In this review we warn against a Defi mining liquidity scam called USDT Pool Mining. You should stay away from it.
What is USDT Pool Mining
There is a website at eth2018.vip that is supposed to be running a Defi liquidity mining program with a USDT Pool with a reward of 1 million ETH.
This program is allegedly able to generate you a daily returns on investment from 2 to 5.2% percent. The minimum investment being 20 USDT, which roughly is 20 USD.
Everything is supposedly happening in the Ethereum blockchain. Your money will be used to mine liquidity for Tether (USDT), which is a stable coin pegged to the US dollar.
But is this USDT Pool Mining legit, can you make money in this DeFi mining liquidity program?
USDT Pool Mining scam
Unfortunately this supposed Defi liquidity mining for the USDT Pool is a total scam. In this review we explain why.
What is it even about
The first thing we wanted to know is where the money is supposed to come from in this USDT Pool Mining. But the official website gives no clear answer. In fact, it is very confusing. Some phrases that are supposed to provide an explanation don’t even make sense.
Like for example the first one about node mining: “USDT stored in their own wallets, 0 risk, the new blockchain data management and computing model, to boost DEFI ecology.”
Or the following one: “Via the total value of each user node production, liquidity node mining without any reservation and pre-mining and incremental behavior, all ETH users to provide on-chain liquidity, all this will be automatically locked through the smart contract node execution revenue.”
Not only they don’t make sense from the blockchain technology point of view, but also from pure language point of view.
What this Defi mining liquidity scam is probably trying to say is that you will be providing your USDT for liquidity mining. Which again does not make any sense.
USDT aka Tether is a crypto stable coin that can’t be mined. Nor you can provide liquidity for it. USDT is issued by the company Tether that also is supposed to back every issued token with real assets.
The only thing you can do with USDT is buy it for more or less 1 USD and sell it for the same price.
Some cryptocurrency platforms offers yield on USDT staking, but you will be lucky to get 10% per year. And it is not real staking per se as we know it from the Proof of stake concept that secures transactions in a blockchain network.
To sum this part app, USDT Pool mining is a nonsense that can’t be executed in real life.
As we often say, most of the online investment scams are revealed by their investment plans. And this USDT Pool mining – Defi mining liquidity program is no different.
2% or more daily returns are absolutely absurd. There is no cryptocurrency mining, staking, trading or any DeFi activity that could earn you anything close to this number.
When you see any program in any industry in the world offering you a steady 2% daily return, you can be sure that it is a scam.
We also have to mention that this USDT Pool mining is promising even higher returns if you keep the money in the system, which indicates how it really operates.
How it really works
It might be that this Defi Mining Liquidity scam started as Ponzi scheme. Meaning that the USDT Pool mining could have been paying at the start, some people may actually have made some money in it.
But according to our reader, it is not paying now, which means that it is a failing scam. They want you to keep as much money as possible in the fake USDT mining pool so that you see fake profits accumulating and don’t realize that it is a scam.
The problems will occur when you try to withdraw. You will see that it is impossible, you won’t be able to get your USDT back to Binance or anywhere else, including your private wallet.
So it is very simple, every single USDT sent to this USDT Pool mining scam will be lost. And there is no way of getting it back because cryptocurrency transactions can’t be reversed.
USDT Pool Mining review – Defi mining liquidity Conclusion
USDT Pool mining or Defi Mining Liquidity at eth2018.vip is a scam that will just steal your cryptocurrency. You have to stay away from it.
If you want to see what real returns are possible in crypto staking and mining, you can check legit platforms that will provide you with all the information.
In the meantime please make sure that all crypto trading is very risky and even staking can lose you money because of prices fluctuate wildly over time.