Charlene Lensburg | FinTelegram News

Author: Charlene Lensburg

November 20, 2020

Toxic Brokers – FCA warns against QTECK and Online-Trading Scams

St. Vincent & the Grenadines is a popular offshore destination with scammers. This is where they establish their offshore companies as operators of broker scams like QTECK or Online Trading. These legal entities are usually by Wilfred Services in Kingstown, St. Vincent & the Grenadines. At QTECK, Praxis Cashier is again integrated as a payment processor. The FCA issued investor warnings against these broker scams today.

EFRI

November 18, 2020

Victims Alert – EFRI Fake scammers aggressively attack scam victims

FinTelegram is the co-founder of EFRI which is currently working closely with law enforcement in various jurisdictions to obtain restitution payments for the victims it represents. In recent weeks, however, victims have been attacked via e-mails and phone calls from alleged EFRI employees. They are offering scam victims to recover their funds on a fee basis. Victims receive fake EFRI invoices and are asked to pay for their purported services via Bitcoin (BTC).

November 9, 2020

Italian Consob ordered black-out for another five scam brokers

The Italian Financial Market Authority Consob is the only regulator in the EU that has the power to block websites of unauthorized financial service providers and scams as a means of regulatory enforcement action. The black-out of the respective website is intended to prevent Italian consumers from accessing these offers and being cheated. On November 9, 2020, Consob ordered the black-out of another five websites.

November 9, 2020

UK FCA warns against broker scam DGXLTD aka Digital Exchange Limited

The UK FCA has issued an investor warning against the broker scam DGXLTD a/k/a Digital Exchange Limited (www.dgxtd.com, www.dgxltd.io, www.dgxlimited.com). Allegedly the scam is operated by Securex Plus Solutions EOOD, registered in Bulgarian. We have identified the licensed Estonian crypto exchange operator Jubiter (www.jubiter.com) operated by Jubiter Technologies OÜ as the facilitating payment processor.

November 8, 2020

SEC awarded more than $32 million in whistleblower awards this week

Whistleblowers are probably the most powerful weapon of law, tax, and regulatory enforcement to combat fraud and scams. Often, only with the information of insiders can the ultimate beneficial owners behind cybercrime organizations be identified and their illegal activities be exposed. This information is worth a lot of money. The SEC has this week awarded more than €32 million in rewards and whistleblowers.

November 1, 2020

Payvision and the EFRI fight for victims’ money!

Without the collaboration of payment processors, scam operations and online fraud schemes would be very difficult if not impossible. Currently, EFRI, co-founded by FinTelegram, is fighting with the Dutch FinTech Payvision for restitution payments to the victims of scams of Uwe Lenhoff and Gal Barak who has been found guilty of investment fraud and money-laundering in the Vienna Cybercrime Trials ("#VCT").

October 28, 2020

Italian CONSOB blocks another six scam broker sites

The Italian watchdog CONSOB is currently the only regulator in the EU with the approach to blocking the websites of scams and unauthorized financial service providers. This is intended to protect Italian consumers and retail investors by making illegal financial products inaccessible. A few days ago, CONSOB blocked another six sites, and thus since July 2019 already 312.

October 23, 2020

TrustPilot did it again with WorldMarket Scam – Protecting and facilitating scams

In the last few weeks, we have already reported several times that the review and rating platform TrustPilot is being systematically abused by scammers. By writing or ordering fake reviews, potential client-victims are thus presented with fake trustworthiness. Critical reviews with references to public scam warnings from financial market supervisory authorities are removed by the scammers through complaints to TrustPilot. The rating platform for sure has a trust issue itself.

October 21, 2020

EU Commission takes action against Cyprus and Malta’s Golden Passports Schemes

EU passports are highly prized as they give their owners the right to travel, live, and work freely in all 27 members of the union. Unfortunately, some countries such as Cyprus and Malta sell citizenships and thus EU passports as part of investment programs for the sole benefit of these countries. Most recently, Al Jazeera has revealed that Cyprus is also offering its "Golden Passport" scheme to convicted criminals and money launderers. Now the EU is finally intervening.

October 13, 2020

BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX (www.tradesfx.com).

October 12, 2020

The Fake Regulator Scam targets victims with forged emails and fake orders

The Fake Regulator Scam model is for sure not new, but amid the COVID-19 crisis and the many scams, it seems to be booming again. After the UK FCA, the German BaFin, the Austrian FMA has recently issued a warning against scammers who approach potential victims as alleged employees of the regulatory authority and offer various services that are supposed to bring money to the potential victim.

October 10, 2020

CySEC Scam Tourism – The ‘Blank Pages Approach’ of Financial Ombudsman Cyprus!

Andreas Koufkis is for sure an honorable businessman. He is one of the seven members of the Board of Directors of The Financial Ombudsman of the Republic of Cyprus. By his business genes, Koufkis is not on the consumer side. Being the General Manager of Atlantis Securities Ltd, a company registered in Cyprus and licensed by CySEC (CIF 005/03) he can not be regarded as a consumer advocate. Only one director, Loucas Aristodemou, is representing consumers as President of the CyprusConsumers Union and Quality of Life.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.