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Tag: Trustly

May 8, 2022

German-speaking consumers attacked by WSXP broker scam

The German-speaking market has always been very attractive for scam brokers. One of them is WSXP, which exclusively attacks German-speaking consumers. The WSXP white-label scam is an exact clone of other fraudulent trading platforms such as EUAktien, EUSchild, SimpleXP, or KryptoInv. They all operated with the very same set of payment facilitators. It is, therefore, reasonable to conclude that the same cybercrime organization is operating these broker scams. The German BaFin recently launched a probe into SimpleXP.

May 8, 2022

Attention! Investor warning against SimpleXP and related broker scams!

The German regulator BaFin has announced investigations against the broker scam SimplexXP attacking German consumers. The content on the website justifies the assumption that SimpleXP is offering unauthorized banking transactions or financial services in Germany. The SimpleXP website is almost identical to the trading platforms under euaktien.de, euschild.de, wsxp.de, and kryptoinv.de, which are also operated without the required permission. It is, therefore, reasonable to conclude that the same cybercrime organization is operating these broke

April 6, 2022

Update on the CySEC-regulated FXORO broker scheme and its offshore activities!

In June 2021, we reported that the offshore entity of the CySEC-regulated FXORO offers onboarding for European clients via its offshore entity in the Seychelles. We found that FXORO uses only one client database for the regulated and the offshore mutation. The latter accepts unlimited pre-KYC deposits via SEPA bank transfer to its account with the FCA-authorized payment institution SENTENIAL and Nuvei. We received some more information about the involved individuals and entities. Here is another update!

October 19, 2021

German BaFin warns against HandelXP broker scam

Today the German regulator BaFin announced an investigation against the broker scam HandelXP (www.handelxp.de) and its operator. On the website, we did not find any information about the legal entity behind the scam and, of course, no information about persons. The scam is available in English and German and is apparently operated through boiler rooms in Belgrade. Deposits of victims are processed via the website Special Gift Cards (www.specialgiftcards.co.uk) and Trustly.

May 4, 2021

Investor Alert – Investors Center and Trading Academy 360 facilitate broker scams big style

Scams are facilitated by fraudulent marketing campaigns and malicious payment processors. Take the Triton Capital Markets broker, for example. The scam, allegedly operated by Karello D Buro LLC, registered in St. Vincent and the Grenadines, has been warned against by the Austrian Financial Market Authority (FMA) on February 18, 2021 (report here). However, it has been facilitated by Investors Center, Trading Academy 360, and Praxis Cashier. Here are a few more details.

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.

Gurbir Grewal’s Departure from the SEC: His New Position and Potential Impact on Crypto Regulation!

Gurbir S. Grewal, the former Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has left his position to join Milbank LLP, one of the most innovative and prestigious law firms globally. This transition from his high-profile regulatory role to private practice is likely to have lasting implications, particularly on the SEC’s enforcement strategy in the crypto sector.

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.

MLM Schemes

Latest Arrests in $4 Billion Forex AI Fraud Scheme OmegaPro and the Austrian Connection!

FinTelegram has reported on the fraudulent crypto MLM schemes OMNIA Tech and OmegaPro several times in the past. This week, various media outlets have reported the arrest of Robert Velghe in Turkey, who has played a crucial role in both scams. The OmegaPro MLM scam is believed to have stolen around $4 billion from victims worldwide. Here is our update with a request for additional information from whistleblowers.

Crypto MLM Scam: David Carmona Sentenced to 121 Months for IcomTech Crypto Ponzi Scheme!

iComTech was one of the numerous fraudulent MLM schemes that used cryptocurrencies as a means of fraud in parallel with the crypto hype of 2017/18. David Carmora started IcomTech in approximately 2018 with other co-conspirators as a purported cryptocurrency mining and trading company. The scheme promised to earn its victims high profits and guaranteed daily returns that would double their money within six months.