Earlier today, we warned against the crypto-based investment platform Passivo. After further research, our team discovered that Passivo appears connected to other fraudulent multi-level marketing (MLM) schemes such as PrivaFund or ChainXworld. UBANKXX Ltd, which is registered in Comoros and acts as a crypto payment processor registered with M.I.S.A. in Mwali, also plays a role. We would like to know more.
UBANKXX Scheme Key Data
| Trading names | UBANKXX NFG, NFG Pay |
| Related scam | ValueInvest (www.trade-valueinvest.com) Passivo (www.passivo.io) PrivaFund (www.privafund.io) ChainXworld (www.chainxworld.com) EXW, EXW Wallet (www.exw-wallet.com) |
| Domains | www.ubanxx.com www.nfg-pay.io |
| Social media | not disclosed |
| Legal entity | UBANKXX Ltd, Comoros |
| Related individuals | Benjamin Herzog, Austria Benno Vanja, Austria Niklas Freihofer, Germany Pirmin Troger, Austria Manuel Batista, Austria Benno Candussi, Austria |
| Authorisation | Authorization |
| Contact data | [email protected] |
| Jurisdiction | Mwali |
| Authorization | Registered with Mwali International Services Autority (M.I.S.A.) |
| Compliance rating | Black |
In October 2022, the arrest of Austrian Benjamin Herzog was announced. Prosecutors in various jurisdictions investigated him and about a dozen other individuals. Herzog is considered one of the masterminds behind numerous crypto scams such as EXW Wallet, PrivaFund, and ChainXworld. The Austrian Benno Vanja and German Niklas Freihofer have allegedly been his lieutenants.
The fraudulent crypto schemes were all designed as MLM schemes and were sold through appropriate structures. Therefore, they were able to find many victims as existing victims acquired new victims. The operators around Herzog are said to have led a life of luxury in Dubai.
The trial over charges of money laundering, investment fraud, and other criminal offenses is expected before the end of 2023. The various crypto schemes have produced 100,000 victims with tens of millions in losses. EXW officials are also said to be connected to the My First Plant cannabis scheme, where they also laundered money and defrauded consumers via crypto.
The M.I.S.A. register in Mwali shows that the beneficial owner of UBANKXX Ltd, the operator of the UBANXX and NFG crypto platforms, is Niklas Freihofer. This directly links the crypto schemes already indicted in several countries around EXW and UBANXX. Most recently, we found the crypto investment platform Passivo in which UBANXX was listed as a payment processor (see screenshot left).
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If you have any information about UBANKXX, its operators, and facilitators, please share it with us through our whistleblower system, Whistle42.
