Lack of Official Licensing
The identical text content across various sister sites extends to the Terms of Use document, falsely asserting business jurisdiction in Malta. However, this claim is easily debunked by checking the MFSA registry. The choice of Malta, an EU member state with rigorous financial regulations, is a deceptive tactic employed by the fraudsters.
Deceptive Airdrops Lure Investors
The crypto fraud website went live in October 2023, primarily targeting residents of South Africa and France. Victims are enticed through alleged crypto giveaways promoted on platforms like TikTok and YouTube, featuring DeepFakes of celebrities like Elon Musk to enhance authenticity. To partake, victims are misled into providing their crypto wallet address and investing funds, only to have their money stolen by the fraudsters. Despite the grim outcome, our experts have strategies for recovery.
Exorbitant Fees, Minimal Discounts
The platform employs a tiered fee structure with impractical volume requirements. Basic trading incurs Maker and Taker fees of 0.075%, surpassing legitimate exchanges. Allegedly, fees can be reduced to 0.035% Maker and 0.045% Taker, but only with a trading volume exceeding 20,000 BTC (approximately $755 million). Additionally, the company imposes deposit and withdrawal fees of 0.00005 BTC and 0.00013 BTC, respectively.
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