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FMA follows Fintelegram and issues warning against WinbitX

FMA warns against WinbitX broker scam
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FinTelegram issued a warning against WinbitX (www.winbitx.com) on 11 June 2021, which was promoted by the fraudulent Bitcoin Profit campaign at the time. On September 14, 2021, the Austrian Financial Market Authority (FMA) issued an investor warning against the scam. In our initial review, we exposed PayNetEasy and Pay Credits as the scam-facilitating payment processors. In today’s review, the cashier was operated through the domain https://gate.shinepays.com/paynet/. This is the only change from what we can see. WinbitX is still attacking consumers!

The new domain for the cashier (www.shinepays.com) deployed in the WinbitX scam was only registered in mid-August 2021 via the Bahamas and obviously belongs to PayNetEasy who want to cover their tracks with it. This approach of operating the cashier on separate domains is something we see more often lately.

Over the last couple of weeks, we have exposed Pay Credits (www.pay-credits.com) operated by UK-registered VertexTech Ltd as a scam-facilitating payment processor in several broker scams, such as Invexeo (read this report), Capital of Focus (read this report), or AroxCapital (read this report). The Hungarian Ljudmila Mohacsek is the registered director and beneficial owner of this high-risk payment processor (Companies House).

Do not fall for the WinbitX scam. If you have any information about this scam, its operators, and its facilitators, please share it with us. Use our whistleblower system, Whistle42.

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