Apparently more and more people want to earn their living as scammers. Like the COVID-19 virus, the scam virus is spreading across the internet with a logarithmic growth. The FCA issued an investor warning on November 9, 2020, against BeforexCapital (http://www.beforexcapital.com) and Capital Holding Funds (http://www.capitalholdingfunds.com) allegedly operated by The Capital Holding LLC, St. Vincent & the Grenadines. As payment processors, we have discovered Praxis Cashier with the Estonian crypto exchange MisterBit.
The Worst-Scam-Ever Award goes to BeforexCapital
Scams are always bad and devastating. Don’t make mistake about that! But there are well crafted and unfortunately hard to recognize scams and then there are stupid scams of obviously even stupider scammers. White-label solutions make this possible! These days, anyone and my dog can launch a scam today on one of the many white-label platforms that offer “Scams-as-a-Service“. BeforexCapital is one of those stupid but nevertheless devasting “Scams-as-a-Service” fraud.
On the BeforexCapital website, you can read that this would be a trading name of The Capital Holding LLC, St. Vincent and the Grenadines, which would be regulated by IRBEM. Who the hell is IRBEM? More on that below. In the terms and conditions of the scam, you can read that the website would be owned and operated by FX Publications, INC. And also a Capital Holding Funds PLC in the UK is mentioned somewhere.
The alleged regulator IRBEM calls itself “International Regulator & Brokerage E-markets” and is a complete fake. A badly made fake that probably not even my dog would fall for. The domain http://www.irbem.com was registered in 2015 by the Brazilian Ronniele Ferreira Campos.
You could call BeforexCapital a bad joke if not so many people would lose money with these scams.
Facilitating Payment Processors
At this point, we need not express surprise that Praxis Cashier even accepts this “Worst Scam Ever” as a client for credit and debit card payments. Praxis Cashier is a client of GlobalNetint, a company registered in Lithuania.
Another customer of GlobalNetint is the Estonian Futurus X OÜ which operates the crypto exchange MisterBit aka MrBit (www.misterbit.net) with a worthless crypto license. MisterBit is also integrated as a payment processor in the Cashier of Praxis Cashier. Ivan Abramov and Christiano Chiarugi are the registered directors of the Estonian operator.
Question: How obvious must a scam be for Praxis Cashier not to accept it as a customer?
Answer: The scam cannot be that bad that Praxis Cashier from Amit Klatchko does not accept it.