As a result of a lack of communication from USI-Tech management, the rumor mill went into overdrive over the weekend. Were win98 bitcoin miner negotiations going on between the SEC and USI-Tech?
And bearing in mind an SEC investigation has yet to even be confirmed, there was also one about the SEC dropping its case due to a lack of evidence. All par for the course when a Ponzi collapses and nothing those who follow the MLM underbelly haven’t seen before. Let’s take a deeper look into each of them. Despite being readily available at the drop of a hat to appear in video announcements prior to the Texas cease and desist, of late USI-Tech management haven’t shown their faces.
Instead affiliate communication is occurring through carefully scripted backoffice announcements. Earlier today USI-Tech sent affiliates a new backoffice communication, announcing the formal suspension of ROI and commission withdrawals. Until these investigations are completed, we are barred from making any payments to prevent additional abuses. It seems that up until the Texas Securities Board sent them a cease and desist, USI-Tech had no problem with turning a blind eye to fraud going on inside the company. Tellingly, no time-frame is given for completion of USI-Tech’s investigations.
This raises the prospect of ROI and commission withdrawals for US and Canadian USI-Tech affiliates being suspended indefinitely. Putting aside the fact that every payout in a Ponzi scheme is unlawful, presumably the affiliates USI-Tech are threatening are based in the US. At best they can file a civil suit claiming damages. But with USI-Tech management on the run from US authorities, where are USI-Tech going to file these lawsuits?
3 million from an ethereum mining pool. The mining pool in question is named USITech and surfaced last month. Whether the mining pool even belongs to USI-Tech is unclear. It is however widely believed that the company purchased an existing Chinese ethereum mining pool and renamed it. Regardless, USI-Tech affiliates were quick to cite the pool as evidence USI-Tech was generating external ROI revenue, despite the fact nothing had been transferred out of the pool for seven months. That changed approximately eleven hours ago, following the transfer of 15,651.
At the current exchange rate, 15,651. 3 million after it entered the Bitfinex exchange is unclear. Such is the nature of cryptocurrency. What I can tell you though is, in light of the announcement earlier today, the money isn’t going to be put toward paying affiliates what USI-Tech has represented they’ve earned.
It appears to be yet another altcoin launched for the sake of launching one. Despite instances to the contrary, thus far USI-Tech has failed on every level to demonstrate that it is operating as a legitimate company. I was thinking that they couldn’t possibly go more than another week or two. They don’t really own the pool. They are just renting the name. Description of a mining pool is optional. There’s no proof that a pool called USITECH actually belongs to USI.