Even as we have all come to believe that we know quite a lot about Ultimate Cycler in Nigeria, many weren’t aware that the online Ponzi scheme was created by an American identified as Peter Wolfing. The American popularly known as “The online tool guy” is celebrated for his works in the creation of tools for internet marketers. Wolfing is a guru in Multi-level Marketing Business, he started his own company Multiplex systems Inc in 1998 and it eventually brought about Ultimate Cycler.
Peter Wolfing originally created Ultimate Cycler in the year 2014 but it crashed after a while. Since then, he has proceeded to create more Ponzi schemes such as Turbo Cycler, Business Toolbox, Infinity 100, National Wealth Center, Pay Me Forward, and Easy1up – all of which also crashed at some point. In 2016, Ultimate Cycler made a comeback and also found its way to Nigeria. But not surprisingly, the site went down after a few weeks of active running.
Ultimate Cycler In Nigeria – How It Operated
Level One (1)
Ultimate Cycler in Nigeria operated with the 2×2 matrix. New members get registered with a sum of N12,500 and after a few days (up to 7 or more days) the system matches one up with four people that would pay the person the initial amount that was registered in four places, i.e N12,500 × 4=N50, 000. This is known as the first level of the scheme.
Level Two (2)
In level two, half of the money collected from level one is paid to someone who is also in the same level. The person must have been matched by the system and once the payment has been confirmed by the payee, the system then matches the payer up to be paid the amount he paid in 4 places. i.e N25, 000 × 4 =N100,000.
Level Three (3)
For the next level (Level 3), the system matches a participant with someone else entirely to be paid N50,000 which is half of the money earned in level 2. After confirmation by the payee and a waiting period, the system then again matches the same number of people (four) to pay the payer the same amount of money paid at the beginning of this level which is N50,000 × 4= N200,000.
Level Four (4)
The same thing that happened in the previous levels also happens in this level (Level 4). N100,000 is paid to someone and after a period of time, 4 people are matched to pay N100,000 each to the payer, making it a total of N400,000.
Level Five (5)
In level five, N200,000 is paid to someone also on the same level, and then four people pay N200,000 each totaling N800,000 to the participant.
Level (6)
Level six is the highest level in the system. N400,000 is paid initially and after confirmation and a waiting period, a total of N1.6 million is paid in return. This can go on for however long one chooses to remain. In essence, the level six participant would need to pay the entry sum (N400,000) to receive 1.6million naira as long as he wants.
How Registration Was Done
The registration process was quite easy and straightforward, it required imputing personal information such as Name, Email address, Phone number, Username, and Password.
Furthermore, agreeing to terms and conditions was done by ticking the boxes, this then takes one to the final registration process which involves putting in one’s address and also the country of residence, after which the final step is to input bank account details for easy payments. Once the prospective participant clicks on the finish and save button, someone would be immediately paired for the payment of the first N12,500.
People who registered and got paid after a few days went ahead to recruit people into the scheme, the people they recruited were referred to as “downliners” while those who did the recruiting were referred to as “upliners”.
See Also: 5 Worst Ponzi Schemes In Nigeria
What’s Up With Ultimate Cycler In Nigeria?
It tried to make a comeback, as Peter Wolfing in a video he posted on Facebook announced that he and his team have completed a procedure for the site transfer and calibrations. He went on to relate that the site has been power boosted with 2 servers and special settings. In all, Peter apologized for the seeming malfunction of the website calling it a “system upgrade” and asked people to exercise patience.
But then, the website was still reported to be down as users were only able to access an error message telling them of a system upgrade, and from there, it all faded away.
