Last week while I was mindlessly going through my friends Whatsapp statuses when I came across something that caught my attention.
So this guy was claiming to have made over 75000% returns on his initial investment within a span of just 21 days. Which is just absolutely insane. This immediately tipped me off there was something fishy happening. So I started digging more about this app and there were some serious red flags. Anyone who plans investing money or if you know someone who does use this app should seriously consider the following details.
Red flags about SYW app
#1 creators are anonymous
While researching about this app I couldn’t find any information on who created this it or where they are from. Heck, they don’t even have a company website. This itself is a serious red flag as this implies the creators want to remain anonymous. No legitimate business would do this.
#2 Pyramid/ Ponzi scheme like referral program
(second paragraph) If you invite a friend and they rent a miner, you receive 2 SYW coin, and you’ll also be rewarded if the friends you invited also invite other friends. This structure is clearly a Pyramid scheme. This is one of the main reasons why this app has gained so much popularity. Albeit mostly among amateur investors.
#3 The Parent company keeps changing
In a blog post it’s mentioned that SYW app was build by a company called Western Pacific Health group. This company has 3 employees and was founded in 2021. Their listed website is exactly one page long.
Here’s the dumb part, in the SYW app they mention Westpac health industry group as their parent company.
But Westpac is a Australian financial services company founded in 1817 and is among the top 10 banks in Australia. Hence it’s safe to say a company like Westpac with so much legacy behind them is NOT affiliated with SYW.
#4 The SYW coin does not exist!
This was the part that blew my mind. The creators of SYW compare their coin with Bitcoin and convince users on the idea that SYW will also become valuable in the future.
But here’s the problem…the “coin” being shown in the app does not exist outside the app.
What does this mean? That there is NO SYW CRYPTOCURRENCY. Here’s the proof.
SYW coin is not being traded on any cryptocurrency exchange despite there being literally hundreds of exchanges available. Just take a look at the blockchain data.
Etherscan is basically like a search engine for Ethereum Blockchain. Etherscan clearly shows that not a single transfer of SYW has taken place. There are no holders. Essentially SYW coin only exists within the app and the developers are free to manipulate it however they like.
This leads to another lie they are telling their users — the value of the coin in their app.
in their app they show that the price of SYW coin has steadily increased since it’s launch. But this is technically impossible as the coin is not being publicly traded. Also, entire crypto market has been going down the past few weeks (Thanks to Elon!) even Bitcoin. And these guys are claiming their coin went up during the same time???
Endgame for SYW
Some of you might know a friend who has made a profit using this app. “So if it’s a scam why would they give away money?” you might be wondering. It’s for word-of-mouth marketing. Someone who made money using this app will undoubtedly recommend it to their friends and they’ll invest in this app too. Thus by spending some money they can attract more users while receiving more than what they spend as funds.
if you know someone who made money using this app congratulate them because they’re extremely lucky. This will not be the case for everyone who invests.
So what is SYW’s endgame? they’re likely waiting for the amount of money they receive from users to reach a substantial amount. After it reaches that point they will vanish without a trace like so many other exit scams.
It is unlikely law enforcement will be able to catch these guys on time. Hence share this to create awareness about this scam.