Tag: BitTheBank

BaFin investigates SafeFund broker scamG
Categories
July 27, 2021

German BaFin investigates SafeIncome broker scam

German regulator BaFin announced today that an investigation had been opened against the broker scam SafeFund. The scam claims to be a regulated SICFund, with the applicable law being the offshore paradise of Vanuatu. However, no legal entity is mentioned on the website. We found only crypto companies as facilitating payment processors. Credit and debit card payments are also processed through the notoriously licensed Estonian BitTheBank.
Read More
Investor warning Plutus Racket and its broker scamsP
Categories
June 23, 2021

Plutus Racket Update – German BaFin launched investigations

German regulator BaFin today announced investigations into Plutus Racket. BaFin is unfortunately not known for being particularly active or competent but at least it is a first step in the fight against this racket. The Plutus Racket is the operator of a vast network of scams such as Plutus, PlutusPro, Lucrum, LucrumPro, Galore, or Celox. The racket and its scams are facilitated by several payment processors like Praxis Cashier, BitTheBank, XChangePro, and Polish Sales Master Z.O.O. Behind all these scam brands are the same boiler rooms in Bulgaria and the Balkans.
Read More
Investor warning Plutus Racket and its broker scamsI
Categories
May 3, 2021

Investor Warning – Celox is another broker scam in the Plutus Racket

We have reported about Plutus Racket scams several times in the last few weeks. So far, thanks to our whistleblowers and with the information provided by victims, we have found the scam brands Plutus, Lucrum, and Galore. Apparently, the Celox (www.celox.live) scam also belongs to Plutus Racket. Furthermore, we have discovered BitTheBank, XChangePro, and Polish Sales Master Z.O.O. as facilitating payment processors. Behind all these scam brands are the same boiler rooms in Bulgaria and the Balkans working with Anydesk.
Read More
CNMV warning against CiscoTrades broker scamI
Categories
April 19, 2021

Investor Warning – CiscoTrades facilitated by crypto payment processor BitTheBank

The problem with financial market regulators' warnings is that they usually come too late. Usually, their warnings are issued only after many investors have complained. Thus, scammers defraud consumers undisturbed for many months. This is also the case with CiscoTrades (www.ciscotrades.com). The broker scam has been active for several months, and only today the CNMV issued a warning. The scam is apparently already disappearing again. As a payment processor, we have once again discovered the Estonian BitTheBank.
Read More
BlueData with MDX500 and Blackstone500 scams and XChangeProA
Categories
April 18, 2021

Attention – Estonian scam-facilitator XChangePro is no longer licensed!

Estonian BlueData OÜ d/b/a XChangePro has come to our attention over the past few months as a scam-supporting crypto payment processor. It has supported scams like Plutus, MDX500, or Blackstone500. On its websites www.xchangepro.net and www.exchangepro.eu, XChangePro claims to be a financial institution licensed by the Estonian FIU with license number FVR000146 and Ken Kovask as its only director. In fact, this license is no longer valid as of September 2020. Stay away from XChangePro.
Read More
Plutus broker scam network with its payment processorsC
Categories
April 5, 2021

Connecting the dots – Plutus broker scam related to Galore and Lucrum

The same boiler room apparently operates the three broker scam brands. Victims report that chat history is shared about at least these three scams. We have already reported about the Plutus scam (here) and the Lucrum scam (here). The Galore scam (www.galore.pro) is allegedly operated by ITM Solutions LLC, registered in St. Vincent and the Grenadines. This entity also operates the Plutus scam. The offshore entity behind the Lucrum scam is Econdary LLC, also registered in SVG. On two BTC addresses, we have discovered a total of barely BTC58 worth more than $3.3M.
Read More
Wanted Plutus Broker Scam and its perpetratorsW
Categories
March 29, 2021

Wanted – The Plutus broker scammers, its perpetrators, and facilitators

Yes, the Plutus broker scam is still active and continues to scam consumers and small investors! And yes, these scammers stole millions! We reported about it a few days ago. Until around May 2020, the scam worked with Praxis Cashier and accepted credit cards and later switched to cryptocurrency payments only. Until recently, the scam operated by ITM Solutions LLC processed payments via BitTheBank and XchangePro of the licensed Estonian crypto payment processors Lipan Services OÜ and BlueData OÜ, respectively. We are trying to track down the operators.
Read More
FCA warns against Plutus Broker ScamI
Categories
March 27, 2021

Investor Alert – Broker scam Plutus is still active with millions robbed from victims

In Dec 2020, the UK regulator FCA issued an investor warning against the broker scam Plutus. While at that time, the scam was operating with the domain www.plutus.pro, it is currently active with the domain www.plutus.global. According to the website's information, the scam is operated by ITM Solutions LLC, registered in St. Vincent and the Grenadines. Currently, the only payment option is to deposit Bitcoins (BTC) to the given address. On social media, the scam is currently still active.
Read More
Estonian crypto money laundering networkT
Categories
January 4, 2021

The Estonian Money-laundering Issue – Crypto Payment Processors BlueData, and Lipan Services

The Estonian regulatory regime had been a severe issue for the EU since the inception of its crypto license program some three years ago. Even though the Estonian Ministry of Finance recently announced that its FIU revoked more than 1,000 licenses, there are still about 400 regulated crypto payment companies active in the market billing themselves as "EU-regulated" payment processors. Companies like BlueData OÜ, or Lipan Services OÜ facilitate and/or operate scams. These companies are also customers of the Lithuanian GlobalNetInt which is part of the network.
Read More
XChangePro and facilitated Estonien broker scamsI
Categories
January 4, 2021

Investor Alert: Estonian Broker Scam MDX500 and XChangePro

MDX500 (www.mdx500.com) was just down for a while and displayed error message 522. It will not be a surprise if the scam goes offline. They all do aftleverer a few months. However, the boiler rooms and payment processors behind the scams are here to stay. In the case of MDX500, these are the boiler rooms that also run Blackstone500, for example. The Estonian BlueData OÜ operated the scam. Client-victims informed us that withdrawals and tradings had been stopped. Goodbye, money then! Another Estonian scam ripped off investors with Estonian regulators and law enforcement doing nothing.
Read More
FCA warns against Plutus Broker ScamU
Categories
December 22, 2020

UK FCA warns against broker scam Plutus with Estonian BitTheBank payment processor

FCA has issued an investor warning against the broker scam Plutus a/k/a Plutus Pro (www.plutus.pro) on December 21, 2020. An ITM Solutions LLC allegedly operates this from St. Vincent and the Grenadines. As a payment processor, we have discovered the Estonian BitTheBank (www.bitthebank.com) operated by Lipan Services OÜ. Plutus promotes its services on Instagram using the argument of 'financial freedom' via FX Trading and was active until a few minutes ago despite FCA's warning.
Read More