Scam Cryptocurrency Trading Platform Shut Down After Stealing £1.5m in Client Funds
A fraudulent cryptocurrency trading platform, Gpay Limited, has been ordered to cease operations by the courts after swindling £1.5m from unsuspecting clients. The company, which operated under various names including Cryptopoint and XtraderFX, was established in 2017 but has since been exposed for its deceitful practices.
False Promises and Misleading Endorsements
Using enticing online advertisements, Gpay lured in novice traders with promises of lucrative returns and claims of being backed by experienced professionals and cutting-edge technology. The platform falsely boasted endorsements from well-known figures like Martin Lewis of MoneySavingExpert and entrepreneurs from Dragons’ Den, leading many individuals to invest their hard-earned money.
In response to the court’s decision, Martin Lewis publicly denounced Gpay on social media, expressing his outrage at the platform’s dishonesty and exploitation of unsuspecting investors.
Victims Left Empty-Handed
Government investigations uncovered that over 100 clients had collectively lost nearly £1.5m to Gpay’s fraudulent schemes. Despite purchasing insurance policies meant to safeguard their investments, these individuals were left empty-handed as the platform refused to release their funds.
Furthermore, clients faced obstacles when attempting to withdraw their money, being asked to provide additional personal information such as photo ID and utility bills. These stringent requirements were not disclosed upfront, leaving many customers feeling trapped and powerless.
Justice Served
Chief investigator David Hill of the Insolvency Service condemned Gpay’s actions, labeling them as a deliberate scam that exploited unsuspecting traders. The court’s decision to shut down Gpay serves as a warning to others engaging in online trading, emphasizing the importance of conducting thorough research and verifying the legitimacy of investment platforms.
As the victims of Gpay seek restitution for their losses, the case serves as a stark reminder of the risks associated with cryptocurrency trading and the importance of vigilance in the digital investment landscape.