheme.

Full details are available in our original OpenAlexa review.

That gifting model is still active within OpenAlexa, however since June 2020 additional compensation has been added.

On top of their ethereum gifting scheme, OpenAlexa is also running “BinPro”.

BinPro ties into the launch of OAP tokens, on or around October 2020.

The premise behind BinPro is replacing the original matrix model with a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.

Note that OpenAlexa affiliates must sign up for the original gifting scheme before they can participate in BinPro.

BinPro binary positions are purchased in ethereum:

  • Bronze – 0.1 ETH
  • Silver – 0.3 ETH
  • Gold – 1 ETH
  • Diamond – 3 ETH
  • Platinum – 5 ETH

A 10% referral commission is paid on BinPro positions purchased by personally recruited affiliates.

Residual commissions are paid daily as 15% of ETH invested on the weaker binary team side.

BinPro positions are capped at a 1000% ROI (ten time the amount invested), after which reinvestment is required to continue earning.

Whether reinvestment at a higher BinPro position is required is unclear.

Joining OpenAlexa

OpenAlexa affiliate membership is free.

Bare minimum participation in the attached income opportunity requires a 0.03 ETH gifting payment, and 0.1 ETH BinPro investment position.

Full participation in OpenAlexa costs 132.68 ETH for the gifting scheme and 9.4 ETH for BinPro.

Conclusion

OpenAlexa is following your typical MLM crypto scheme trajectory.

The original model collapses, reboot with a new shitcoin. Wash, rinse and repeat for as long as you can.

OAP appears to have run its course, following one last pump to ~$7.30 earlier this month. It could pump again, it all depends on whether new victims are recruited into OpenAlexa.

To that end we have EtherLite (ETL), being pitched as a fork of Ethereum.

A fork is basically copy and paste, sometimes with modifications sometimes without.

EtherLite is being pitched as a solution to ethereum’s high fees and slow transactions times.

That appears to come down to nothing more than the fact that less people will be using it.

OpenAlexa has hitched itself to EtherLite, which is supposedly supposed to launch on July 1st

In the meantime, like OAP, ETL is being bundled with BinPro positions. The fork itself will see 10 ETL per 1 ETH held to existing ethereum wallet holders.

The end-goal is the usual “join the next bitcoin, lambos moon rockets because reasons” marketing bullshit.

No doubt initial investors and promoters will make some money, and then etherlite will be forgotten about.

Although it hasn’t been announced yet, OpenAlexa could also launch a new scheme utilizing ETL.

Whether that does or doesn’t happen, in the meantime you have unknown scammers running a gifting scheme and 1000% ROI Ponzi scheme – both of which are illegal.

Add comment

By

Recent Posts

Recent Comments