The bitcoin Ponzi scam that won't go away

The bitcoin Ponzi scam that won't go away

This article was produced in partnership with Point , a YouTube channel for investigative journalism. In an industry rife with scams, one cryptocurrency trading startup -- USI Tech -- was paying real dividends on its customers' investments. At least, it appeared to be. In reality, USI Tech was a classic Ponzi scheme. It offered outrageous rates of return and encouraged investors to boost their earnings by introducing more people to the USI Tech family, with the fees from new investors then used to pay off existing customers. It wasn't long before authorities in the United States, Canada and New Zealand caught up with the company and issued cease and desist orders. Just a few months later, an estimated tens of millions of dollars had vanished from investors' accounts. But that wasn't the end of USI Tech's story. The model soon reappeared with a new name: Eyeline Trading. The former USI Tech website was redirected to Eyeline, but when authorities caught on to the seemingly rehashed scam, Eyeline rebranded to its current form: WealthBoss.