Introduction Collaborative Efforts Against Cybercrime Since its inception, this initiative has worked closely with law enforcement agencies across multiple countries. The original motivation behind launching the platform was rooted in efforts to confront organized financial fraud networks targeting consumers and investors. Two notable figures involved in early investigations were German national Uwe Lenhoff and Israeli citizen Gal Barak, both arrested in early 2019. Their arrests were part of broader collaborative efforts with law enforcement. Case References: Investigations and Outcomes Uwe Lenhoff led a large-scale cybercrime operation and was allegedly involved in substantial money laundering activities. His schemes reportedly impacted tens…
Author: Tom
Background and Legal Findings The Czech-registered company Xtrabit s.r.o., associated with Russian-born Australian citizen Vladislav “Vlad” Kogan, has been legally implicated in connection with unauthorized payment processing for the binary options platform Option888. In October 2018, a court ruled that Xtrabit acted as a facilitator in the scheme and ordered restitution payments to affected investors. However, the judgment has not been executed, as Xtrabit reportedly vacated its offices, which were registered to a virtual address in Prague, and emptied its Czech-based bank accounts. Involvement in Broader Investigations Xtrabit and Option888 are subjects of the Vienna Cybercrime Trials, which center on…
Profile Overview Vladislav Kogan, born in March 1973 in Krasnodar, Russia, later relocated to Australia. According to documents in an active criminal case, his last known address is in Vaucluse, New South Wales. Kogan has been identified as the operator behind Xtrabit s.r.o., a Czech-based payment service provider allegedly involved in facilitating transactions for entities later linked to fraudulent financial operations. Alleged Role in Fraud Facilitation Xtrabit s.r.o. has been named in multiple legal and investigative reports as a payment processor that supported online investment schemes associated with Gal Barak and Uwe Lenhoff. Kogan was accused of enabling these operations…
Regulatory Action from Austrian FMA The Austrian Financial Market Authority (FMA) recently issued an investor warning concerning CELESTIAL TRADING LTD, citing unauthorized brokerage operations through the platform TradoVest.com. The firm reportedly does not possess the necessary regulatory license to offer such services in Austria. Despite this, CELESTIAL TRADING LTD appears unfazed, as it has been the subject of multiple regulatory alerts in the past and has consistently failed to comply. Ongoing Operations Despite Repeated Warnings In addition to TradoVest, CELESTIAL TRADING LTD is linked to the trading website Option888.com, which has also attracted scrutiny. Both the Austrian FMA and Germany’s…
Background: Deconstructing a Fraudulent Ecosystem With the shutdown of the binary options platform SafeMarkets, attention is shifting toward examining the wider infrastructure behind it. SafeMarkets is believed to have been part of a larger, opaque network that has drawn warnings from financial regulators across multiple jurisdictions. Key Entities Involved The primary companies linked to this operation include: EandG Finances Ltd (Bulgaria) Novox Capital Ltd (Cyprus) EandG Finances Ltd: The Boiler Room Operation Evidence suggests that the ultimate beneficiaries of SafeMarkets were Gal BARAK and Marina ANDREEVA, individuals previously connected with binary options operations. These figures are allegedly operating behind offshore…
Background: Prosecution of Lee Elbaz In 2017, U.S. federal authorities detained Israeli national Lee Elbaz for her alleged involvement in a binary options fraud scheme. By March 2018, Elbaz had been formally indicted in the District of Maryland on one count of conspiracy to commit wire fraud and three counts of wire fraud. Her case centers on her role as CEO of YUKOM Communications, an Israeli company that operated a series of unauthorized broker platforms, most notably BinaryBook and BigOption. Fraud Tactics and Operational Structure According to the indictment, YUKOM was responsible for investor “retention” services for its associated platforms.…
Overview: Payment Channels and Operational Context Option888, a binary options trading platform with a checkered history in various jurisdictions, has been linked to multiple payment service providers (PSPs). One such PSP is Global Payment Solutions d.o.o., based in Montenegro. Reports suggest this entity processed transactions via Atlas Banka, a local financial institution that has recently come under regulatory scrutiny. Regulatory Intervention: Atlas Banka Under Administration In late November 2018, the Central Bank of Montenegro (CBCG) announced that Atlas Banka no longer met the required capital adequacy thresholds. As a result, the bank was placed under temporary administration, and a 45-day…
Clarification on Licensing Status In light of recent coverage concerning VELTYCO GROUP PLC and its intention to launch a regulated trading brand, new information has emerged regarding one of the associated entities, CELESTIAL TRADING LTD. Contrary to claims on several broker websites, this company is not authorized by Montenegro’s financial supervisory body. False Licensing Claims on Affiliated Platforms Multiple online trading platforms believed to be linked to VELTYCO, such as Option888, TradoVest, XMarkets, CapitalStockOptions, and ZoomTrader, indicate on their websites that they are operated under the regulatory oversight of CELESTIAL TRADING LTD. These websites commonly cite a sub-license number: SCMN…
Background on the Option888 Platform Option888 has emerged as one of the most notorious platforms in the binary options space, particularly in German-speaking countries. Over the past years, thousands of retail investors have reportedly suffered losses due to the platform’s misleading practices and multiple domain operations. Investigations have linked the project to a wider business network involving offshore entities and publicly listed companies. According to ongoing research, the platform is economically connected to Uwe LENHOFF, a German entrepreneur, who operated through a combination of offshore companies and the UK-listed firm VELTYCO PLC. Cologne Office Searched by Authorities New documents obtained…
Notice from British Columbia Securities Commission According to a recent report from Finance Magnates, the British Columbia Securities Commission (BCSC), a key financial regulator in Canada, has issued a public advisory warning against the trading platform Option888. The regulator became aware that the platform had accepted funds from a resident of British Columbia, prompting formal caution. This alert underscores the importance of engaging only with licensed and properly registered financial service providers within the province. Links to Celestial Trading and Licensing Concerns The BCSC notice also draws attention to Celestial Trading, the company believed to be behind Option888. The platform’s…