Gemly Review: Crypto Ponzi dressed up as gaming
Gemly fails to provide ownership or executive information on its website.
Gemly’s website domain (“gemly.gg”), was privately registered on January 13th, 2023.
In an attempt to appear legitimate, Gemly provides incorporation details for Gemly Limited.
Gemly Limited was incorporated in the UK on February 28th, 2023.
An MLM company operating or claiming to operate out of the UK is a red flag.
UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.
As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.
For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.
SimilarWeb currently tracks top sources of traffic to Gemly’s website as Ukraine (11%), Brazil (11%), Russia (7%), Spain (6%) and Mexico (5%).
Gemly’s inclusion of vKontakte and Odnoklassniki, both Russian social media networks, is also noted.
Although not definitive, together this suggests Gemly is being run out of Russia or at the very least by someone with ties to Russia.
Further supporting this is the Central Bank of Russia issuing a Gemly pyramid fraud warning in February 2023.
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.
Gemly’s Products
Gemly has no retailable products or services.
Affiliates are only able to market Gemly affiliate membership itself.
Gemly’s Compensation Plan
Gemly affiliates invest USD and/or cryptocurrency. Once invested, actual funds are converted to GEM points.
1 GEM is the equivalent of $0.000001. GEMs are invested into Gemly’s offered investment plans.
Note that because GEM as a measure of value is meaningless, I’ve provided Gemly’s invested plans using their USD equivalents.
- Ancient Ent – invest $0.000001 and receive 0.5% a day
- Impotent Barbarian – invest $0.000025 and receive 0.55% a day
- Wandering Viking – invest $0.00075 and receive 0.57% a day
- Royal Archer – invest $0.015 and receive 0.6% a day
- Dwarf Hireling – invest 25 cents and receive 0.65% a day
- Sand Ninja – invest $1 and receive 0.7% a day
- Outlaw Assassin – invest $7.5 and receive 0.75% a day
- Royal Guardian – invest $50 and receive 0.8% a day
- Royal Knight – invest $100 and receive 0.85% a day
- Battle Druid – invest $250 and receive 0.9% a day
- Fire Mage – invest $500 and receive 0.95% a day
- Heavenly Knight – invest $1000 and receive 1% a day
Gemly investment plans are capped at 200%, after which reinvestment is required to continue earning.
Gemly pays referral commissions on invested funds down two levels of recruitment:
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2.5%
Joining Gemly
Gemly affiliate membership is free.
Full participation in the attached income opportunity requires investment in USD or various cryptocurrencies.
Gemly Conclusion
Given the current geopolitical climate, it’s difficult to look at Gemly as anything other than a money laundering operation for Ukraine/Russia.
And that’s a bit worrying, given SimilarWeb tracked almost 9 million visits to Gemly’s website last month.
Gemly’s business model is that of a Ponzi scheme, dressed up as an AFK game.
Gemly’s investment plans correlate to hero characters, which purportedly slash away at generated enemies all day.
Develop your own army of mercenaries. They will fight monsters even if you are not on the site or in the game.
It’s all theater to run a Ponzi scheme through. All Gemly are doing is recycling newly invested funds to pay existing investors.
Assuming there’s nothing dodgy going on with Gemly’s website traffic (and there very well could be), I can’t see it getting much bigger than 9 million visits a month. That’s already extraordinarily busy for an MLM Ponzi scheme.
As with all MLM Ponzi schemes once affiliate recruitment dries up so too will new investment.
This will starve Gemly of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
Due to Gemly only paying out up to 1% a day and having launched a few months ago, withdrawal critical mass (assuming website traffic doesn’t balloon into the tens of millions, which would be even more extraordinary), are practically guaranteed to hit in July or August.
Depending on when exactly investment into Gemly picked up, things might blow out to September.
Gemly’s collapse could be as simple as the website disappearing without notice. It’s been set up so as to make a clean exit when the time comes, so I don’t think it’ll go the drawn out exit-scam route.
GEMs disappears when Gemly disappears, so victims won’t even be left bagholding a Ponzi shit token. They’ll literally be left with nothing.
Update 21st August 2023 – Gemly has collapsed. At the time of this update Gemly’s website is no longer accessible.
Review updated to note Gemly has collapsed.