How USI Tech Pulled off One of the Largest Crypto Scams

Tuesday 27 November 2018, 3:15 AM AEST - 1 year ago

usi tech scamusi tech scam

In this article, we look at USI Techs cryptocurrency scam. While its one thing to know that a project has committed fraud, its even more important to truly understand the characteristics to prevent such an incident from happening to you. Heres how the company was able to pull this off.

What Exactly Is USI Tech?

USI Tech (United Software Intelligence Technology) is a company that claimed to develop the worlds first automated trading platform for Bitcoin (BTC). Starting in May 2017, USI Tech started concentrating on selling BTC packages to traders and miners who wanted to automate these activities.

At first, a lot of people bought into this plan. However, after some time, they began to increasingly suspect that USI Tech was really a Ponzi scheme. But how did the company pull it off in the first place?

USI Tech Owners

A lot of cryptocurrency project websites provide tons of relevant information about founders and team members. However, many also do not. In the case of USI Tech, the latter was true. On the project website, there wasnt much info about who the USI Tech owners were. Furthermore, the site didnt provide much information about the products that USI Tech was selling.

What we do know is that Joao Severino and Ralf Gold founded the project. Before starting USI Tech, Severino was banned from all financial activity in Portugal because of his involvement with another scam company called AMC Invest. Even worse, Ralph Gold had been involved in all sort of Ponzi scheme companies. These included AdsProfitReward, MX Fast Money, World Consumer Alliance, HourlyRevShare, AdsProfitWiz, APR Clicks, and Upper Game.

The company also claimed to be based in Dubai. However, the registration of the business is actually from Ras al Khaimah, another city in the United Arab Emirates that is well known for its offshore business registration services.

screenshot of USI Tech homepage (from November 2018)As of November 2018, USI Techs homepage is just a simple login page.How Did the USI Tech Claim That Users Could Make Money?

BTC packages started out at around 50 Euros each. The more packages yo ...

Read full story on CoinCentral