Whistleblower Credits: We would like to thank our whistleblowers for their reports and insights, which help us expose scammers and their payment processors. Together we can make a difference in cyberspace. Together we are an invincible force.
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.
|Trading names||SinaraCorp, BitnextLTD, TrustFina|
Wontobel, Bontobel, NFT-FX
|Related legal entities||High Net Group Ltd (Marshall Islands)|
High Wealth Group Ltd (Marshall Islands)
Virgins Markets Pro Global LTD
Bright Space Ltd (UK)
Bitnex LTD (UK)
Mirha Traders UAB (Lithuania)
|Jurisdictions||UK, Marshall Islands|
Seychelles, Lithuania, Norway
|Support data||+44 20 30972365|
|Facilitating payment processor||Luna|
|Warning||FMA, FSMA, Finantsinspektioon|
Whistleblower informed FinTelegram that this cybercrime scheme uses the crypto exchange Luna to process their payments. NFT-FX was one of the scam brokers in this network. On Trustpilot, customers report huge losses. Then, sometime during 2022, NFT-FX’s website disappeared.
In our review on March 10, 2022, TrustFina, Cryptansa, CryptoTradeCorp, SelfKings, NetWesTrade, and VirginsMarket had already gone offline and vanished at the time of our new review (26 May 2022) with the victims’ money. However, SinaraCorp, Apex500, CapitalProTrade, WonTobel a/k/a Bontobel, and many other yet unidentified scam brands of this cybercrime network are still actively chasing after new victims.
BaFin clarifies that the alleged operator of the SinaraCorp scam, the offshore entity High Wealth Group Ltd registered in the Marshall Islands, has no permission to conduct banking business or provide financial services. The company is not supervised by BaFin and is not affiliated with the supervised company Sinara Financial Corporation (Europe) Ltd.
The Austrian FMA states that Bitnex Ltd in the UK and Mirha Traders UAB in Lithuania would be the operators of the BitnexLTD broker scam. While we have not been able to find Bitnex Ltd in the UK Companies House, we found Mirha Traders UAB in Lithuania (register), which was established in 2020.
The Trustpilot Issue
On Trustpilot, like so many other scammers, Apex500, SinaraCorp, BitnexLTD, and the other scams of this cybercrime network work with 5-star fake reviews to give the impression of respectability to potential victims. Unfortunately, Trustpilot does far too little against fraudulent activities on its platform. But we’ll tell this sad Trustpilot story another time.
Discuss & Share
If you have any opinions about our warning, feel free to comment. If you have any information about SinaraCorp, BitnexLTD, and the operating cybercrime organization, please share it with us via our whistleblower system, Whistle42.