Following in the footsteps of FX Trading Markets, brother UKtrade unexpectedly closed too, causing investors to lose their limbs

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UKtrade, FXTradingMarkets’ half-brother exchange, officially closed with this fraudulent brother on the same day (June 26th) after almost 2 weeks of posting a notice of “Under Maintenance, Updating” that caused investors to lose billions of dollars.

UKtrade has been operating since late 2020 and also advertises having a forex trading license in the UK. The exchange has an additional type of VIP account for investors who deposit over 20,000 euros and convert into EURC cryptocurrency with a promised profit of up to 3% per day.

Mr. Tam (Ho Chi Minh City) accepted Vnexpress that I deposited 2.8 billion VND in April, but now “almost burned out”. Thousands of UKtrade accounts were lost on the night of the 10th. When asked, the Leader team stated that “the panel of experts was unable to analyze the market due to the epidemic”. The exchange requires people to pour more money in to be “saved”. Anyone who does not top up and expresses doubts will delete their account and click out of the system.

When Mr. Tam and nearly 10 others saw evidence of programming to “purge” the investor’s account, they invited each other to file an application with the police despite being challenged by the leaders. “Our group lost a total of 6 billion dong,” he said sadly.

A virtual investment advisory session at the FYT office in GH8 Truc Khue, Phan Thiet City | Photo: Vnexpress

In Binh Thuan, hundreds of other people who were in the same situation as Mr. Tam went to the police to accuse the head of UKTrade in Phan Thiet of making them pay for their investment. This woman claims to be the Golden Leader leading the trading floor in Phan Thiet, has given many presentations, advised investors to only deposit funds, and the Filipino experts will stand for the deal.

Ms. Vo Thi Dieu Hien (who lives in Ham Tien Township) said that on May 2, she sent more than VND 106 million to buy EUR 4,000. Two days later, she paid another VND 213 million to buy another EUR 8,000 and was allowed to open an account to monitor profits. When she found out on May 10 that her account had lost all of its virtual money, she complained. Golden Leader asked to pay 30% more than the original capital to save and said it would bring more profit. “My account was then suspended. I found out this was a scam, so I reported it to help others avoid falling into the trap,” Hien said.

Currently, the nearly 500-member chat group claiming to be a victim of UKtrade and FXTradingMarkets is accusing the two exchanges of being one or having a close relationship because everything is “like twins”. The “masters and experts” of the two exchanges often share images of collaboration, exchange and drinking.

Police in Ho Chi Minh City and Binh Thuan Province said they had received complaints from victims. After initial identification information, the domain name of FXTradingMarkets and the server are registered and located in the USA. These floor administrators have signs that they are creating a new floor on sp500stock.com (anonymous registration from the end of 2020) with the same interface and functions as the old floor.

The way to avoid the landowner’s crime

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