Recently, another crypto wallet scam named ‘YouBank’ emerges in China as cryptocurrency rally. It claims itself as the world’s first cryptocurrency bank, up to date, it has fleeced over billions of dollars from investors.

It all began when the users started becoming suspicious with the inability to withdraw deposits from ‘YouBank’. According to its website, it claims itself as the world’s first cryptocurrency bank which has a unique function of social activity. It requires new registered users to deposit 510 USDT to activate the accounts.

Similarly, ‘YouBank’ encourages users to attract more users to join in with profits. YouBank has a fixed income model of deposit interest. It has a minimal investment of $500, and it promise the monthly interest varies from 6% to 20% according to the money invested. At present, it supports mainstream cryptocurrencies such as ETH, BTC, BTH, and USDT. Static Benefits: money is earned when deposited to mine, and 6-20% monthly benefits are made by shared with new users without ceiling.

It claims to manage 60,000 Bitcoins and 4% of the world’s trading volume with a special team comes from world-class big companies. And it launched its platform coin ‘YBT’. Despite the acceptance, the company does not feature any other services, besides facilitating an e-bank platform. Bearing in mind its mass adoption, there has been no news or advertising that published the launch of other credible products or services.

‘YouBank’ is actually a typical Ponzi scheme. In order to better cover up its essence of Ponzi scheme, it also launched “landing application scenario” to package the project. In order to increase the credibility, it claims that Internet platform in China all support ‘YBT’ payment as the authority .

After being exposed to public in China, ‘YouBank’ fled to Southeast Asian, still aiming investors who lack blockchain and investment knowledge in traditional industries by passionate speech to induce investors.

While the news comes as a shocker to many users considering its massive adoption rate, others claim that they are not astonished by the way things have turned out.

Earlier last month, a similar Chinese crypto wallet PlusToken has allegedly vanished with $3 billion worth users’ crypto deposits. Investors should take care of crypto Ponzi scheme and suspicious lending companies promising extremely high return.