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BaFin warns against Cake DeFi of Julian Hosp

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Attention! BaFin investigates Cake DeFi of former MLM artist Julian Hosp!

The crypto platform Cake Defi (www.cakedefi.com), founded in June 2019, is backed by well-known Austrian entrepreneur, blockchain expert, and former MLM artist Julian Hosp. Cake Defi provides access to a wide range of decentralized financial services, or short “DeFi,” enabling customers to generate returns from their crypto and digital assets. However, BaFin has determined that the company may be conducting unauthorized banking business or financial services in Germany.

Latest Updates

And again! The next regulatory warning against IGC Markets

IGC Markets is a very aggressive scam broker deploying fraudulent marketing campaigns such as Elite Trader or Bitcoin Loophole to chase victims. The offshore entity MaxxMedia LLC, registered in St. Vincent & The Grenadines, is the alleged operator. Several European regulators have already issued warnings against the scam. In December 2021, the UK FCA issued a warning and on 7 Jan 2022, the German BaFin announced investigations. Below is another update.

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Interesting! The Citadel Case with Cannabis Health meme shares

In Nov 2021, BaFin issued the first warning against Citadel LLC and PenteTrade24, banning the public sale of shares of the bankrupt Swiss Cannabis Health AG via the meanwhile suspended website Citadel Securities. A second BaFin warning followed on 6 Jan 2022. While the US-registered Pente Management LLC operates the online retail broker PenteTrade24, Citadel LLC is the well-known Chicago-based hedge fund; Citadel Securities is their brokerage arm.

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The Latvian Racket and the Vita Impex branch with Pluton500, VitaFX, and AceTop Financial

The Vita Impex scam network has an impressive dark record. In April 2021, the Italian Consob ordered the black-out of the websites of VitaFX and Pluton500 operated by Vita Impex. In May and December 2021, the Spanish CNMV and Consob issued warnings against AceTop Financial. On January 6, 2022, the UK FCA followed. Vita Impex Ltd is one of the AceTop Financial operators, besides other fake companies presented on the website.

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Global Trader scam facilitator Charge Money Ltd operated by former iPayTotal director!

In Nov 2021, the UK FCA issued a warning against the Global Trader scam; FinTelegram brought a detailed report on the broker scam facilitated by the payment processors PayPound. Additionally, we found the licensed Estonian crypto company Dream Finance OÜ, which sent FinTelegram a statement representing that they never intended to process payments for Global Trading but has been deceived by UK-registered Charge Money Ltd, which secretly acted as a payment agent for the scam. Global Trader already vanished.

Payment Processors

Illegal Broker Activities

Investor warning against Zivyard facilitated by BridgerPay and CoinDeck

TODAY, the UK Financial Conduct Authority (FCA) has issued a warning against Zivyard (www.zivyard.com) broker. The operator of the scam is allegedly based in the Marshall Islands. Further details about the legal entity or the responsible persons are not given. However, the facilitating payment processors BridgerPay, and the Slovakian Global DLT Exchange d/b/a CoinDeck and Jubiter surely know the scammers. We already know this payment duo from numerous other scams.

FinTelegram

Urgent Warning – Do not work for the illegal payment processor A B Group!

Illegal payment processors are an essential element for cybercrime activities such as scams. Over the last few years, Germany has built a dark reputation in this regard. Numerous illegal payment processors such as B2G, TrustSecure, or P2P have laundered funds for dozens of scams. BaFin has now announced investigations against the illegally operating payment processor A-B Group a/k/a A-B Group Online. The company acquires home office workers with the purpose of opening bank accounts under their ID.

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Post-X-Mas! GS4Trade boiler room agents still chase victims!

We warned again about the vanished GS4Trade broker scam several times. The website has since disappeared with the money of numerous victims. In principle but the boiler rooms are still active. The GS4Trade scam has left a wide trail of blood in Europe. Authorities are searching for those behind it. A boiler room agent with the stage name Robin Leo Nicholas is still contacting victims asking them for money for the next scam. Please do not fall for these boiler room perpetrators.

Whistleblower Request – Let us know more about Ljudmila Mohacsek and her scam ventures

We have already reported on the activities of Hungarian citizen Lyudmila Mohacsek several times. She has been active with her companies as an operator and payment processor for numerous scams. Especially with the illegal payment processor Pay Credits, she came to our attention. In the meantime, Pay Credits has disappeared, and the operating company was dissolved via compulsory strike-off. We would like to know more about Ljudmila Mohacsek and her scam activities.

Investment Schemes

As expected! Theranos founder Elizabeth Holmer found guilty of investment fraud

In California, a federal jury found Elizabeth Holmes, the Theranos founder, guilty of investment fraud. She was charged with nine counts of wire fraud, and two counts of conspiracy to commit wire fraud under an indictment brought 3 ½ years ago. The jury convicted her on four of 11 charges of investment fraud. Each count carries a maximum prison sentence of 20 years. However, the 12 jurors failed to reach a verdict on three counts related to investors and were found not guilty of four charges relating to defrauding the public.

Regulatory Updates

Crypto Schemes

The FCA crypto warning firework continues with six new warnings

The UK FCA has continued its 2022 fireworks of warnings against crypto platforms operating illegally, issuing six new warnings. This means that the UK regulator has issued around a dozen warnings against crypto ventures in the first days of the new year. We may assume that in 2022 for all regulators the crypto segment will be a special focus Therefore we started a few weeks ago with a Crypto Warning List on which we list the black crypto schemes.

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Seriously? The UK FCA does not have a German branch and will not recover your funds!

Anything goes on the web, really anything! The scammer business relies on the theorem of large numbers. A scam can still be so stupidly made that you should not fall for it. But if enough people are confronted with it, some will fall for it and deliver the money to the scammers. Have you ever heard of FCA Germany? If not, it's because regulators don't operate branches in other jurisdictions. And they certainly don't run a fund recovery business. Here's the report on the fake FCA Germany.

R4I – Let us know more about the vast scam network XupAssetSignals et al!

We know that most broker scams are part of a network that constantly produces new scam brands. The UK FCA recently warned against the crypto scam Encrypted Investment a/k/a CryptoExpert Investments. In our review, we found that this scam is part of a scam network including iQtrades247, BinFXtrade broker scams, and vanished XupAssetSignals. There are many more scam brands in this network, some of them have been exposed by TBBOB in June 2021.