Tag: Coinicash

FinTelegram has issued several warnings against the CentoGX a/k/a Cento GX (www.centogx.com) broker scam in recent months. The fraud broker has recently focused on acquiring German-speaking victims with a dedicated website. The Spanish regulator CNMV already issued a warning in October 2021. The German BaFin has now announced an investigation into the CentoGX scam. It was also high time, but the German regulator is not known for its speed.

We have already warned against the Finomarkets (www.finomarkets.com) scam several times. A few weeks ago, the Spanish regulator CNMV warned, and now the UK FCA issued an investor warning. The Finomarkets website does not specify an operator or a competent jurisdiction. Coinicash is the facilitating payment processor for credit and debit card payments with Texcent and AdvCash, who process the payments. Victims’ deposits are represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

It is indeed a huge scam network. Scams will typically either take offshore companies or simply invent fake companies. Only rarely, they are operated by companies in Europe as is the case with the Capital Letter scam network. Capital Letter GmbH, registered in Munich, Germany was the operator of several large scams until the end of 2020. In addition, two other companies also registered in Germany, Brunnlitz GmbH and Tokkata Software GmbH, participated in the scams. All three companies are operated by Ukrainian individuals; all received warnings from regulators.

The Swiss regulator FINMA has recently issued an investor warning against the Wellington Holdings scam (www.wellingtonholdings.com). The scam operators do not disclose any information about the legal entity or persons but give Bleicherweg 10 in 8002 Zurich, Switzerland, as the address. This is bullshit, says FINMA. As a payment processor, we once again found SysPay, regulated by the Maltese regulator MFSA, in criminal collusion with Coinicash and AdvCash. We also noticed this combination most recently in the Cento GX scam.

Spanish financial markets authority CNMV issued a warning against FinoMarkets on September 13, 2021. The scam's website does not specify an operator or a competent jurisdiction. However, we have again Coinicash acting as a payment processor for credit and debit card payments. Coinicash is again facilitating in its capacity as a registered merchant with Texcent and AdvCash, who actually process the payments. Victims' deposits are apparently represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

This morning we find an email from [email protected] that leads us to the websites CFDSociety (https://thecfdsociety.com), AI Stock Profits (https://aistockprofit.com/) and Forex Maverick (https://forexmavericks.com). There run fraudulent marketing campaigns that promise quick wealth or high income. AI Stock Profits promises $2,500 per week and Forex Maverick $5,000 income per day. All campaigns today promote Cento GX broker facilitated by Coinicash, AdvCash, and SysPay.

It is no secret that we consider scam-facilitating payment processors to be much more dangerous than the scams themselves. These payment processors make the scammer scene possible; they are the facilitators of the fraud attacks on consumers and retail investors. Many crypto payment processors have been established in recent years, giving the high-risk and scam-facilitating scene another boost. In many cases, crypto payment processors hold bank accounts with regulated institutions to facilitate scams like Coinicash, AdvCash, and PaySys in the Cento GX scam.

The Crypto Hopper marketing campaign is on the hunt for potential victims for various brokers. Most of them are either illegally operating brokers or outright scams. In today's screening, we found the Cento GX broker scam via Crypto Hopper. The operator of this scam is said to be Cento GX Ltd, with an address in London, United Kingdom. We did not find the company. The payment processors we found are Coinicash and AdvCash, which are integrated with the SysPay cashier. Victims can lose their money with credit and debit cards or with Bitcoins.

The broker scam QuantumMarket is allegedly operated by QuantumMarket Ltd, registered in the Commonwealth of Dominica. On the website, the prestigious address The Shard in London is also given. The truth, however, will be that the boiler rooms of the scam will be in Ukraine, the Balkans, or Cyprus. The German regulator BaFin has issued a warning against QuantumMarket and announced an investigation. We discovered the crypto payment processor Coinicash as a facilitator.