Usi-Tech was a Dubai-based cryptocurrency platform that is surrounded by controversy and is, by some, considered a Ponzi scheme.
Starting with the State of Texas, several US and foreign jurisdictions prohibited Usi-Tech from operating within their territory.
The company’s last tweet was posted in January of 2018 …
https://t.co/0DEDzr3BZ7#usitech #bitcoin #cryptocurrency #blockchainhttps://t.co/iyk0qi0KnChttps://t.co/iHs9pvY81uhttps://t.co/7BZJVm8ozg
— UsiTechIntl (@IntlUsi) January 22, 2018
… and their Instagram account is also still alive, although their latest post was on December 13, 2017.
The domain name usitech-int.com was not responding at the time of this writing.
In May of 2019, Engadget’s Benjamin Plackett published a piece titled “The Bitcoin ponzi that won’t go away”
According to Plackett, Usi Tech was not only a Ponzi scheme, but continued to operate under different names even after the initial ban by authorities. Two of these names are Eyeline Tech and later WealthBoss.
Clients claim to have lost their entire life savings on the Usi Tech platform.
We recommend you take any investment that promises more than 3% per month with suspicion.
If you monitor the financial markets you’ll know that US Treasury yields are lower than 3% per year. Treasuries are a very safe and conservative investment instrument, but they serve as a reference for a bottom line yield. Any investment that promises one year of Treasury yield per week, or sometimes even less, is very likely to be a scam.
Usi Tech customers were initially promised 1% per day, with a minimum period of 140 days. This is an outrageous yield that no legit financial instrument is able to deliver.
At the time of this writing former Usi Tech customers had not yet recovered any part of their losses.
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