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❕NEWS UK court shuts down scam cryptocurrency £1.5 million

btcminer

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The UK High Court has ordered the closure and wind-up of GPay, a cryptocurrency platform that scammed traders through fake celebrity endorsements.


On June 30, the UK government's Insolvency Service posted a notice which explained that GPay Ltd, trading as XtraderFX -- formerly known as Cryptopoint -- has been closed after "losing" £1.5 million ($1.8m) of investor funds.

At least 108 clients lost cash, even when they opted for insurance that was meant to cover any future financial losses. When traders attempted to withdraw any funds they plowed into the platform, they hit barrier after barrier, such as ID and utility document requirements -- but, of course, these checks were not required to make deposits.

XtraderFX's website has now been shut down, but cached versions of the domain reveal promises of an easy cryptocurrency trading platform and portfolio, as well as a mining platform.

The platform promised to provide a way for those without any former experience in cryptocurrency trades to invest, on the backing of experienced traders and computational tools to make the task easy.

However, cryptocurrency scams, fake Initial Coin Offerings (ICOs), and exit scams are rife in the community. While regulators worldwide have begun to try and clamp down on fraud, unless a cryptocurrency exchange is registered under a government agency such as the US Securities and Exchange Commission (SEC), investors are often trading at their own risk


GPay targeted individuals in the UK and elsewhere through advertising campaigns online, including through a variety of social media channels.

"Customers were encouraged to use GPay's online trading platform through advertisements that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV show and a high-profile money-saving website," UK regulators say.

Trustpilot users have complained of deposits made without permission, closed accounts without warning, and harassment via phone calls urging additional investment.

The use of well-known, trusted faces to fraudulently advertise cryptocurrency schemes runs rampant. In this case, a number of users said they fell for a fraudulent Dragon's Den advertisement on Facebook.

Martin Lewis, the founder of MoneySavingExpert, has also been fighting the fraudulent use of his image to promote such schemes for years.

The financial expert previously took Facebook to court for the abuse of his name and image in thousands of scam adverts on the social network. Lewis and Facebook settled the case after Facebook promised to launch a dedicated scam ads report tool and to donate £3 million to a Citizens Advice project to help tackle scam-related complaints.

TechRepublic: How to protect your remote desktop environment from brute force attacks

In response to the news of GPay's closure, Lewis said:

"Screw you! P*ss off! And good riddance Gpay Ltd."
GPay was formally wound up on June 23, and UK officials say the order was made "in the public interest." No appeal was made by the company against the decision.

The Official Receiver is now the liquidator of the company.

"We welcome the court's decision to wind-up GPay as it will protect anyone else becoming a victim," commented David Hill, a Chief Investigator for the Insolvency Service. "This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities."
 
Oh well, one more high-profile scam that involves cryptocurrency. Glad the police shut it down at last, hope the people who got scammed can at least recover their money with the help of police,
 
I think people should be more enlightened about crypto scams , like joining a crypto exchange sites that is more regulated to be at a safer side , because there are many scams
 
Finally offline courts dealing with an online scam!, i wish they start doing that, so they would help the online money making domain a lot and make it more safe
 
Finally offline courts dealing with an online scam!, i wish they start doing that, so they would help the online money making domain a lot and make it more safe
yeah , there need to be more of these crackdown on these scammers , they could stop all of this madness in a day work if they wanted ,
hope this will continue to ensure the safety of crypto investors in the future
 
That is great news,this is where tightened measures should eminate from to help innocent victims who fall in these scams because of desperacy.I keep on saying that more can be done to help curb these illicit activities.But mostly its us people who encourage them by making investments even with unsatisfactory security checks.
 
That's a cheering news, I still think a lot can be done to curb the emergence of these cryptocurrency scam platforms. They make a you promises that are too good to be true like 1000% return o investment in 3 weeks. Haha..
 
This xtraderfx will re-incarnate to another form on the web space to continue in its trade of luring their unsuspecting victims to part with their coins for high rewards. Government at all levels should find a way to regulate these cryptocurrency investments platforms.
 
yeah , there need to be more of these crackdown on these scammers , they could stop all of this madness in a day work if they wanted ,
hope this will continue to ensure the safety of crypto investors in the future
this domain has to be regulated and attached to offline law rules, that would extremely make the online money making domain trustworthy, because i know a lot of people that don't believe on it
 
this domain has to be regulated and attached to offline law rules, that would extremely make the online money making domain trustworthy, because i know a lot of people that don't believe on it
Couldn't agree more on that,personally I have gone to extremes just teaching people and ended up looking like am desperate with life or a a scammer.So if its made official that online businesses are credible maybe we will not be forcing people to be helped to be financially stable.
 
Those are some good news to hear, more action should be taken against cyber criminals aka scammers , otherwise there will not be something called trusting another one
 
Why will someone even place huge amount of btc on an unregulated exchange site , I think its called gambling because they could close at any time
 
Couldn't agree more on that,personally I have gone to extremes just teaching people and ended up looking like am desperate with life or a a scammer.So if its made official that online businesses are credible maybe we will not be forcing people to be helped to be financially stable.
well, people all around the world are like that, they follow the bad and ignore the good, with something official taking down scammers, they will put trust on the domain again
 
These are part of the reason why cryptocurrency is getting a bad name . people are afraid to invest in it because of being scammed . am glad the government were able to do something about this fraudulent company .
 
These are part of the reason why cryptocurrency is getting a bad name . people are afraid to invest in it because of being scammed . am glad the government were able to do something about this fraudulent company .
That's why country like India are planning on banning but i am quite sure that there is a solution to every problem ,so if there could be a security and kyc data verification of users investing in crypto all these might reduce
 
If something is not done quickly about all that scam in the crypto world, crypto money will never be accepted.
It's sad to see that something that's made to be safer has become even more criminal than the ordinary money system.
I also do not really understand why all those crypto companies are doing so little to track and combat such people and practices.
I never see an article anywhere that crypto companies track such scam on their networks. The only thing you hear them talking about is anonymity, how many of their crypto there already is, what success it already has and how much they're worth.
As here on this forum, the most used phrases are:
I don't know if it's not scam.
Only invest what you can spare !
This applies to more than 60% of the crypto world.
When this happens to the €/$ all banks, exchanges and official identetie will shoot directly into action.
Unfortunately, this is not the case in the crypto world.
It is the opposite, the non-crypto world are fighting against such criminals while the crypto world remains silently in the background .
 
If something is not done quickly about all that scam in the crypto world, crypto money will never be accepted.
It's sad to see that something that's made to be safer has become even more criminal than the ordinary money system.
I also do not really understand why all those crypto companies are doing so little to track and combat such people and practices.
I never see an article anywhere that crypto companies track such scam on their networks. The only thing you hear them talking about is anonymity, how many of their crypto there already is, what success it already has and how much they're worth.
As here on this forum, the most used phrases are:
I don't know if it's not scam.
Only invest what you can spare !
This applies to more than 60% of the crypto world.
When this happens to the €/$ all banks, exchanges and official identetie will shoot directly into action.
Unfortunately, this is not the case in the crypto world.
It is the opposite, the non-crypto world are fighting against such criminals while the crypto world remains silently in the background .
Well said . People will prefer to remain with a currency that offers them security than one that can't offer any help when they face security problems . My fear is that cryptocurrency may be banned in my country , if this continues .
 
The UK High Court has ordered the closure and wind-up of GPay, a cryptocurrency platform that scammed traders through fake celebrity endorsements.


On June 30, the UK government's Insolvency Service posted a notice which explained that GPay Ltd, trading as XtraderFX -- formerly known as Cryptopoint -- has been closed after "losing" £1.5 million ($1.8m) of investor funds.

At least 108 clients lost cash, even when they opted for insurance that was meant to cover any future financial losses. When traders attempted to withdraw any funds they plowed into the platform, they hit barrier after barrier, such as ID and utility document requirements -- but, of course, these checks were not required to make deposits.

XtraderFX's website has now been shut down, but cached versions of the domain reveal promises of an easy cryptocurrency trading platform and portfolio, as well as a mining platform.

The platform promised to provide a way for those without any former experience in cryptocurrency trades to invest, on the backing of experienced traders and computational tools to make the task easy.

However, cryptocurrency scams, fake Initial Coin Offerings (ICOs), and exit scams are rife in the community. While regulators worldwide have begun to try and clamp down on fraud, unless a cryptocurrency exchange is registered under a government agency such as the US Securities and Exchange Commission (SEC), investors are often trading at their own risk


GPay targeted individuals in the UK and elsewhere through advertising campaigns online, including through a variety of social media channels.

"Customers were encouraged to use GPay's online trading platform through advertisements that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV show and a high-profile money-saving website," UK regulators say.

Trustpilot users have complained of deposits made without permission, closed accounts without warning, and harassment via phone calls urging additional investment.

The use of well-known, trusted faces to fraudulently advertise cryptocurrency schemes runs rampant. In this case, a number of users said they fell for a fraudulent Dragon's Den advertisement on Facebook.

Martin Lewis, the founder of MoneySavingExpert, has also been fighting the fraudulent use of his image to promote such schemes for years.

The financial expert previously took Facebook to court for the abuse of his name and image in thousands of scam adverts on the social network. Lewis and Facebook settled the case after Facebook promised to launch a dedicated scam ads report tool and to donate £3 million to a Citizens Advice project to help tackle scam-related complaints.

TechRepublic: How to protect your remote desktop environment from brute force attacks

In response to the news of GPay's closure, Lewis said:


GPay was formally wound up on June 23, and UK officials say the order was made "in the public interest." No appeal was made by the company against the decision.

The Official Receiver is now the liquidator of the company.

"We welcome the court's decision to wind-up GPay as it will protect anyone else becoming a victim," commented David Hill, a Chief Investigator for the Insolvency Service. "This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities."
The UK High Court has ordered the closure and wind-up of GPay, a cryptocurrency platform that scammed traders through fake celebrity endorsements.


On June 30, the UK government's Insolvency Service posted a notice which explained that GPay Ltd, trading as XtraderFX -- formerly known as Cryptopoint -- has been closed after "losing" £1.5 million ($1.8m) of investor funds.

At least 108 clients lost cash, even when they opted for insurance that was meant to cover any future financial losses. When traders attempted to withdraw any funds they plowed into the platform, they hit barrier after barrier, such as ID and utility document requirements -- but, of course, these checks were not required to make deposits.

XtraderFX's website has now been shut down, but cached versions of the domain reveal promises of an easy cryptocurrency trading platform and portfolio, as well as a mining platform.

The platform promised to provide a way for those without any former experience in cryptocurrency trades to invest, on the backing of experienced traders and computational tools to make the task easy.

However, cryptocurrency scams, fake Initial Coin Offerings (ICOs), and exit scams are rife in the community. While regulators worldwide have begun to try and clamp down on fraud, unless a cryptocurrency exchange is registered under a government agency such as the US Securities and Exchange Commission (SEC), investors are often trading at their own risk


GPay targeted individuals in the UK and elsewhere through advertising campaigns online, including through a variety of social media channels.

"Customers were encouraged to use GPay's online trading platform through advertisements that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV show and a high-profile money-saving website," UK regulators say.

Trustpilot users have complained of deposits made without permission, closed accounts without warning, and harassment via phone calls urging additional investment.

The use of well-known, trusted faces to fraudulently advertise cryptocurrency schemes runs rampant. In this case, a number of users said they fell for a fraudulent Dragon's Den advertisement on Facebook.

Martin Lewis, the founder of MoneySavingExpert, has also been fighting the fraudulent use of his image to promote such schemes for years.

The financial expert previously took Facebook to court for the abuse of his name and image in thousands of scam adverts on the social network. Lewis and Facebook settled the case after Facebook promised to launch a dedicated scam ads report tool and to donate £3 million to a Citizens Advice project to help tackle scam-related complaints.

TechRepublic: How to protect your remote desktop environment from brute force attacks

In response to the news of GPay's closure, Lewis said:


GPay was formally wound up on June 23, and UK officials say the order was made "in the public interest." No appeal was made by the company against the decision.

The Official Receiver is now the liquidator of the company.

"We welcome the court's decision to wind-up GPay as it will protect anyone else becoming a victim," commented David Hill, a Chief Investigator for the Insolvency Service. "This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities."

The UK High Court has ordered the closure and wind-up of GPay, a cryptocurrency platform that scammed traders through fake celebrity endorsements.


On June 30, the UK government's Insolvency Service posted a notice which explained that GPay Ltd, trading as XtraderFX -- formerly known as Cryptopoint -- has been closed after "losing" £1.5 million ($1.8m) of investor funds.

At least 108 clients lost cash, even when they opted for insurance that was meant to cover any future financial losses. When traders attempted to withdraw any funds they plowed into the platform, they hit barrier after barrier, such as ID and utility document requirements -- but, of course, these checks were not required to make deposits.

XtraderFX's website has now been shut down, but cached versions of the domain reveal promises of an easy cryptocurrency trading platform and portfolio, as well as a mining platform.

The platform promised to provide a way for those without any former experience in cryptocurrency trades to invest, on the backing of experienced traders and computational tools to make the task easy.

However, cryptocurrency scams, fake Initial Coin Offerings (ICOs), and exit scams are rife in the community. While regulators worldwide have begun to try and clamp down on fraud, unless a cryptocurrency exchange is registered under a government agency such as the US Securities and Exchange Commission (SEC), investors are often trading at their own risk


GPay targeted individuals in the UK and elsewhere through advertising campaigns online, including through a variety of social media channels.

"Customers were encouraged to use GPay's online trading platform through advertisements that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV show and a high-profile money-saving website," UK regulators say.

Trustpilot users have complained of deposits made without permission, closed accounts without warning, and harassment via phone calls urging additional investment.

The use of well-known, trusted faces to fraudulently advertise cryptocurrency schemes runs rampant. In this case, a number of users said they fell for a fraudulent Dragon's Den advertisement on Facebook.

Martin Lewis, the founder of MoneySavingExpert, has also been fighting the fraudulent use of his image to promote such schemes for years.

The financial expert previously took Facebook to court for the abuse of his name and image in thousands of scam adverts on the social network. Lewis and Facebook settled the case after Facebook promised to launch a dedicated scam ads report tool and to donate £3 million to a Citizens Advice project to help tackle scam-related complaints.

TechRepublic: How to protect your remote desktop environment from brute force attacks

In response to the news of GPay's closure, Lewis said:


GPay was formally wound up on June 23, and UK officials say the order was made "in the public interest." No appeal was made by the company against the decision.

The Official Receiver is now the liquidator of the company.

"We welcome the court's decision to wind-up GPay as it will protect anyone else becoming a victim," commented David Hill, a Chief Investigator for the Insolvency Service. "This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities."
This is a welcome development. If government can look into most of this fruadulent site the world will be a better place.
 
This is a good move by the UK court. I would like all these scam establishment be fished out and their owners arrested and prosecuted. This will help to deter others from pet
Pepetrating such crimes
 

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