Listening to the “leaders” who put billions into the BO FXTradingMarkets and UKtrade exchanges, 1000’s of individuals are “sitting on the fire”, reporting to the police once they can’t entry these web sites.
These days, Ms. Nga (dwelling in District 7) repeatedly joins the group of greater than 4,200 members on Facebook to replace information in regards to the two foreign exchange trading platforms FXTradingMarkets and UKtrade shutting down. Dense in it had been calls to file a denunciation, in addition to many lamenting “money goes in a note, does anyone know where they are”.
Ms. Nga mentioned that in March, she paid 1.4 billion dong ($60,000) to FXTradingMarkets to vary it into 60,000 FXT (digital forex). On the evening of June 25, she and lots of others acquired an image of a “heart letter” with the title of the chief of the Lion Group (or Lion Team) writing: “We want to announce that from June 26, the Lion workforce will quickly separate , FXTradingMarkets shall be closed and the Expert Panel can even cease trading.”
More than a month in the past, on May 27, Ho Chi Minh City Police warned folks to not be a part of unlawful international change (Forex) trading flooring, as a result of that is an funding methodology that causes many financial dangers, affecting the economic system. to the safety scenario. The investigative company has grasped the felony strategies and methods of the organizers of the FXTradingMarkets ground. There are 4 members within the Lion Group group who name themselves “Four Great Masters, Four Great Onions” (with the identical onion haircut) with the chief having the alias Iker Phuong (generally known as “Teacher, Master”). . They set up many enrichment seminars in provinces and cities to ask individuals.
From 2019, Lion Group launched FXTradingMarkets as a foreign exchange dealer with headquarters and license within the UK. Currently, the change attracts 60,000 folks to spend money on FXT digital forex. Participants will switch from 1,000 USD or extra to Leader (department head) to change for FXT on the fee of 23,700 VND (1 USD) to get 1 FXT.
When having FXT, traders will go to fxtradingmarkets.com (from this yr with a cell app) to trade binary choices (Binary possibility or BO) with 8 ranges of foreign exchange. In 30 seconds, they are going to place an order to foretell the change fee of the forex pair up or down, in the event that they guess accurately, they are going to win 95% of the wager worth, in the event that they lose, they are going to lose cash.
However, FXTradingMarkets advertises that everybody wins, commits to withdraw capital at any time and sit again and luxuriate in 1%/day revenue as a result of trade orders are robotically entered in response to the Expert Panel. Those who don’t guess the value are inspired to “hug” loads of FXT to attend for the value to extend 5, 7 instances later; or invite new gamers to obtain commissions with 5 ranges.
To withdraw capital and revenue, traders should liquidate with Leader (1 FXT “eats” 22,500 VND) or switch FXT to 2 worldwide cryptocurrency exchanges Bilaxy and Probit promote for USD. At the tip of February, FXTradingMarkets didn’t permit trading with Leader, forcing traders to withdraw themselves to the worldwide ground on the fee of 1 FXT “eating” 0.3 USD (lose 70%). At the start of May, the change stopped transferring FXT to the worldwide ground.
Ms. Nga mentioned, when she couldn’t withdraw cash and heard that the Busstrade and Coolcat flooring collapsed, everybody within the group was very nervous, however was comforted by Leader, “My master appears every day”. “At that time, a series of Facebook pages of famous artists also posted posts calling for investment in FXT, so we felt good,” she mentioned.
But at first of June, she and FXTradingMarkets individuals couldn’t see the account, accessing the ground solely noticed the message “Upgrading”. Leaders reassured that the change is ending to “put FXT on the international exchange Binance at the end of the month, the price will increase again and withdraw money”…
On the evening of June 25, folks shared an image of a “heart letter” asserting that FXTradingMarkets had collapsed. A couple of folks had been capable of “hug” FXT on the worldwide ground, however at the moment, the transformed worth dropped to 1 FXT “eating” $0.0022. Investor assist discussion groups eliminated.
Ms. Nga calculated her FXT quantity if withdrawn, transformed on the worldwide ground that evening was solely equal to 133 USD (450 instances depreciated).
Meanwhile, the UKtrade platform additionally advertises its institution within the UK, the web site interface and trading strategies should not totally different from FXTradingMarkets. This ground posted a discover “under maintenance and upgrading” from June 13 and formally collapsed on the identical day of June 26.
UKtrade operates from the tip of 2020, with a further VIP account kind for traders to deposit over 20,000 Euro (transformed into EURC cryptocurrency) with a dedicated revenue of as much as 3% a day.
Mr. Tam (who lives in Thu Duc City) mentioned he had loaded 2.8 billion VND in April however is now “burnt out”. Thousands of UKtrade accounts misplaced 95% of their trades on the evening of May 10. When folks requested questions, the Leader workforce defined that “due to the epidemic, the Expert Panel could not analyze the market”. The change requires folks to pour more cash to be “rescued”, anybody who doesn’t recharge and voice doubts could have their account deleted, click on out of the system.
Seeing indicators of programming to “clean up” the investor’s account, Mr. Tam and practically 10 different folks invited one another to jot down an utility to the police regardless of being challenged by the Leaders. “Our group lost a total of 6 billion dong,” he mentioned sadly.
In Binh Thuan, tons of of different folks, who had been in the identical scenario as Mr. Tam, went to the police to accuse the top of UKTrade in Phan Thiet of tricking them into paying their funding. This girl claims to be the Golden Leader main the trading ground in Phan Thiet, has held many shows, suggested traders to solely have to deposit cash and the Filipino consultants will stand for the transaction. dedicated to result in 0.8-1% revenue per day.
Ms. Vo Thi Dieu Hien (dwelling in Ham Tien ward) mentioned that on May 2, she transferred greater than 106 million VND to purchase 4,000 EURC. Two days later, she paid one other 213 million dong to purchase one other 8,000 EURC and was allowed to open an account to watch income. On May 10, discovering out that her account had misplaced all digital cash, she complained, Golden Leader requested to pay 30% greater than the preliminary capital to save lots of and mentioned it could have the next revenue. “My account was locked after that, only to know that this is a scam, so I report to help others not to be trapped,” Hien mentioned.
Currently, the chat group of practically 500 members claiming to be victims of UKtrade and FXTradingMarkets accuses the 2 exchanges of being one, or having an in depth relationship, as a result of every part is “like twins”. The “masters and experts” of the 2 exchanges usually share photos of cooperation, change, and ingesting.
Police in Ho Chi Minh City and Binh Thuan Province mentioned that they had acquired complaints from victims. According to preliminary investigation info, the area title of FXTradingMarkets and the server is registered and situated within the US. These ground directors have indicators of making a brand new ground at sp500stock.com (nameless registration from the tip of 2020) with the identical interface and capabilities because the outdated ground.
Over the previous time, there was a steady collapse of the monetary funding ground or international change funding, inflicting 1000’s of individuals throughout the nation to lose tons of of billions of dong. Like the case of 4 exchanges Rforex.com, Yaibroker, Vistaforex, Exswiss cheated 12,000 accounts to deposit $4.3 million, then used methods to acceptable cash. Or the Coolcat app tricked, Busstrade lured tens of 1000’s of individuals throughout the nation to “invest” about 500 billion VND after which instantly disappeared.
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