Investor Alert – FMA warns against CryptofundFX scam

FMA warns against CryptofundFX scam
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Currently, crypto scams are on the rise. The exploding prices of Bitcoin & Co from mid-December to early January have made many consumers greedy. In their home offices, they often have enough time to fall over scam ads and engage in online trading. The high vulnerability of home office workers to scams is now well known. Law enforcement, regulators, and the scammers. With CryptofundFX (www.cryptofundfx.com), an aggressive crypto scam has been on the market for some time. The Austrian FMA issued an investor warning a few days ago.

CryptofundFX crypto scam in Munich

The scam is allegedly operated by various legal entities – CryptofundFX Ltd, BFXNA Inc., and BFXWW Inc. are mentioned on the website. The British Virgin Islands are given as given as the prevailing jurisdiction. Elsewhere on the website, it is claimed that CryptofundFX would be registered in Munich, Germany, and would have offices in London, Switzerland, Cyprus, or Canada (see screenshot left). It looks like the terms have already been used in several scams.

The CryptofundFX scheme has an “Average” rating on Trustpilot with 3.5 stars out of 37 reviews. The Trustpilot account is a claimed and paid one. Like many scammers, CryptofundFX uses Trustpilot as a tool to manipulate client-victims. Boiler room employees write reviews, moderate reviews, and arrange for Trustpilot to delete critical reviews.

CryptofundFX works with Anydesk. This means that there is a risk that the employees of the scam boiler rooms can directly enter the client-victim’s computer and make transactions for him. This is always a problem but especially in the crypto sector, where there is no bank or credit card company to track the money.

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