USI-Tech scam warning issued in New Zealand

New Zealand’s Financial Markets Authority has issued an investment warning against USI-Tech.

Better late than never?

As per the FMA’s August 16th warning;

USI-Tech is not registered on the Financial Service Providers Register to provide financial services in New Zealand.

We consider that the operations of the entity bear the hallmarks of a scam.

We therefore strongly recommend that you do not deal with the entity.

Following a
securities fraud cease and desist issued in Texas
last year, USI-Tech pulled the plug on their
bitcoin package scheme
.

Following the typical Ponzi collapse playbook, USI-Tech’s owners Joao Severino, Horst Jicha and Ralf Gold have gone underground.

How much they collectively stole from investors is unclear.

In its dying days, USI-Tech attempted to exit-scam through its
TechCoin ICO
.

In an email sent out a few weeks ago, TechCoin bagholders were informed some of their balances had been reduced or “zeroed out entirely”.

We received a number of emails several days ago regarding the issue of TCI balance discrepancies.

Some users noticed that their balance was either reduced by several hundred or was zeroed out entirely even without doing any transaction.

We understand the frustration and concern this has brought to the TechCoin community, so we immediately began an investigation as to why this was happening.

It took a few days for the development and technical team to find out the reason behind this hiccup.

We would like to inform our users that at the moment, we are doing our best to resolve the issue and reflect back the users actual balance on their wallets.

Rest assured that your balances are 100% safe and unmoved and that no TCI are lost.

This issue is merely due to some technical glitch in the system, as we encounter numerous error while performing an enhancement to the blockchain and its ecosystem to ensure stability and solidity of the platform.

We are expecting this difficulty to be fixed in the next few days.

Despite zero adoption outside of the USI-Tech Ponzi scheme, the company claims TechCoin is “the future of cryptocurrency”.

🤖 Quick Answer

What did New Zealand's Financial Markets Authority warn about USI-Tech?

What happened to USI-Tech following regulatory action?
Following a securities fraud cease and desist issued in Texas, USI-Tech discontinued its bitcoin package scheme. The company's owners—Joao Severino, Horst Jicha, and Ralf Gold—subsequently went underground, leaving the total amount stolen from investors unclear.

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