The "Let's Yarn" platform, which falsely claims an association with legitimate e-commerce giant Etsy, updated its website domain registration with bogus details on March 15, 2022. This operation solicits investments in Tether (USDT) from individuals, promising daily returns for simple "button clicks" within its application.
Let's Yarn provides no verifiable information about its actual ownership or management. Instead, its website displays corporate details copied directly from Etsy's Wikipedia entry. This deceptive practice is a common hallmark of fraudulent investment schemes designed to mislead potential participants.
The domain "letsyarn.com" was first registered in 2019. The March 15, 2022, update with fraudulent information suggests a change in control around that time. Examination of the website's source code shows localization settings configured for Chinese, indicating potential ties to operators based in China.
SimilarWeb data identifies Switzerland as the primary source of traffic to the Let's Yarn website, accounting for 75%. Russia contributes 6% of the traffic, and Belarus accounts for 5%. This unusual geographical distribution of participants often characterizes offshore financial schemes.
Let's Yarn offers no retailable products or services. Its affiliates can only market the Let's Yarn affiliate membership itself. The entire business model depends on new money from new investors.
Affiliates invest Tether (USDT) into the platform, expecting daily returns. To qualify for these returns, participants must log into the company's app and click a button. The required number of daily clicks increases with the investment amount. Higher investment tiers also mandate recruitment of new affiliates.
Specifically, affiliates investing 1 to 499 USDT receive 0.26 USDT per button click, up to 50 clicks daily. Those investing 500 to 1999.99 USDT receive 0.28 USDT per click, with a maximum of 55 clicks daily, and must recruit five new affiliates. Investments between 2000 and 4999.99 USDT yield 0.30 USDT per click, up to 60 clicks daily, requiring ten affiliate recruits. For investments from 5000 to 9999.99 USDT, affiliates get 0.32 USDT per click, with a 70-click daily maximum, and must recruit eighteen affiliates.
The multi-level marketing (MLM) component of Let's Yarn pays commissions based on the recruitment of investor affiliates. Referral commissions are paid down three levels of recruitment. Personally recruited affiliates (level 1) generate a 16% commission on their invested USDT. Level 2 recruitment yields an 8% commission, and level 3 recruitment provides a 4% commission.
Let's Yarn also offers a "New User Bonus" for personal recruitment. Recruiting an affiliate who invests 30 USDT earns a 1.88 USDT bonus. A 100 USDT investment from a recruit brings a 3.88 USDT bonus. Recruiting an affiliate who invests 500 USDT results in an 8.88 USDT bonus. Larger recruit investments of 2000 USDT and 10,000 USDT provide bonuses of 38.88 USDT and 188.88 USDT, respectively.
While Let's Yarn affiliate membership is free, full participation in the attached income opportunity requires direct investment in Tether. This structure mirrors classic Ponzi schemes, where early investors are paid with funds collected from later participants. The "button clicking" task creates an illusion of work, disguising the fact that no actual products or services generate revenue. Such schemes are inherently unsustainable, collapsing when new recruitment slows, leaving most investors with significant losses. The anonymity of the operators and the use of cryptocurrency make fund recovery exceptionally difficult for victims.
The absence of verifiable company ownership, combined with the deceptive use of Etsy's corporate details and a recruitment-driven investment model, points to an operation designed for eventual collapse.