Currently, the two related broker scams AGKapital (www.agkapital.com) and AlgofGain (www.algofgain.com), are being promoted via various fraudulent marketing campaigns. What is special about these two scams is that they both work with the BoxiPay Cashier (operated by PayBox) and the same list of payment processors. Among them the usual suspects like iPayTotal, NeoBanQ, or PayCent but also others like the Turkish RHG Partners, Bitngo, or ikajo. The scams claim on their websites that they fall under Estonian jurisdiction. Many of their payment processors certainly do too!
The list of scam-facilitating payment processors from the two scams reads like a who’s who of high-risk payment processors. Specifically, we found the following payment processors behind AGKapital and AlgofGain. We have only listed those that were still active at the time of our review:
- Ikajo (www.ikajo.com and www.fxpaymentservices.com) operated by Ikajo International BV, a Ukraine high-risk payment processor operating via a Dutch company and offices in Kyiv and Amsterdam;
- PayCent (www.paycent.com) is operated by Texcent Asia Pte Ltd, Singapore.
- NeoBanQ (www.neobanq.ltd and www.neobanq.global), an unregulated high-risk payment processor operated by UK-registered NeoBanQ Ltd.
- RocketBit (www.rocketbit.io) operated by RocketBit OÜ (companies register) licensed by the Estonian FIU, integrated via “fast flow order” feature;
- BitOfHeaven (www.bitofheaven.io) operated by Loyalfinance OÜ (companies register) licensed by the Estonian FIU;
- Bitngo (www.bitngo.co) operated by European Consulting Consultant OÜ (companies register) with an FIU license, listed as GrecoPay in the scams’ payment options;
- Bitexchain (www.bitexchain.com) operated by CoinFarm OÜ (companies register) with an FIU license;
- Hospic (www.hospic.io)
- Certus Finance (www.certus.finance) operated by Estonian Sreda Monay OÜ (companies register), licensed by the Estonian FIU
- PaymentsPro (www.paymentspro.de), currently not active.
- Payneteasy (www.payneteasy.com) is a Russian payment processor claiming to have an office in Gibraltar;
- RHG Partners (www.rhgpartners.com), a Turkish FX provider and (illegal) payment processor, which site went under construction after our first report on YuanPay (here).
The payment processor Certus Finance lists AlgofGain as a merchant in both scams. We have not found any legal entity listed as the operator of the scams. However, Estonia is given as the responsible jurisdiction. Given the many Estonian companies involved, there seems to be a strong connection to Estonia.
Some of the payment processors listed, such as BitOfHeaven, operate without deep integration. As a result, the victims of the scams have to register there and go through the “normal” onboarding procedure. However, others like Payneteasy or PaymentsPro have deep integration into the scams’ BoxiPay Cashier, i.e., a merchant agreement is in place.