Cryptocurrencies may appear new and exciting, but it’s important to look before you leap. Unfortunately, scams involving digital currencies abound, and the vast majority of crypto services are fraudulent. This is the case with Miningcrest.com, which has been flagged by the FCA as an unlicensed financial service. It claims to be based in the United Kingdom but has no FCA license.
Miningcrest.com is similar to many of the cryptocurrency scams we investigate. They have a shady website that offers very little other than false claims and hyped up content in order to get clients to sign up as quickly as possible and make a lot of money. However, many customers have complained that Miningcrest.com does not do this at all, instead taking money from clients without allowing withdrawals and engaging in other illegal practices.
Report A ScamGreenInvestCrypto is an unregulated Investment Company. Problem with unregulated Investment Companies is that they are not reliable and abuse the regulations. Make sure to stay away from this Investment Company as they are anonymous and that they can disappear any time without notice.
GreenInvestCrypto is an unregistered investment firm. The issue with unregulated investment firms is that they are untrustworthy and violate regulations. Stay away from this Investment Company because they are anonymous and can disappear at any time without notice. To ensure that you are dealing with a regulated and well-known Investment Company, you should be able to easily determine who the CEO of this investment firm is, who runs it, and so on. Lack of information is a major red flag because you don’t know who will be handling YOUR MONEY. This is why GreenInvestCrypto is a risky Investment Company to work with.
Funds are not safe because there is a lack of information and GreenInvestCrypto is unregulated. The security of funds is a major issue with unregulated investment firms. GreenInvestCrypto is withholding vital information from users, which is a red flag. GreenInvestCrypto could go bankrupt at any time because there is no banking information available for this Investment Company.
GreenInvestCrypto is an unregulated investment firm that should be avoided at all costs. If you have been scammed, please review our Recovery guide and process here or request a free consultation with a team of experts by clicking here.
Report A ScamAt the point of their arrest, the two were preparing to go on a Second $1 million NFT fraud scheme. Here’s the story in full.
In a joint announcement, four federal agencies in the United States, including the United States Attorney’s Office for the Southern District of New York; Special Agent in Charge of the New York Field Office of Internal Revenue Service, Criminal Investigation (IRS-CI); Acting Special Agent-in-Charge of the New York Field Office of Homeland Security (HSI); and Daniel B. Brubaker, Inspector-in-Charge of the Internal Revenue Service (IRS-CI); announced an investigation into alleged tax evasion and money laundering in New York (USPIS).
NGUYEN and LLACUNA moved the cryptocurrency income generated by the program to other cryptocurrency wallets under their control rather than providing the alleged benefits to Frosties NFT users, as stated in the program.
They were about to launch the sale of the second batch of NFTs, dubbed “Embers,” in Los Angeles, California, United States, when they were apprehended. They projected that the sale of Embers would generate around $1.5 million in bitcoin revenues.
US Attorney Damian Williams said: “NFTs have been around for several years, but recently mainstream interest has skyrocketed. Where there is money to be made, fraudsters will look for ways to steal it. As we allege, Mr Nguyen and Mr Llacuna promised investors the benefits of the Frosties NFTs, but when it sold out, they pulled the rug out from under the victims, almost immediately shutting down the website and transferring the money. Our job as prosecutors and law enforcement is to protect investors from swindlers looking for a payday.”
According to IRS-CI SAC Thomas Fattorusso, while Non-Fungible Tokens (NFTs) represent a new era in financial investments, the same laws apply to an investment in an NFT or a real estate development.
According to the Complaint, the following is claimed:
IRS-CI and HSI have been conducting an investigation into a “rug pull” NFT fraud scam since about January 2022, following complaints from Frosties utility NFT[2] purchasers who claimed they had been tricked. An NFT or game project developer engages in “rug pull” behavior when he or she solicits investors, abandons the project unexpectedly, and then fraudulently retains the funds raised from the investors. According to the Frosties official website, holders will receive a variety of privileges, including gifts, early access to the Metaverse game, and unique mint passes to the upcoming Frosties seasons. Frosties NFTs were sold out in a matter of hours on or around January 9, 2022, when NGUYEN and LLACUNA abruptly abandoned the Frosties NFT project, deactivated the Frosties website, and transferred approximately $1.1 million in cryptocurrency proceeds from the scheme to various cryptocurrency wallets under their control in multiple transactions designed to obfuscate the original source of funds.
Based on the similarities between the Frosties NFT project and the Embers NFT project, it is believed that NGUYEN and LLACUNA were promoting another NFT project under the name “Embers” that was slated to begin around March 26, 2022. ETHAN VINH NGUYEN, twenty-year-old, and ANDRE MARCUS QUIDDAOEN LLACUNA, twenty-year-old, are each charged with one count of wire fraud under 18 USC 1349 of the United States Constitution, which carries a maximum sentence of 20 years in prison, and one count of conspiracy to commit money laundering under 18 USC 1956(h) of the United States Constitution, which carries a maximum sentence of 20 years in prison.
Should they be found guilty of this NFT fraud, the defendants could be sentenced to the highest penalty allowed by the United States Congress; however, this information is provided solely as a favour to the public. Mr Williams singled out HSI, IRS-CI, and USPIS as deserving of special recognition for the high quality of their work. Investigating the matter is the Complex Frauds and Cybercrime Unit of the United States Attorney General’s Office, which is in charge of the case. Danielle M. Kudla, an Assistant United States Attorney, is in charge of the prosecution.
Globally, everyone should be careful of the activities they do online. Links, emails, documents, and others should be confirmed to be authentic before opening. NFTs are still relatively new. And this is why scammers have found this new opportunity to be lucrative. Doing thorough research before investing is now a must to escape NFT frauds.
File A ComplaintMaking a big buck has undoubtedly become a prerequisite, and forex trading is one of the ways for that. As of now, it is the biggest financial market across the globe and makes a daily volume of $6.6 trillion. This has attracted several individuals to the forex market by now. However, this cannot change the fact that the crowd is not only the traders, and scammers are also a part of it, giving rise to the forex scams. The purpose of this blog is to be the source of information for forex scams and combat them:
Let us say trader A purchases 1000 Euros, and the EUR/USD exchange rate is 1.18, which can make you pay 1,180 US dollars approximately. After some time, the exchange rate reaches 1.20, and it is when you can trade those euros into dollars. This transaction can get you a profit of $20 on your initially invested sum of $ 1180.
By now, you have become well-versed with forex trading. Let us now focus on the situation of forex scams. Before we proceed, you must know that you can reach investigators to report these scams online.
Forex exchange is a legal trade, but it doesn’t have a centralised exchange, and that’s what scammers take advantage of. They use unethical and dishonest practices, causing financial loss to the traders. Traders lacking a basic understanding of the field are targets of scammers.
The fraudulent individuals target investors with different age groups and experience levels in trading. They have also reached social media platforms such as Facebook, YouTube, and Instagram. With this, it has become necessary to have the know-how of the world of forex trading.
As the term gives a hint, the robot trading system is about computers for automated exchange decisions. This can allure the trader by promising an eased method of making money. The reality is that these systems are not tested or screened by an external source that could validate them.
These are the people or companies that offer advice on transactions of a currency pair in exchange for some fee. They charge a recurring fee for the information they provide. The fraudulent part is that they take money but do not issue any information.
This isn’t the worst case as many times they are not even qualified enough to exchange any advice. They often come with a track of making profits, which makes it hard to distinguish them. They give you more reasons to stay alert or file complaints about these frauds.
A multi-level marketing strategy needs independent agents to advertise the products or services. In it, the client starts acting as an agent and promotes services or products in exchange for a reward of interest. In forex trading, brokers can extend advantageous promotion terms so that partners can keep promoting brokerage services through the means available. However, the focus is on linking more people and less on trading.
A broker is a professional that allows you access to the trading platform to exchange currencies. However, the point is that not every broker you meet can be an honest person. Many of them can even work with the intent to overwhelm the trader with fees or just take away all your money. Some are not even regulated, which means, they are not answerable to any governing body. If you know someone who has come under the trap of one of them, it is advised to file a complaint against that broker.
As a trader, you might have encountered forex funds that assure you assured returns on your investment. In the case of fake forex funds, the scammer boasts an immense amount that can appear to be alluring. To play on the safer side, you can look for less risky and certified funds for the investment attempt.
As a part of their dishonest practice, a scammer does much of an excellent job to make his big money. However, if you are able to identify the fraud beforehand, you can safeguard your interest from it. Here are some of the methods to differentiate a scammer:
The forex market is affected by numerous factors that can change accordingly. No one can guarantee or forecast the happenings. However, a scammer can be someone boasting about particular results or making assured profits.
Scammers can take you to the presentation of immense profits and no losses within a specific timeframe. They might even present charts that are from a demo trading account. As a result, it becomes necessary to seek full information on the basis of limited information.
Ask the person to provide you with the whole background and details of profits and loss. If they refuse to do so, you must not proceed with it.
Uninvited and constant marketing can be an indication of a scam. With this, If you find the other party putting efforts to persuade you for the transaction in a short period of information, possibilities are that this can be a fraudulent practice. Before trusting anyone, you must learn about the other party properly.
If you suspect a fraudulent act to have happened to you, it is necessary to step up and take action. You can reach an online fraud investigator and file a complaint against the scammers. These professionals will look into the case and assist you to get the compensation for the same.
In the pursuit of generating money through forex trading, it is not uncommon to come across scammers. Most fraudulent acts happen due to the lack of knowledge about financial marketing and foreign trading. That makes it necessary to become well-versed with the platform. The purpose of this blog was to educate you on forex scams and the possible methods to avoid them. Learn about the background of a broker or the third party showing interest. You must also know that the market can change now and then, with which, you must not trust any person promising assured success. Nevertheless, if you have found yourself trapped in a forex scam, it is advised to report that. Upon reaching the professionals, you must share the details of incidents that happened and wait for them to initiate the processes.
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