This review will make you understand why WeToken is a scam that you should not trust with your money.
What is WeToken
WeToken is a mobile cryptocurrency platform that promises to make you money. In the first place, it supposedly is a professional multi-chain digital wallet where you can store different tokens like Bitcoin or Ethereum.
Thanks to crypto staking it also allegedly will be able to generate you up to 730% returns on your deposits. All you have to do is to download the WeToken app for Android or iOS, deposit your cryptocurrencies and start staking.
WeToken claims to be a Canadian company based in Toronto. But can you really trust it, is it legit?
Unfortunately, Wetoken is a cryptocurrency scam that is built to collapse. Everything it presents is fake. You have to stay away from it if you don’t want to lose your digital tokens.
The flagship product of Wetoken is cryptocurrency staking. They rightly explain on their website that staking means putting up your tokens as a guarantee for honest validation of transactions in a blockchain.
Cryptocurrencies you can stake and earn money have to run in blockchains that use the proof of stake mechanism to validate transactions.
Which certainly is not Bitcoin or Doge, yet WeToken claims that they can make you money in staking. So it is a lie.
Also, USDT and SHIB are only ERC20 (secondary) tokens in Ethereum, so they don’t even have their own proprietary blockchain, therefore they can’t be used for staking either.
This clearly shows that Wetoken is a scam, because they promise you profits from staking of cryptocurrencies that can’t be staked.
As we have already explained, cryptocurrencies like USDT can’t be staked because they are not running in proof of stake blockchains.
But even if they were, Wetoken is saying they can generate you hundreds of percent per year thanks to staking. Which is not true.
No established cryptocurrency in the world generates hundreds of percent per year. What you can typically achieve is about 10% per year.
And this applies to liquidity providing too. When you provide token to liquidity pools, the general rule is that established cryptocurrencies generate a yield that will be about 10% per year.
Yet Wetoken shows pairs that will allegedly make you 100% per year. Such returns will be displayed only for shady tokens that will lose much more value than what you will get from liquidity providing.
Put simply, Wetoken is promising returns from mining and liquidity providing that are not achievable in the real world, which is another proof of scam.
WUSDT does not exist
More sophisticated scams like to put their own token in the game, because it allows them to squeeze more money out of their victims. They pay profits in their own token that can’t be traded outside the fraudulent platform, so they can give it any price they want.
And this is precisely what Wetoken is doing with its WUSDT token. Which is supposed to be a stable coin pegged to the US dollar. In reality WUSDT does not exist outside the Wetoken scam world, it is not traded on any real exchange.
So when the house of cards collapses, Wetoken victims will be left with a worthless WUSDT token that they won’t be able to sell anywhere.
Fake celebrity endorsements
The official Wetoken website features some celebrities’ endorsements from people like Dikembe Mutombo or Greg Oden. In the eyes of some people this might give this project a lot of credibility. But the reality might surprise you.
When you listen to the endorsements, you might notice they are more like best wishes. And there is a reason for that. People like Greg Oden or Dikembe Mutombo are available on Cameo for anybody to buy a video with them.
You can see a proof in our picture, for a personalized video with Greg Oden you will pay just 50 dollars, anybody can buy it.
As you can see, WeToken endorsements from celebrities are in fact just paid videos from Cameo. Se they are totally fake, none of these people is recommending investing with this fraudulent platform.
Continuing with lies that you can see on WeToken’s website, let’s address the section that is titled “Eco Partner”. It suggests that companies and projects like Consensys, Redhat and Certik are partners of Wetoken. They are not.
The most dangerous lie is about Certik, which is a company that does audits of blockchain code. Let’s be clear, Certik has not audited anything from WeToken because it is a scam.
Companies from the Eco Partner list have nothing in common with Wetoken. Period.
Fake iOS app
Wetoken runs on a mobile app. You seemingly can download it from Google Play and Apple App Store, that’s what the buttons on the official website say.
But again, it is not true. There is no Wetoken app for iOS (Apple phone), only a profile they will force into your phone. Why is that? It’s because Apple is strict in terms of security.
When an investment platform did not get the mobile app approved by Apple, it is a red flag. Which is exactly what happened to Wetoken.
How WeToken really works
Wetoken is a crypto scam that is using fancy terms from the world of blockchain to impress you. For example “zero-loss pledged mining”. Which in reality is total nonsense that does not exist.
As we have already explained in this review, Wetoken lies about everything. They claim to be making money in staking cryptocurrencies that can’t be staked and they promise returns that can’t be achieved in the real crypto world.
Wetoken is obviously running a Ponzi scheme. Which means that all they do with your deposit is dividing it among older users. That’s what Ponzi schemes do, they just redistribute money among their members.
They never do what they claim, they don’t do real trading, investing, staking, liquidity providing or anything similar. They just play an illegal financial scheme that is sure to collapse.
Similar fraudulent platforms with fake staking and other DeFi products include the Sunony Exchange, Yield Farming and USDT Pool Mining.
Ponzis like WeToken are unsustainable because they need an exponentially growing stream of deposits, which is equal to infinite money, which as we all know is something that does not exist.
Whether WeToken is now paying or not does not matter. It is a scam and as such it is sure to collapse, it is only a matter of time.
It can happen any time. Even if somebody manages to withdraw profits from this scheme, they will be based on somebody else’s loss. This is why you should not join Wetoken no matter what, stay away from it.
Wetoken review – Conclusion
Wetoken is not a cryptocurrency staking or liquidity platform. It is a scam that is based on a Ponzi scheme that is sure to collapse and make all the money disappear. You have to stay away from it.
If you wan to see what results are possible in real cryptocurrency investing, you can try a free demo with a regulated platform.
Before investing real money you have to make sure that you understand the risks and that you have a solid strategy.
I read Certik’s audit report. There is indeed an audit.
This is the report on wetoken published on the official website of Certik Audit.
I’ve been using it for 4 months without any problems.
The audit revealed 5 major problems in the code…
I am using WeToken for 6 months now and didn’t having trouble. I can withdraw my money anytime I want.
Yes, Ponzi scam do pay, until they don’t…