An incoming refers to the already well-known fake article in The Financial Magazine (https://ikonitex.com/finmag) about a student who became a millionaire. With his system, anyone could earn more than €10,000 within 21 days. The link in the article leads to the notorious Bitcoin System fraud campaign on Safe Offers (https://safe-offers.net/bitcoinsystem/). There we are promised $13,000 earnings within 24 hours. After registering, we land on the payment page of the broker scam ProfitMarket (www.profitmarket.net) and find there on the facilitating crypto payment processor Jubiter and other acquaintances.
The LPLFinance & TradingView Connection
ProfitMarket is not a stand-alone scam but part of a scam network. It is connected to the LPLFinances (www.lplfinances.eu) scam that looks like a clone and is operated by UK-registered HALEBORE LTD. This company is also named as a merchant at ProfitMarket (see below).
However, the ProfitMarket website does not specify any legal entity as the operator. The United Kingdom is mentioned as the competent jurisdiction. Because HALEBORE LTD is listed as a merchant with the payment processors, we assume the entity is also one of the scam operators. As the director and beneficial owner of the company, Kiril Angelov Genov, a Bulgarian born in August 1969, is registered in the UK Companies House.
Facilitating Payment Processors
Besides Jubiter, for depositing funds via credit and debit cards, we find Neobanq, iPasspay, Internet Cashbank, and PayPound. We introduced the latter just recently in our report here. It seems that PayPound is operated by the people behind the collapsed high-risk payment processor iPayTotal.
Jubiter also rips off ProfitMarket victims. Anyone who wants to deposit €250 to ProfitMarket via Jubiter will pay more than €32 in fees. That is almost 13%. Scams are a good business for payment processors like Jubiter.
When depositing via iPassPay (www.ipasspay.com), the LPLFinances (https://lplfinances.eu) is given as a reference for the merchant (screenshot right). The payment processors iPasspay, PayPound, and Neobanq are deeply integrated into the ProfitMarket scam. The data from the registration, as well as the payment details, are transferred via the API. No separate registration is required anymore.
ProfitMarket mainly attacks consumers in German-speaking countries and is therefore available in German and English.
If you have any information about ProfitMarket, its operators, and facilitators, we would appreciate it if you could send it to us through our Whistle42 whistleblower system.