Tag: NetWesTrade

In March and May 2022, FinTelegram warned against a cybercrime scheme around different companies in different jurisdictions and a multitude of domains and websites. Since our report, some websites have vanished, but the scheme is still chasing victims. The German BaFin warned against SinaraCorp, while the Austrian FMA warned against BitnexLTD. Other regulators have also issued warnings against the aggressive cybercrime scheme. Here is an update.

The FinTelegram team investigates most financial regulator alerts in more detail to determine which payment processors and other facilitators are involved and on which platforms the scams are running. This way, we can consistently come up with networks of related scams. The German BaFin has issued a warning against SinaraCorp and the Austrian FMA against BitnexLTD. Both scams are identical and white-label clones from the same cybercrime network that operates dozens of other scams. Some we have already exposed in the past. Here is an update.

The Austrian FMA recently issued an investor warning against the SinaraCorp broker scam. The alleged operator is the Marshall Islands-registered offshore entity High Net Group Ltd. We already know this company and the scammer network as operators of a vast network of scams like TrustFina, Cryptansa, or SelfKings. These scams have been massively promoted via fraudulent campaigns like YuanPay or Bitcoin Circuit in recent months. Please do not fall for them and keep your money and data.