In recent years, pyramid schemes using USDT (Tether) have increased significantly, especially on investment platforms that promise high guaranteed returns in a short period of time. Scammers use the stability of USDT, a stablecoin linked to the dollar, to lure unsuspecting investors into fraudulent schemes.
How Do These Scams Work?
USDT financial pyramids typically operate on the promise of quick profits in exchange for an initial cryptocurrency investment. Early investors receive returns, which increases the credibility of the scheme, but these payments come from the funds of new investors. Eventually, when there are no longer enough new participants, the pyramid collapses, leaving most investors with losses.
Warning Signs:
1. Promises of high guaranteed profits.
2. Schemes that require recruiting other participants.
3. Lack of clear information about risks or business structure.
4. Pressure to invest quickly.
Recent Cases:
One of the most prominent cases was that of PlusToken, a scheme that involved billions in cryptocurrencies, including USDT. Operators promised users exorbitant returns, and in the end, millions of people lost their investment when the scheme collapsed. These types of scams keep popping up under different names and platforms, so it is crucial to be alert.
The PlusToken Ponzi scheme was one of the largest frauds in the cryptocurrency world, affecting approximately 2 million people. The amount stolen in this scheme is estimated to be over $14 billion in various cryptocurrencies, including 200,000 BTC, 833,000 ETH, and millions in other cryptos such as USDT, XRP, and LTC. The scheme offered users incredibly high and guaranteed returns, which attracted many investors.
This fraud collapsed when withdrawals stopped and major traders fled, leaving millions of people without their investments. To date, a significant portion of the funds remains unrecovered, and investigations are ongoing.
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