In recent years, online fraud has been rampant globally, with identical fraud tactics leaving behind broken families and desperate victims who have lost their life's savings. Online fraud is not the only form of fraud currently in existence, but it is the most damaging, as victims often have no way to appeal, and are unsure of who to contact for reporting.
An investor from Norway recently contacted TraderKnows to report CTRL FX. This investor claimed that the platform, under the pretense of forex trading, deceived users into making substantial investments. After users made significant deposits and appeared to generate profits, the platform refused withdrawal requests and demanded various fees and taxes.
This "pig butchering" scam technique has been overused: scammers approach victims under the guise of friendship, spend weeks gaining their trust, then recommend a specific trading platform. The victim is encouraged to gradually increase their investment. During this period, small amounts of withdrawals are allowed, until the platform decides the victim is fully committed or attempts to withdraw a large amount. Only then do they ban withdrawals, demanding additional deposits under various pretenses to "unfreeze" accounts.
This recent victim fell for the entire pig butchering scam. In 2023, he met a woman online who claimed to be named ALISA DAVID, though this name is likely fake. After a few weeks of online friendship, the scammer showed him numerous photos to gain his trust and finally recommended CTRL-FX. Without thoroughly investigating the platform, the victim invested, depositing $800,000 within a year and seemingly "profiting" $1.1 million.
After a year, the victim wanted to withdraw his funds. At this point, the fraudulent platform revealed its true intentions. The platform stated that withdrawals were possible only after paying various fees, including safety fees from the International Monetary Organization, fees from several regulatory bodies in the USA and UK, and taxes. Desperate to withdraw, the victim paid these fees step by step, ultimately paying $1.8 million but still being unable to withdraw a single cent.
It was only then that the victim realized he had been defrauded. He reported the crime to local police and the FBI, though it is highly unlikely he will recover his principal, as most of the platform's information is fabricated. Although the platform claims to be headquartered in London, this cannot be verified, and it lacks any regulatory oversight. Essentially, it is a fraudulent platform existing only online.
TraderKnows has exposed numerous fraudulent platforms, repeatedly reminding investors to be cautious of anyone recommending investment platforms online. Choosing the wrong platform will only lead to a costly lesson. To avoid being scammed in online investments, please remember the following steps:
- Be wary of anyone recommending investment platforms online. Always choose a platform through your own careful selection, not based on someone else's recommendation.
- Do not regard platform profits as income. Only funds successfully withdrawn to your bank account count as earnings; figures displayed on the platform are just numbers.
- Refuse to pay any additional fees, including various taxes, bonds, and unblocking fees. Legitimate platforms will inform you of necessary fees before you invest.
- If you suspect something is wrong, immediately cease all communication with the scammer and report the incident to police and regulatory bodies for help. The sooner you report, the better your chances of recovering any losses.
Trading Circle Encyclopedia has cataloged numerous foreign exchange investment platforms, providing clear warnings and labels for fraudulent platforms to alert users. The fraudulent platform CTRL FX has also been cataloged long ago.
