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
Pricey customers in China:
So as to guarantee the traditional enterprise growth 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 are going to full the person’s asset liquidation inside 7 working days.
Relating to the detailed asset liquidation course of, we are going to introduce it intimately in a subsequent official announcement.
In the course of the asset liquidation interval, customers in China will likely be restricted from utilizing features corresponding to change, 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 resolution solely applies to customers in China, and customers in different international locations won’t be affected.
SCF traders in different international locations nevertheless quickly discovered they have been unable to withdraw.
This prompted an replace from SCF, confirming withdrawals have 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 information.
That is in fact all baloney.
SCF is run by Chinese language and/or Russian scammers hiding in Asia (exterior of China). It additionally holds staged advertising occasions in Asia to woo new traders.
Solicitation of SCF traders nevertheless is pitched at and primarily takes place exterior 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 site visitors originated from Russia. 17% was from Venezuela, 13% from Poland, 11% from Australia and 10% from the UK.
SCF will not be lively in China. At the very least 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 will not be registered to supply securities in any jurisdiction, which 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 this point 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.