The SCF Ponzi scheme has collapsed.
Withdrawals have been disabled and the rip-off has trotted out a baloney “Chinese language rules!” exit-scam.
In disabling withdrawals on October 2nd, SCF (aka Customary Cross Finance), despatched out the next discover to traders;
2023-10-02
Expensive customers in China:
To be able to guarantee the traditional enterprise improvement of the platform and to adjust to native legal guidelines and rules, the SCF Group Board of Administrators lastly determined to completely withdraw from the Chinese language market. For customers in China, we’ll full the consumer’s asset liquidation inside 7 working days.
Relating to the detailed asset liquidation course of, we’ll introduce it intimately in a subsequent official announcement.
Throughout the asset liquidation interval, customers in China shall be restricted from utilizing capabilities akin to alternate, pledge, mortgage, including liquidity, withdrawing principal, and withdrawing reward revenue. After exiting the Chinese language market, all new customers in China are prohibited from registering pockets IDs.
The above determination solely applies to customers in China, and customers in different international locations won’t be affected.
SCF traders in different international locations nevertheless quickly realized they had been unable to withdraw.
This prompted an replace from SCF, confirming withdrawals had been disabled.
The change course of primarily impacts the Chinese language market, however as a result of system’s too-tight relationship with China, the corporate has to forcefully droop deposit and withdrawal actions to finalize knowledge.
That is after all all baloney.
SCF is run by Chinese language and/or Russian scammers hiding in Asia (outdoors of China). It additionally holds staged advertising and marketing occasions in Asia to woo new traders.
Solicitation of SCF traders nevertheless is pitched at and primarily takes place outdoors of Asia. That is mirrored in visits to SCF’s web site.
As of August 2023, SimilarWeb tracked ~413,000 visits to SCF’s web site. 21% of that visitors originated from Russia. 17% was from Venezuela, 13% from Poland, 11% from Australia and 10% from the UK.
SCF is just not energetic in China. No less than to not any significant extent.
Moreover, SCF’s posturing of attempting to stick to Chinese language “native legal guidelines and rules” is ridiculous.
At a minimal SCF’s passive returns funding alternative is a securities providing.
SCF is just not registered to supply securities in any jurisdiction, that means the corporate commits securities fraud and operates illegally the world over.
SCF is a reboot of the collapsed Fintoch Ponzi scheme. Each scams are headed up by Boris CEO “William Thompson”.
Thompson is performed by US nationwide Joel Fry.
Fintoch collapsed following regulatory fraud warnings from Singapore, Malaysia and Canada.
To date SCF hasn’t acquired any fraud warnings however investigations into Fintoch might be happening behind the scenes.
Whether or not SCF reboots for a 3rd “inside 7 working days” stays to be seen.
