The UK Watchdog forestalls Against Coin Boost Inc.

FCA issued a warning to only deal with authorized financial companies
20 June 2018   330

On Monday the Financial Conduct Authority (FCA) has published a warning against Coin Boost Inc. for proposing financial services or products in the United Kingdom without authorization. As claimed on their webite, Coin Boost Inc. suggests investment plans for bitcoin traders and markets itself as the most “secured place to invest your bitcoins.” It declares it is a registered legal international investment company in the US and its activities are controlled by the US international business officials. It also demands it acts in accordance with US legislation.

The broker confirms to have an office at 313 Patterson Road, Brooklyn, New York, UNITED STATES OF AMERICA, 11209. The UK regulatory has yet again published an alert to only deal with financial firms that have been authorized by the FCA. Individuals can check the Financial Services Register in order to see whether an organization is authorized.

The watchdog statement also informed the UK investors that if something goes wrong while trading with unauthorized brokerages, they will not be optative to get assistance from the FCA. This warning follows a recent report that demonstrated the grow of online investment fraud, that Finance Magnates reported on in January. The report claimed that investors had lost an average of GBP 87,410 (USD 118, 379) per day during 2017.

The conclusion made by the FCA’s report is that scammers’ tactics have changed and many now utilize social media and other online marketing methods to reach potential investors, instead of approaching them through traditional tactics such as cold calling.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   265

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.