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EtherLab – 10% Daily Short Term Ethereum Mining Contracts?

The internet nowadays is absolutely filled with scams and HYIP schemes which claim to help make customers “wealthy overnight”. However, it should be made absolutely clear that, over 85% of such ventures are cams, and should be avoided at all costs. Now, let us look at HYIP, and how it works. HYIP is an abbreviation for High-yield investment program (HYIP), and is basically a modified version of a Ponzi scheme. It usually features very high interest returns, and aims to “double” (sometimes triple) an investors funds within a short span of time. However, there is usually a catch in such projects, as many a time, returns are paid only if new members are brought in.

What Is EtherLab?

Etherlab is being marketed online as a “short-term investment company” that is guaranteed to help secure profits for all investors. However, this claim is largely unsubstantiated, and is not backed by any market data or research. At this point, it should be mentioned that most HYIP schemes employ this tactic to lure in customers. They usually make baseless claims of maximizing our profits, without actually delivering any worthwhile data to back it up.

Some of the aspects of this service which seem to be a bit suspicious include:

No Employee Details

One of the first things that all good crypto projects do is to advertise the credentials of their core business team. This is done in order to provide customers with more transparency and lucidity in regards to all of the company’s dealings (thereby instilling a sense of hope and optimism within the potential investor). However, there are no details of any company executives or employees on the Etherlab website. There is only an email address given, that has to be used to maintain all correspondence with the company.

Shady Domain Selection

While most legitimate crypto startups choose to go with domain names ending in .io etc, this venture uses a .biz address. However, this is not to say that there is anything wrong with such a selection (just appears to be strange).

New To The Game

Even though the advertising may lead us to believe that Etherlab is a trusted name in this field. Upon conducting a quick search online, we found that the website went live less than a month ago. This raises serious doubts to whether this is a long term project, or a quick money grab.

Fake Address

The address given on the website, cannot be traced back to any business called EtherLab in the UK. In Fact, the enquiry we performed, led us to find that this entire operation is based in Panama. Not only that, the name and contact details of the person behind the project have been hidden using a 3rd party software (leading us to believe that something is awry here).

Unrealistic ROI’s

The company is offering users with investment plans that are not feasible in the long run.

  • Plan 1: Minimum Deposit :0.005 btc; Receive 10% Daily for 10 Days.
  • Plan 2: Minimum Deposit: 0.01 BTC; Receive 10% Daily for 15 Days

In addition to this, the company is offering 10.000 Free Satoshi for each referral without deposit. Lastly, users can also earn upto 5% in commissions for each referral.

EtherLab Conclusion

While this project does not seem to be an outright fraud, there are still some loopholes that are quite glaring and obvious. Thus, for safety sake, we would recommend investors hold back on this one, and maybe invest their hard earned funds in a project that has been unanimously verified by the crypto community at large.

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