GPay, a Scam Crypto Platform, Closed by UK Court

GPay, a Scam Crypto Platform, Closed by UK Court

GPay, a crypto platform that had been scamming traders through the classic mean of fake celebrity endorsement was recently shut down by the UK High court.

The UK Insolvency Service released a notice on the 30th June which revealed that XtraderFX, the trading name of GPay Ltd, was shut down after an estimated £1.5 million ($1.8m) of lost investor funds, equalling about 180 victimised private citizens.

The most common occurrences happened when traders attempted to withdraw their funds. Either they hit a brick wall after another, were denied access altogether, or the scammer required additional personal documents. In any case, they were unable to withdraw.

Furthermore, the GPay platform kept promising that no previous cryptocurrency trading experience was required for traders to start investing. Users were tricked into thinking that the scammer had a list of experienced traders open to help plus an array of tools that will ease the process. Of course, all of these were means to an end- a deposit.

GPay concentrated their efforts to the UK mainly, utilising online advertising campaigns through social media channels. For example, many users revealed that they fell for a fake Dragon’s Den ad on Facebook.

Another prime example is Martin Lewis, the founder of MoneySavingExpert, whose image and name was abused on a plethora of scam ads on social media channels. In fact, Lewis took Facebook to court, after which Facebook promised to launch a scam ad reporting tool, which was shortly made available to its users. Furthermore, Facebook donated £3 million towards a Citizens Advice project, with the aim t combat online scam related issues.

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1 Comment

  1. Maureen Rose Fox

    what about 31FX trading, they also behave in the exact same way ABOVE. They used Mel Gibsons image to promote that he made millions by investing with them. I found out you have to invest millions to make millions. As soon as I seemed to make a small amount of money, they started asking for personal information, so they can deposit the money into my bank, except they want all sorts of other personal information, which I refused to hand over, for fear of identity fraud. Consequently I never recieved a cent of the dividends of my investment, also when I wanted to withdraw, it was the same requirement to give my personal details, so I was never able to get any money back, from my “investment”, nor the capital.
    I am only now realising that I went through the same scam that many trading enterprises do commit fraud. I doubt I will ever see my money again.
    One thing should have tweaked that was when they wanted me to pay by Debit Card, not Credit card, because the banks make them wait 6 months before they pay out the money on credit cards, so that people can put a stop on it, but with a Debit card its like paying cash, you cant stop it.
    Maree Rose

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