uTorrent Super Community, a Crypto Ponzi Scheme Went Bust, While BitTorrent’s CEO Justin Sun Kept Silent
“TRX·μTorrent Super Community”, a Ponzi scheme went bust in China, victims lost at least 200 million CNY, one family even killed themselves as they borrowed heavily to take part in the scheme.
Founded in Jan.2019, ” uTorrent Super Community ” claimed itself as a TRON Super Representative, attracting users to register and deposit TRX into the community. Users get more TRX as they invite others to register.
Relying on the popularity of TRON and marketing, it has quickly gained a large number of users. During this period, many users asked Justin Sun, founder of Tron and CEO of BitTorrent about the relationship between the project and TRON, but Sun did not respond.
On the morning of June 30, the official group of ” uTorrent Super Community ” announced that it would suspend service to optimize and upgrade the community platform, but how long would it take was unknown. And its online customer service didn’t reply when users consulted. By 10:00 on June 30, its App could not be downloaded and opened, users realized that the team might have gone bust.
Over past five months, the uTorrent Super Community has taken away crypto worth more than 1 billion RMB, and the number of victims has reached hundreds of thousands. One family even killed themselves as they borrowed heavily to take part in the scheme. Now the victims organized a wechat group to safeguard their legitimate rights. The victims listed out the money they lost in the wechat group. Until now, the police hasn’t placed the case and investigate.
As Beosin, a blockchain security platform estimated, it had transferred 1133270120 TRX, 34709074 BTT to several accounts in succession, amounting to more than 250 million yuan of RMB two weeks ago.
” uTorrent Super Community ” claimed to be a project of uTorrent. It claimed that uTorrent is one of the 27 super representatives of TRON，which planned to attract fans in some different ways. It claimed to give 9/10 TRX bonus from TRON to users who join in. On July 24, 2018, TRON completed its acquisition of BitTorrent and all its products. Many investors firmly believe there is a connection between TRON and ” uTorrent Super Community “.
In fact, the real super representatives of TRON haven’t been chosen. The node bonus for users in ” uTorrent Super Community ” is far too high. Tough TRON give bonus to users with DPos, but the bonus given by ” uTorrent Super Community ” is hundreds times more than that of TRON. It is obvious that ” uTorrent Super Community ” is a Ponzi scheme.
Before the project go bust, many users asked Justin Sun, founder of Tron and CEO of BitTorrent about the relationship between the project and TRON, but Sun did not respond. Until July.1 did Justin Sun reply in weibo, he reminded the investors to get rid of Ponzi scheme in the name of TRON without clarifying the relationship between uTorrent and Bitorrent.
In view of Sun’s ambiguous attitude, some people believe that no matter whether TRON was involved in, it can be sure that these Ponzi schemes do increase the activity and liquidity of TRX.