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Friday, January 5, 2018

Scammers in PANIC mode: USI-Tech bans US & Canadian users following Bitconnect's legal problems...

A day after the Bitconnect scam was served a cease and desist (full story here) the second most popular crypto scam "USI Tech" has terminated it's USA and Canadian members.

In a laughable move - they're actually blaming their own users for their troubles. Now making the case that even though their entire system functioned off people spamming and referring others - it's the users fault for sharing the links they provided.  Stating in an e-mail shared on Reddit:

We were utterly dismayed to learn that a large number of our sales partners extensively advertise our services on their own websites as well as on social media in a manner which is a breach of contract as well as illegal, and which gives the appearance that our service portfolio violates both US and Canadian law. Despite the measures which we have already initiated, this behavior has even intensified in recent weeks and months. This has already resulted in actions by the respective authorities against various distributors, as well as the first preliminary injunctions in response to this advertising behavior. 

This seems to be the beginning of the end for multiple crypto scam sites that targeted the wave of new uneducated investors.

Experts expect the Federal government of the USA to review the Texas securities board's findings and implement a nationwide ban on Bitconnect in the coming weeks, that is if Bitconnect doesn't ban them first.

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Author: Oliver Redding
Seattle News Desk