An alert for a pyramid scheme involving YIPTG has been issued by Russia.
According to the Central Bank of Russia’s notice dated May 15th, YIPTG displays “characteristics of a financial pyramid”.
An evaluation conducted by TRUST in April identified YIPTG as a Ponzi scheme centered around a “click a button” application.
YIPTG promises quantitative trading as its Ponzi scheme facade. Participants are required to install the application, pour funds into it using tether, and then engage in “button clicking” to be eligible for daily earnings.
YIPTG lacks a credible source of revenue outside of investment infusion. Thus, the only confirmed income for YIPTG disbursements derives from investor capital.
The scheme’s pyramid structure is reinforced by incentivizing the addition of new investors to the platform financially.
The entire system is at risk of immediate collapse if the inflow of fresh investors ready to forfeit their capital dries up.
By April 2024, analysis from SimilarWeb indicates the principal traffic to YIPTG’s online domain originates from Germany (50%), Russia (22%), the U.S. (10%), and Hungary (8%).
YIPTG represents one amongst the plethora of “click a button” application-based Ponzis that have emerged since late 2021.
It is conjectured that criminal syndicates with Chinese links, operating throughout Asia, are the culprits behind this rampant wave of “click a button” app-based Ponzi schemes.