UTPay was a project that wanted to revolutionize the travel and tourism industry because it considers it outdated in its mode of operation.
According to the site, the project
“has taken the initiative to revolutionize the way travel and tourism industry functions. There are no imminent threats to the prospects of the travel industry as of now, but it has been functioning in the same-old boring way for many years, and something needs to be done to enhance the user experience. Now, UT-Pay has decided to change the status-quo and offer excellent amenities to customers, to improve their travel experience.”
The State of the Project?
As at the time of this review, UT-Pay is asking investors to join its private sale by purchasing its token. The so-called ultra travel payment system is targeting to raise a minimum of $1m and a hard cap of $5 to $10m.
The pre-sale ends in the next 20 days according to the site of the project that described itself as a blockchain-based marketplace for transportation, accommodation and restaurants.
Pros and Cons
It really is difficult having something positive to say about a scam ICO. However, it may be essential to mention some of the positives in this project to enable you gain the insight that even though a project looks good and attractive, it could end up being another scam.
The UT-Pay website is quite interactive and aesthetic. The site is clean and presents the project in a lucid way that any inexperienced investor would be taken in by it.
Discovering that an ICO is a scam takes certain criteria. Some of these are ICOs that delete their websites and social media presence from the web after the project.
Others are the ones that refuse to give a clear answer to the concern of investors or simply refuse to address these concerns.
There is still another category that has team members that have been known to have participated in past scams.
Then there are those that present fake team members.
UT-Pay belongs to the last category: a scam ICO that has presented fake and photo-shopped team members.
There can only be one reason for this, which is that they have set out as an exit scam and so are interested in hiding the true identity of those behind it as we can see.
In investigating an ICO team, finding a fake team member is indicative that all may be fake. However, if there is more than one fake member, you can be most certain that you are dealing with fraud.
Riley Theodore was described as Assistant manager at Holiday Inn Express. His photoshopped picture belongs to Andrew Mykhalchuk. Obviously, it was stolen from his GitHub profile.
Chris Wozniak, another member of the UT-Pay team is a known participant in previous ICO scams. It is likely that he too used a fake ID.
Scams are doing the greatest harm to the ICO ecosystem. This is the reason why review sites should work hard at discovering them as early as possible and educate investors.
There is another thing…investors must do appropriate research before sending their cryptocurrencies to ICOs.
UT-Pay is an active scam. It is so obvious that every investor that puts in their fund in this ICO has just been scammed. For a genuine investment site, check here.