So yesterday I got a scam Cryptocurrency and Fintech site shut down…
DOI: Am presently a no coiner and the story explains at least one of the reasons why.
There is a genuine company called Palafox Trading LLC which is a subsidiary of Citadel Securities in the USA. The genuine Palafox Trading – as I have now learnt – does not deal with the public. Someone had the clever idea of setting up a fake website hitch hiking the Palafox Trading name, right down to Palafox Trading LLC’s real address. The scammers even provided a link to supposedly check that Palafox Trading LLC is a registered, licensed broker dealer.
You can see what the fake website looked like here:
Several things about the website made me suspicious including the ability to sign up for an account with no Captcha, no valid email check, no need for any identity documents of any kind and the statement that ‘anyone, anywhere in the world could join’. Besides which site promised to pay 5% DAILY on any cash balance.
A search using whois revealed the registrar of the domain name is NameCheap Inc (!) with an address in Panama but the website was serviced by ZamaHost in the UK.
I contacted ZamaHost and explained the nature of the problem to them and they virtually immediately suspended the website. It looks like it has been going on since November 2020.
I have reached out to Citadel Securities to alert them as to what happened but I’ve not heard back from them.
This all came up because members of r/GME & r/superstonk have been researching Palafox Trading LLC as part of our investigations into Citadel Securities. If you want to know how scummy the world of fiat financing can be then take a look at this link.
Finally here is an easily digestible film of what has been going on in Wall Street and why you should be pretty angry. It is just over an hour and a half long.
My natural inclination as a no coiner would be to post this on r/buttcoin but have been permabanned from there without warning and without explanation despite two approaches to the moderators. Hoping this sub will be a bit more open and if anyone does know the moderators on r/buttcoin, would appreciate it if the explanation for my permaban could be forthcoming.
Be careful out there….
Edit: the style of the logo is similar to that of Praetorian Group International – a multi level marketing fraud that is still ongoing but thought to be about to exit via Kala coin. The ‘founder’ of PGI is RV Palafox. They are planning a PAX token, a rip off of PAX Standard from Paxos. You literally cannot make this shit up.