The emergence of crypto firms is one of the most common events these days. The majority of them offer tempting prices that appear to be too enticing to be true. USI-Tech is one of them.
What exactly is USI Tech?
United Software Intelligence Technology (USI Tech) is a company that claims to be the world's first automated bitcoin trading platform. It offers a wide range of Bitcoin-related services, including automated trading and mining.
USI-Tech guarantees that your bitcoins will continue to rise over time. The firm functions in two ways: it provides traders with an investment opportunity and it provides business to investors willing to advertise them in exchange for a commission.
While it is a crypto and FX trading platform situated in Dubai, it has been suspected of being a Ponzi scheme that offers high-yield investment programs.
How did USI Tech become a USI Tech scam?
The founders of this USI Tech are Joao Severino and Ralf Gold, but the website has little to no information about its founders. Severino was also barred from engaging in any financial activity in Portugal as a result of his involvement with the Ponzi scheme AMC Invest. Ralf was also a part of MX Fast Money, Upper Game, and other Ponzi scams.
The company's headquarters, according to the USI Tech website, is in Dubai. The registration number, on the other hand, suggests that they are licensed in Ras Al Khaima, an infamous site for offshore registration businesses in the United Arab Emirates.
And that’s how it became the USI Tech scam.
Is USI Tech in no way a legit company?
First and foremost, the owners of USI. Tech was found to be involved in a variety of Ponzi operations that duped customers. Secondly, the vast majority of those who claim to be the recipients of big quantities of money have no evidence to back up their assertions. Although the company is based in Dubai, all of the testimonies are from the United States. Finally, they have been excluded from the US and Canadian investment markets. Users don't have access to their money or accounts.
How does the scam work?
On paper, it appears to be straightforward labor, and the corporation mines a certain cryptocurrency according to their clients' preferences on their behalf—mining rises as the client's investment grows.
Clients can choose from a variety of packages. BTC, ETH, ADA, LTC, and a variety of other cryptocurrencies are stored in these packages. The company began operations in mid-2017 and remained functioning till November 2018. In just two years, the firm has successfully defrauded clients out of more than $400 million.
For quite some time, the Securities Commission of the United States and several other nations have been following the company's owners. As a consequence, many analysts have speculated that the owners have numerous accounts in the United Kingdom, Bulgaria, Cyprus, and the United Arab Emirates.
They continuously kept switching bitcoin wallets to accept client investments and transfer cryptocurrency from one wallet to another. Many clients have reported being asked to acquire cryptos from well-known platforms and cryptocurrency traders. Then, in the long term, they advised users to transmit money to unidentified wallets.
USI-TECH was discovered to have numerous accounts in Cyprus. Furthermore, the corporation had multiple accounts registered under shell companies in different countries, not only this one. Many foreign agencies, including the SEC, FBI, FCA, BTIC, and CFTC, are still looking for further information about the corporation and its top executives and managers.
Summary
USI Tech bills itself as the first automated bitcoin trading platform in the world. It also provides Forex and cryptocurrency trading. Joao Severino and Ralf Gold, the company's founders, were previously involved in Ponzi schemes, and Severino was barred from engaging in any financial activity in Portugal. The company was a hit in the beginning, but the proprietors themselves ruined their reputation by cashing out of the United States right when they had won the hearts of the people. Overall, USI Tech is a scam, and we advise you to avoid investing in them.
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