Blue Trading broker scam – its blockchain environment and related schemes [part 1]

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Blue Trading and other scams of the new generation work mainly with cryptocurrencies as a means to receive client funds. In this way, they try to avoid bank accounts and seek anonymity. The public blockchains, however, offer possibilities to follow the funds flow. In this first part of Blue Trading‘s blockchain environment analysis, we discovered other scams working with or connected to the same blockchain addresses and wallets.

It is generally quite difficult to confirm the details of who owns a blockchain address. Our FinTelegram Research Team works with BitcoinWhosWho, and WalletExplorer.com, for example, to learn details on bitcoin wallets and their associated blockchain addresses. More and more companies are offering solutions to analyze the different blockchains and screen them for fraud and money laundering.

The Blue Trading Wallet

Since we published our Request for Information regarding the Blue Trading and Onyx Capital broker scam we received some blockchain addresses to which defrauded clients transferred their funds. One of those addresses is 3GTdgusdeBJccQsundn4wEUuBFudEDE5eP on the BTC blockchain. According to WalletExplorer, the Blue Trading

  • BTC address 3GTdgusdeBJccQsundn4wEUuBFudEDE5eP is associated with
  • the wallet ID 0007703df8 which also controls more than 7,100 other addresses and more than 14,500 transactions,
  • received and sent 6,092 BTC between Oct 2018 and May 2019,
  • has a current balance of 0 BTC.

Related wallets, BTC addresses, and scams

The BTC address 1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s which repeatedly sent BTC to the Blue Trading BTC address is associated with the wallet ID 00000b55c1. This wallet controls more than 73,000 BTC addresses connected with more than 431,000 transactions, i.e. some 6 tx per address. Most of the addresses only record 2 tx, one input tx and one output tx.

According to the scam alerts on BitcoinWhosWho, this wallet is connected with several scams

  • SafeTrade and SafeCoin(cryptocurrency trading platform) – online
  • Multiplecoin (Crypto Scam) – offline
  • BitPlaza (Crypto Scam launched in Jan 2019) – offline
  • Newprofit.club (Crypto Scam launched in Jan 2019) – offline

The BTC address 1JeNvVgN63t81kxpbFvNa9o6sBpazjyg4r (part of the wallet ID 000017272683daca) also repeatedly transferred BTC to the Blue Trading address above. This address is connected with the Forex trading scam:

According to BitcoinWhosWho scam alerts, the BTC address 1FzuVAnLatnLTVWKwST56EH9MUBp83Ceqh is also connected with the FXcointrading scheme.

The first big wallet

The last BTC transfer from the Blue Trading address happened on May 5, 2019, to the BTC address 32cXbxKVkVmxiwjKQk2SoDP1LJzVQV3LzZ, part of the wallet with the ID 583819151f0ed143.

This BTC address shows only two transactions with BTC 4,099 (including some BTC 270 from the Blue Trading wallet) in on May 5, 2019, and 4,099 out on May 12, 2019. The current balance is zero.

To be continued

Report Information

In case you have information on Blue Trading and/or other broker scams and/or suspicious blockchain addresses we would be more than happy to receive them. Please use our whistleblower system to share your information with the FinTelegram research team in the very best interest of investor protection and fund recovery.

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