This review exposes the RelyFund scam that is pretending to be relying on a DeFi trading robot (RelyBot).
What is RelyFund
Rely Fund is an online platform that runs a trading and staking robot called RelyBot. The robot supposedly trades cryptocurrencies in a decentralized manner and stakes tokens to earn yield.
The end result for the user is that the platform says it will generate 2% daily returns on investment to its users.
You can use the Ethereum, Binance or Avalanche blockchain to deposit USDC on the platform and start earning.
Everything supposedly runs on a smart contract, therefore it is safe and secure. But is it, is RelyFund legit? No, it is not, it is a nasty scam.
Let’s start this RelyFund review by firmly stating that this investment platform is a total scam that runs a Ponzi-style pyramid that is going to crumble. Now let us explain everything in more detail.
We have to repeat this in every review: you can spot most of the investment scam just by looking at their investment plans. It applies to RelyFund too.
Like it or not, 2% daily returns is just a pipe dream, nobody can achieve such returns, be it in crypto trading, staking, or any other industry or activity.
2% daily means 60% monthly, which is absolutely outrageous. Do you remember Bitconnect, one of the biggest crypto scams in history that lost billions of dollars? It was not able to sustain 30% monthly, which is just a half of what Rely Fund is promising. Or Etherconnect with their 17% monthly, unsustainable too.
To help you understand the absurdity of these numbers, imagine that you would compound 60% returns monthly. In just one year, you would multiply your capital 281 times!
It means that if you invested 1,000 USD at the beginning of the year, with interests compounding you would have 281,000 USD at the and of the year.
If this was possible, how many people would keep working? Half of the planet could retire…
And that’s not all, because RelyFund has a referral program, so they claim they can make you even more than 2% daily. Which just proves that RelyFund is a scam that has to be avoided.
Don’t buy the smart contract BS
Rely Fund is a scam based on old principles and using fancy terms to impress people. They claim that their RelyBot runs in a smart contract, which makes it secure.
But a smart contract is just a program that runs in a blockchain. It can be changed, it can have its flaws, or even a backdoor. Are you able to check the veracity of RelyFund’s claims looking at the code of the smart contract? Probably not.
Also, we have to point out that Rely Fund does not even show their smart contract, it obviously has not been audited, nobody can see what’s inside. Or if there’s even one.
So it does not really matter if Rely Fund runs on a smart contract or anything else. As long as they are not audited by a reputable firm, you can’t trust them.
A smart contract is not more secure than anything else just because it’s a smart contract, from an investor’s point of view.
How the RelyFund scam works
This RelyFund review would not be complete without an explanation about how this fraud works.
It obviously has been built as a Ponzi scheme. This means that it is just recycling money that gets on the platform thanks to deposits.
When you join as a new member, your money will be divided and sent to people who joined before and above you in the Rely Fund pyramidal structure. That’s all they do, they don’t have any miraculous trading trading robot, they just redistribute money deposited by their members.
That is why the scheme is doomed to collapse. Sooner or later deposit will slow down, there won’t be enough money to cover withdrawal requests, and that will be the end of it.
Or maybe even sooner, when scammers who run the show decide to take all the money and run away.
The caveat is that all deposits are made with cryptocurrencies, so nobody can reverse them. So if you get scammed by RelyFund, the only thing you can do is go to the police and file an official complaint.
RelyFund review – Conclusion
Our review of Rely Fund provides a detailed explanation of why this investment platform is a scam. Mainly because it offers daily returns that are impossible in the real world, they are typical Ponzi numbers.
Also, RelyFund is not transparent at all, it says that is running on smart contracts, but they are nowhere to be seen. You have to stay away from this fraud.