USI-Tech is a multilevel marketing company that promises to help members get rich quick through membership recruitment, mining, and automatic investing robots. The company was recently accused of lying about a $70 million contract with blockchain technology company BitFury.
BitFury is a well-known blockchain technology company that develops blockchain solutions – including hardware and software platforms – for businesses, governments, organizations, and individuals who want to implement blockchain technology.
In a Steemit post dated on October 7, Irish USI-Tech affiliate Aoibhin Sheehy, also known as KingsOfBitcoin, described an “an precedented acquisition” of “70 million dollars of mining power” from BitFury:
“Seems all it takes is a bit of Fun-in-the-Sun, a Postcard Destination, and liberal amounts of Alcoholic Beverages to loosen some lips and let the “cat out-of-the-bag!
What’s the Scoop?” you say. USI-TECH has acquired 70 Million Dollars of Mining power through the BitFury Group — one of the largest and most lucrative mining companies in operation.
This is an unprecedented acquisition, typically refused to most companies approaching BitFury, due to the significant draw on resources the purchase represents; however, for USI-TECH, the “Sky’s the Limit”, and the deal was inked, thereby adding years of longevity to the already potent powerhouse that is USI-TECH.”
Other USI-Tech affiliates – all of whom make money by referring members to the platform – echoed the news across social media.
The posts referenced a “VIP” event held by top USI-Tech “investors” in Mallorca, Spain. USI-Tech’s executive team allegedly revealed the $70 million BitFury contract during this event.
BitFury CIO Alex Petrov Claims that No Contract Has Been Signed
So what’s the problem with the $70 million acquisition?
The problem – aside from the fact that USI-Tech appears to be a Ponzi scheme – is that BitFury has apparently disputed the news.
Our friends at BehindMLM.com claim that USI-Tech lied about the $70 million contract. As proof, they cite a comment from BitFury CIO Alex Petrov, who said the following in a comment on a separate post on BehindMLM.com:
“USI Tech doesn’t sign any contracts with Bitfury, contact are fake. This is officially confirmed from Bitfury side.”
Alex Petrov commented again on a separate post reinforcing the fact that no contract has been signed. He posted links to affiliates, and described it as a “fake announcement.” It’s not 100% certain if the Alex Petrov user on BehindMLM.com is indeed the Alex Petrov listed as the CIO of BitFury. However, we have no reason to believe he’s lying.
Obviously, Ponzi schemes like USI-Tech are rampant across the industry. Most fail within weeks, but USI-Tech has been active since 2016. The company claims to operate enormous mining operations around the world to generate ridiculous profits for investors.
In reality, it seems to be a standard pyramid scheme that seems destined to collapse in the near future – especially once regulators hear about the latest issue with the fake $70 million BitFury mining contract.