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CySEC Compliance Issue – Regulated FXORO illegally chases EU clients via its offshore entity
We first registered with an EU address on the offshore entity of the CySEC-regulated FXORO, which is marketed through the subdomain https://global.fxoro.com. There we could choose between two account types, each offering leverage of 1:400. Only 1:30 is allowed in the EU in the first place. After that, we wanted to register on the CySEC-regulated FXORO on its approved website www.fxoro.com with the same credentials. This was not possible because our data from the offshore registration was already there. Thus it’s evident that FXORO uses only one client database for the two mutations.
Latest Updates
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Fraud campaign Elite Trading Club targets victims for The Live Market broker scam
Today a certain Danny Jarell contacted us by via email. He told us that we could collect money that someone we don't know has deposited for us. All we had to do was click the link. We did that and ended up at the scam campaign Elite Trading Club presented on the FX Offers website. Anyone who registers there will be redirected today, for example, to The Live Market a/k/a TheLiveMarket broker scam, which TLM Holdings GmbH allegedly operates in Australia. Stay away. Far, far away!
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Broker scam Winbitx chasing victims via Bitcoin Profit campaign
The white-label broker scam Winbitx is currently hunting for new victims using, among other things, the Bitcoin Profit campaign. This campaign promises investors millions in profits even when the crypto markets crash. After registering with Bitcoin Profit, you are immediately redirected to the payment page of the broker scam Winbitx. The cashier is once again PayNetEasy, where once again the UK payment processor Pay Credits for credit and debit card payments are integrated.
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Investor warning against Triton Markets facilitated by Praxis Cashier
Like on any other day, today, we have received more than a dozen emails from fraudulent marketing campaigns that are on the catch for victims of various scams. One email leads us (once again) to the already known scam campaigns Bitcoin Prime and Bitcoin Champion. From there, we are directed to the still active broker scam Triton Markets (www.tritonmarkets.com) a/k/a Triton Capital Markets. Surprise, Praxis Cashier is still active as a payment processor, although there have been warnings against this scam for months.
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Daily Marketing Alert – 1K Daily Profit fraud campaign promotes Status Markets broker scam
The scams are literally looking out for the FinTelegram attention. Through the daily junk emails, we get an overview of the current (fraudulent) marketing campaigns and the scams promoted with them without much work. For example, the 1k Daily Profit campaign has been very active for many weeks. Today, the scam broker Status Markets (www.statusmarkets.com) is advertised via it. This is allegedly operated by MarCo Global Projects Ltd, registered in the Marshall Islands. Status Markets is a poorly made white-label scam; do not fall for it.
Payment Processors
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The incredible story of Wirecard Mini-me Payvision and its founder Rudolf Booker
Amsterdam FinTech entrepreneur Rudolf Booker founded the payment processor Payvision in 2002 and ran it more or less successfully. The business evidently took off in 2015 when Amsterdam real estate investor Dirk-Jan Bakker introduced German cybercrime activist Uwe Lenhoff to Booker. Lenhoff and his partners brought dozens of fraudulent binary options operators to Payvision, where Booker welcomed them with open arms. In 2018, Booker sold Payvision to ING for €360 million, fully packed with high-risk and illegal clients; in April 2020, he and his co-founders left Payvision.
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Investor Alert – Broker scam RazerMarkets with PandaTS and BridgerPay still active
On 12 March 2021, the UK FCA issued an investor warning against the RazerMarkets broker scam, allegedly operated by RazerMarkets Ltd. This company is registered in the Marshall Islands. It is a PandaTS white-label scam. As a payment processor have once again discovered BridgerPay. Behind BridgerPay Cashier, we have also discovered the Estonian crypto payment processor CryptoPayIn, operated by Navasu OÜ. Until recently, Plus Exchange was also integrated as a cryptoprocessor. The scam is still active and attacks investors in Europe.
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Fraud marketing campaign 1k Daily Profit promotes EU Finance broker scam
The 1k Daily Profit campaign is run through a vast network of affiliate sites and massively promoted on Google in social media. For example, the campaign is currently also running on the page Investment Generator. From there, one is redirected today to the broker Scam EU Finance (www.eufinance.eu), among others, after registration. As scam-facilitating payment processors, finanic, Venus Exchange, Bitexchain, and Jubiter are connected via the BoxiPay Cashier.
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Investor Warning – Be aware of the crypto fraud in scam broker environments
Starling Bank recently announced that they are suspending the deposit of funds to crypto exchanges such as Payward Ltd d/b/a Kraken (www.kraken.com). Banks and fintechs have "observed high levels of illegal activity" related to crypto exchanges. Welcome to the new reality. We have testimonials from victims showing how ID theft and bank fraud works. Scammers use either victims' KYC records or AnyDesk to open accounts there in their name and then receive deposits from them. The money is then gone. Kraken refuses to refund the victims.
Cybercrime Court Cases
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Wirecard, Finolita Unio, and the Lithuanian Connection
In our researches on scam-facilitating payment processors, Finolita Unio UAB, regulated by the Bank of Lithuania with authorization code LB000490, came to our attention only once as a payment facilitator in the GlobalSpotFX scam with the Estonian Woodstock OÜ (report here). The Financial Times reports that Finolita Unio is part of Senjo Group, a former Wirecard partner through which hundreds of millions have flowed and vanished. More than €100M have been processed through its Lithuanian subsidiary.
Regulatory Updates
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Investor Warning against Platinex broker scam
Currently, the scam broker Platinex (www.platinex.co) targets customers via various fraudulent marketing campaigns such as 1k Daily Profit. The scam is allegedly operated by Lithe Group Ltd, registered in the Commonwealth of Dominica. As a payment processor have once again discovered xPayz cashier (www.xpayz.net) through which you can lose your money via credit and debit card.
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Bravo! Bank of Lithuania revokes license of Finolita Unio
As reported by FinTelegram, The Financial Times reported that German prosecutors suspect that more than €100M was stolen from Wirecard via the licensed Lithuanian e-Money Institution (EMI) Finolita Unio. Via this fintech, at least €35M was said to have flowed to fugitive ex-Wirecard executive Jan Marsalek and another €65M to the now insolvent company oCap in Singapore. Today, the Bank of Lithuania announced that the license of Finolita Unio had been revoked for violations of money laundering rules.
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Daily Marketing Alert – fraudulent Tesler campaign promotes Invexeo broker scam
We receive dozens of fraudulent emails every day through our various email addresses, leading us to scam campaigns and scams via false promises. The good news here is that we no longer have to search for scams, but the scams find their way to us. They are practically asking us to issue a warning against them. For example, today, an email led us (once again) to the fraudulent TESLER campaign (www.gmxzxwbp.xyz/tesler-3), and from there, we came to the Invexeo broker scam (www.invexeo.com) after registering. As the facilitating payment processor, we found once again PayNetEasy and Pay Credits.
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