When USI-Tech canned its biggest investor market around two weeks ago, it should have been obvious they were running on borrowed time.
Despite the keeping up of appearances and reassurances by USI-Tech investors outside of the US (coughcough “Global Leader” Sharon James), it appears USI-Tech has been inundated with withdrawal requests.
Trotting out the old “we’re too big for legitimate payment processors” routine, USI-Tech has announced withdrawal delays.
In a backoffice message, USI-Tech claimed
With the rapid growth of USI-Tech, the daily number of deposits and withdrawals has also increased dramatically.
Due to the gigantic number of transactions, it was no longer possible to process payments via a regular wallet-provider.
If we’ve learnt anything from the BitConnect collapse, it’s that US investigations into Ponzi schemes result in the complete opposite of what USI-Tech are claiming.
Withdrawals increase dramatically, sure. But deposits? Riiiiiiiiiiiiiight.
Secretive as always, USI-Tech claim to have developed their own “wallet solution”.
The system was recently put into operation, and all deposits and withdrawals and now processed using our solution.
Consequently, the new operating process and the associated in-house time expenditure has resulted in a current backlog of payouts of up to 5 business days.
So um, just so we’re clear… USI-Tech cans its top source of investors, claims the level of transactions within the business has grown.
But don’t worry, they’ve developed some secret wallet solution and everyone will still get paid.
Well, alrighty then.
In related news two days ago USI-Tech investors woke up to the news that their backoffice wallet has disappeared, including pending withdrawal requests.
Doesn’t seem to bother Sharon James though.
Yesterday James kicked off a one-hour USI-Tech livestream by declaring she was “very excited” about getting “back to business”.
Never a dull moment…