Crypto Schemes | FinTelegram News

Category: Crypto Schemes

February 2, 2022

Investor warning against Zion Finance crypto investment scheme!

Crypto investment scheme Zion Finance (www.zion-finance.com) promises customers 280% return within 12 months. According to information on the website, the operator is Zion Finance Ltd, registered in the UK since 2018. We have not found the company. Clients can make deposits only with cryptocurrencies. In addition to the website, Zion Finance also offers an app. The UK Financial Conduct Authority (FCA) has issued a warning against the crypto investment scheme.

January 30, 2022

R4I – Scam-facilitating illegal payment processor PGSellers!

Victims of several scams have sent us payment documents proving that they made their deposits to the scams via PGSellers Ltd. Officially, PGSellers sells courses, ebooks, or education packages to would-be online traders. However, we have already discovered PGSellers as an illegal payment processor for IGM Holdings, HQ Trade, and FinoCapital. PGSellers is a registered merchant with several payment services providers and is owned by the British Paul Solinsky.

January 27, 2022

Attention! Do not fall for Coinbase imposter and adxs.exchange

There is a strange website conncected with htts://adxs.exchange. On the one hand, this website offers a fund recovery project that allegedly brings back the money to the victims of online fraud. On the other hand, it also provides trading in cryptocurrencies right away. The website states a UK company adsx.exchange UK Ltd with the company number 09083955 as the operator. However, this registration number belongs to Coinbase UK Ltd, which has nothing to do with the listed crypto exchange Coinbase. Stay Far Away from these stealing idiots.

January 26, 2022

Bravo! UK watchdog continues with crypto warning tsunami!

Make no mistake. FinTelegram is a big fan of cryptocurrencies. In our opinion, the inflated FIAT monetary system has failed, got out of control, and is doomed. While cryptocurrencies are native to the emerging CyberFinance era, FIAT has little left. But we don't want to discuss monetary policy here but the dark side of crypto. Unfortunately, scammers use crypto to rip off consumers with highly scaleable schemes; crypto is a crime facilitator. The UK FCA has issued more than 100 warnings since mid-December 2021.

Crypto Schemes

January 21, 2022

Urgent Warning! The fraudulent Meta Token ICO still attacks with new domain!

After our warning about the fraudulent Meta Token ICO that presents itself with the logo and other credentials of Mark Zuckerberg's Meta Platforms, Inc., numerous victims contacted us. The scammers took the old site offline and continued their campaign with the new domain https://metav3token.com. The fraudsters plan to sell up to 15 million META Tokens in a pre-sale offering. Stay far away; this is a scam planning to victimize you and rip you off; it has nothing to do with Zuckerberg or Meta Platforms.

January 20, 2022

Exposed! The vast and fraudulent crypto investment scheme around Lunafunds!

FinTelegram has been following the crypto investment scheme scene for months and has discovered an extensive network. The UK Financial Conduct Authority (FCA) has issued a warning against EliteFXOptionTrade (www.elitefxoptiontrade.com). Although the name of the scam suggests a broker, it's a crypto-based investment scheme promising daily returns of up to 90%. Of course, this is bullshit. This brand is just one of numerous others of the super-aggressive Lunafunds crypto schem

Crypto Schemes

January 11, 2022

Attention! Do not fall for the Prime Trading Partner investment scam!

There is no question that cryptocurrencies have boosted the online trading scammer scene. After the ban of binary options in most regulatory regimes, the scam scene has taken a dip. However, we have been increasingly seeing crypto trading and investment scam platforms replacing binary options for the past few months. 95% of them are scams, such as Prime Trading Partners (www.primetradingpartners.com) operated by the U.S. perpetrator Keith Buck. Please do not fall for those scams! Stay alert!

January 8, 2022

Attention! BaFin investigates Cake DeFi of former MLM artist Julian Hosp!

The crypto platform Cake Defi (www.cakedefi.com), founded in June 2019, is backed by well-known Austrian entrepreneur, blockchain expert, and former MLM artist Julian Hosp. Cake Defi provides access to a wide range of decentralized financial services, or short "DeFi," enabling customers to generate returns from their crypto and digital assets. However, BaFin has determined that the company may be conducting unauthorized banking business or financial services in Germany.

January 6, 2022

The FCA crypto warning firework continues with six new warnings

The UK FCA has continued its 2022 fireworks of warnings against crypto platforms operating illegally, issuing six new warnings. This means that the UK regulator has issued around a dozen warnings against crypto ventures in the first days of the new year. We may assume that in 2022 for all regulators the crypto segment will be a special focus Therefore we started a few weeks ago with a Crypto Warning List on which we list the black crypto schemes.

January 5, 2022

UK FCA starts 2022 with warnings against five crypto scams!

The UK FCA has opened 2022 as it closed 2021 - with a series of warnings against illegal crypto platforms. In the last 20 days, this means that the FCA has issued a total of around 40 warnings against crypto scams. Undoubtedly, the UK regulator is currently putting an emphasis on the crypto segment. We have joined this crypto focus and have opened a Crypto Warning List (here). Below is the list of new warnings.

Crypto Schemes

January 4, 2022

Urgent Warning! Stay away from the fraudulent META Token ICO

Meta Platforms, Inc. is the new name of Mark Zuckerberg's company that operates the world's largest social media platforms, Facebook and Instagram, as well as the messenger service WhatsApp. Currently, the META Token is being sold via the Meta ICO website with the logo of Zuckerberg's company and a picture of Mark Zuckerberg, labeled as the founder. A total of 15 million META tokens are expected to be sold in the pre-sale. Stay far away; this is a scam and has nothing to do with Zuckerberg.

December 31, 2021

The UK regulator continues with tough crypto scrutiny!

As reported by FinTelegram, regulators worldwide are emphasizing the crypto space, which is increasingly becoming a threat to the traditional banking system. This is not necessarily bad news. The old banking system is broken and not suited for the CyberEconomy. Unfortunately, however, the crypto space is being used by scammers and cybercriminals to rip off consumers. The UK FCA has again issued eight new warnings against crypto scams on December 30, 2021.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.