Round-up of the crypto and forex fraud news – 6th September

Denise Jacksone

The crypto and forex spheres are never short on news of alleged crimes and scams.

This article will round up the latest forex scams and issues to hit the industry.

Vanbex sells products amid investigation

A Canadian crypto company which is under investigation over claims of scams and fraud has announced that it will sell some of its assets.

Vanbex, which is accused of fraud, announced that the crypto exchange site Hyperion has bought two of its blockchain products.

The products, CryptoTaxes and Rocket, will now transfer to the firm.

Vanbex has been hit by allegations of fraud for several months.

According to the Canadian authorities, the firm’s initial coin offering (ICO) for a token known as FUEL was actually fraudulent.

It managed to raise $22m, but this was later described by police as potentially fraudulent proceeds.

The assets of Vanbex have now been frozen by the judiciary in Canada.

Last month, a request by those behind Vanbex to unfreeze said assets was removed.

The two products sold on are interesting examples of crypto services.

Rocket uses smart contracting technology to help users launch security tokens and other digital assets.

While CryptoTaxes is an easy to use tax service which helps traders to accurately work out their capital gains and losses.

In a statement, Lisa Cheng – one of the founders of Vanbex and also one of the defendants in the ongoing case – said the blockchain year had been “tumultuous”.

“This acquisition allows the value of the products and the business models they represent to continue under Hyperion’s banner and we are thrilled to see Rocket and CryptoTaxes reach their potential this way”, she said.

“It has certainly been a tumultuous year in the blockchain industry and we are excited that Rocket and CryptoTaxes will be represented and valued for the compelling solutions that they are.”

Despite the ongoing problems for the firm, the statement appeared to say it was business as usual for Vanbex.

“Vanbex Group will continue to operate as a blockchain consulting company with a focus on supporting Hyperion’s growth from its offices in Vancouver, Canada”, it claimed.

Hyperion was also entirely positive about the partnership.

“Acquiring Rocket and CryptoTaxes was a strategic move enabling us to focus on a larger market share, which we are very excited about”, said its CEO.

New partnership aims to combat crypto abuse and fraud

A new partnership between a crypto market tracking service and a public service anti-crime database has been announced.

Whale Alert, which follows the markets and informs users when a huge crypto transfer has been placed, will now work alongside the BitcoinAbuse database to spread information about scams.

Whale Alert is a sophisticated platform which is currently in the process of designing its second iteration.

“We will now report transactions made to scammers and keep track of their assets. You can help make crypto safer by reporting scams, black markets and hacks on the website”, Whale Alert said in a statement to the press about the new partnership.

Denise Jacksone

Latest news

USDJPY Daily – Possible uptrend in the works
The USDJPY, on the D1 time frame, was in a steady downtrend until it reached a lower bottom at 102. Read more
Sideways Markets Face Challenges from USD and Data Releases
Set to pick up pace this week is the flow of news feeding into the markets. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
#2 Forex Broker Pepperstone LogoCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
#3 Your capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker

    Forex Fraud Certified Brokers

    OctaFX Logo
    XM Logo
    skilling logo
    City Index Logo
    BlackBull Markets Small Logo
    LegacyFX Small Logo
    IQ Option Logo
    IC Markets Logo
    Plus500 Small Logo
    Oanda Small Logo
    Exness Small Logo
    HYCM Logo
    FXTM Logo Logo
    ATFX Logo