Whistleblower Credits We extend our gratitude to our whistleblowers for their invaluable insights and reports, which assist Scam-Or Project in exposing fraudulent brokers and their payment partners. Together, we are making cyberspace safer. United, we are an unstoppable force. Discovery of the Financial Resident Scam Our whistleblowers have identified Financial Resident (www.financialresident.com) as yet another active broker scam. In our initial research, we could not locate any official legal entity claiming to operate this platform. However, such details are often meaningless, as these scams typically utilize offshore front companies based in jurisdictions like the British Virgin Islands, Marshall Islands, or…
Author: Tom
Introduction Sergei Kosenko—known to his vast Instagram audience of 49 million as @mr.thank.you—is under intense international scrutiny. A recent criminal complaint filed by a Dubai-based investor, supported by testimonies from additional victims, accuses Kosenko of copying STEPN’s Web3 fitness concept through his AMAZY token and orchestrating a scheme that drained millions by dumping 99% of the supply. Russian authorities have already seized ₽206 million (~US $2.1 million) in his local bank accounts and placed him on their national “Most Wanted” registry. Global regulators are now being urged to intervene to prevent further retail losses. Russian Court Actions A Moscow court…
Whistleblower Acknowledgment Credits to Whistleblowers: We express gratitude to all whistleblowers for their valuable information and observations, enabling us to uncover scams and the payment processors involved. Collectively, we can transform cyberspace into a safer environment. Together, we remain a powerful force. Large-Scale PR Efforts Amid Insolvency Due to insolvency issues in the UK and numerous adverse reports, iPayTotal has recently initiated an extensive public relations campaign. Attractive individuals are used to restore the reputation of this controversial high-risk payment processor. Real and Fake Representatives Among these representatives is Sen Kugan, identified as the president of iPayTotal (LinkedIn profile), who…
Overview of Crystal Ball Markets The offshore broker Crystal Ball Markets (www.crystalballmarkets.com) operates without regulation and is purportedly run through a company registered under number 262 LLC 2020 in St Vincent and the Grenadines. Dubious Team and Social Media Activity Our review identified only Naina Sharma, listed on LinkedIn as an employee located in Uttar Pradesh, India, but the profile appears suspicious and potentially fake. The broker maintains an active presence on Instagram, Twitter, and Facebook, attempting to build an image of legitimacy. Payment Processors Linked to Crystal Ball Markets We identified the following payment processors working with Crystal Ball…
OctaPay Ceases Operations Unexpectedly In news that has shocked few within the payments industry, the high-risk payment processor OctaPay has vanished, taking its merchant clients’ funds with it. Although it was launched only a few months ago, the company’s websites are now offline, and LinkedIn profiles linked to OctaPay executives, including CEO Madhumita Singh, have been removed. Leadership Changes and Resignation Public records from UK Companies House show that Madhumita Singh resigned as a director of OctaPay Limited on March 11, 2021, and is no longer listed as the company’s beneficial owner. Despite stepping down from OctaPay, she remains a…
Introduction Scam-Or Project consistently monitors fraudulent schemes and the affiliate networks promoting them. Daily, numerous emails arrive from different senders proposing investment offers that promise high profits with no associated risks. Way 2 Freedom Affiliate Scheme Overview One of these campaigns is operated by the Way 2 Freedom affiliate network (www.way2freedom.club), which currently directs victims to scams such as Capital Holdings, allegedly managed by SNT Agensy World Ltd in the Marshall Islands. The payment processing for this operation involves iPayTotal, the Estonian company Paytechno, and the Spanish-based Ceca. How the Affiliate Campaign Works Operators behind Way 2 Freedom use multiple…
Overview of the Bitcoin System Affiliate Scam The deceptive affiliate campaign under the name Bitcoin System (www.gainincreasenow.net/bitcoinsystem) has directed unsuspecting users to the fraudulent broker Finotive (www.finotive.net). This platform claims to be operated by Harmonte Group LLC, a company incorporated in St. Vincent & the Grenadines. Payment Processors Involved During Scam-Or Project’s investigation of this scam, familiar entities emerged once again. The PayBox cashier system (cashier.boxipay.io) facilitated transactions, supported by a network of high-risk payment processors frequently linked to scams. These include: iPayTotal PayNetEasy PayTechno PayCent When testing a simulated deposit on Finotive through PayTechno (www.paytechno.com), Scam-Or Project identified Harmonte…
Overview of ChamberFX Broker Scam Scam-Or Project has recently been informed of multiple complaints from individuals defrauded by the broker scam ChamberFX (www.chamberfx.com). According to its official website, ChamberFX claims to be operated by Chamber (Holdings) Pty Ltd based in Australia, asserting they hold a license issued by ASIC for the Australian market. However, there is reason to believe that Chamber (Holdings) Pty Ltd is merely being cloned and is not involved in the actual operation of this fraudulent platform. Additionally, the terms and conditions on the website specify UK law as the applicable jurisdiction, suggesting that the scammers may…
Introduction An email received today from [email protected] directed recipients to the fraudulent affiliate platform FXOffers (www.fxoffers.cc), promoting its so-called Elite Trading Club campaign. Upon registering, users are contacted by Investingstate (www.investingstate.com), a broker scam run by Wooko Global Ltd, incorporated in the Marshall Islands. Scam Payment Processors Identified Payment Processing Partners The fraudulent operations behind Investingstate utilise several payment processors to handle victim deposits: iPayTotal A well-known Indian-British high-risk payment processor, iPayTotal has long been associated with major scams and is frequently linked to cybercrime and money laundering operations. PayTechNo (www.paytechno.com) Payments for Investingstate transactions are routed via PayTechNo’s domain.…
Recent Actions by Consob Against GlobalCFD In February 2021, the Italian regulator Consob issued a blackout order for the GlobalCFD broker scam website located at www.globalcfd.co. Recently, Consob extended its enforcement by blocking the scam’s new domain, www.globalfxcfd.com. Operators and Structure The GlobalCFD scheme is reportedly managed by GlobalCFD Ltd alongside D&D Venture Project Ltd, operating through the Marshall Islands. These entities continue to run the scam despite multiple regulatory interventions. Payment Processors Involved As with many broker scams, certain payment processors are consistently involved. In this case, the processors facilitating transactions for GlobalCFD include: iPayTotal Itez (a crypto payment…