Fighting illegally operating brokers, scammers, and cybercrime is one thing. Even if we expose these illicit activities on FinTelegram, the victims do not automatically get their money back, let alone justice. A case in point is the case of the already convicted Israeli cybercrime kingpin Gal Barak and his supporting payment processor Payvision. Barak’s victims are waiting for their money. Neither Barak nor Payvision refunded anything. Disgusting! Thus we initiated and co-founded the litigation & recovery funder CyTel42 Group AG in Vienna together with the European Fund Recovery Initiative (EFRI), financial institutions, lawyers and financial experts.
CyTel42‘s mission is to provide the financial means and support for fund recovery activities up to legal actions in various jurisdictions in close cooperation with EFRI. CyTel42 is an independently operated company, not legally related to EFRI and FinTelegram but cooperates closely with them.
Vienna was almost a logical choice to establish CyTel42 because the UN Office on Drugs and Crime (UNODC) is also located there and the FinTelegram founder is one of its members. Specialized lawyers from various jurisdictions are either members of the supervisory board or the international advisory board of CyTel42. The goal is that the company’s international advisory board will have one member from each jurisdiction, able and willing to represent victim claims in their respective jurisdictions.
The first big CyTel42 project is the lawsuit of Payvision in the very context of Gal Barak and his scams. CyTel42 has paid the retained lawyers who EFRI hired to prepare the lawsuit and the criminal complaint.
We want to take this opportunity to expressly thank the sponsors and friends of FinTelegram who supported the establishment of CyTel42. These include reputable regulated investment firms and financial institutions from various jurisdictions interested in a safe cyberfinance environment and investor protection.