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Tag: Coinicash

January 14, 2022

Finally! German BaFin follows FinTelegram and investigates CentoGX

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.

October 5, 2021

Attention! Another warning against Finomarkets broker scam!

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.

September 18, 2021

Wellington Holdings, Solid Invest, and the huge Capital Letter scam network

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.

September 15, 2021

Alert! Wellington Holdings scam facilitated by SysPay, Coinicash, and AdvCash

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.

September 13, 2021

Investor warning – FinoMarkets facilitated by Coinicash, AdvCash, and Texcent

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.

September 6, 2021

Alert! Fraud campaigns CFDSociety, AI Stock Profits, and Forex Maverick chase victims

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.

September 5, 2021

Maltese SysPay, Coinicash, and AdvCash facilitate the Gento GX scam and others

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.

September 3, 2021

Investor warning – Illegal Cento GX broker chases victims via Crypto Hopper

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.

August 25, 2021

Investor warning against QuantumMarket facilitated by Coinicash

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.

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.