Cash FX in December 2020 claim to have more than 100 000 investors. Even with all the evidence that this is a scam people keep sending them money. This is an updated of the 2020 update we did back in September. Hot of the press; EverFX now denies that it has any business relationship with Cash FX – which means none of your money is traded with a licensed broker.
Huascar Lopez and his growing skills
This is one of the fun facts about ponzi scams, the people behind get new skills as they feel more and more confident. On his new Cash FX profile Huascar Lopez have added that one of his important achievements in the area of crypto is as a trader, who has since 2016 traded more than one hundred million dollars. Lets look at his real timeline:
LinkedIn; Worked in marketing and tourist industry from 2000 to 2014. In 2014 his MLM background started (not listed on LinkedIn). 2014 he promoted My Fun Life. 2016 FutureNet. 2018 Forcount (Cointherum scam relaunch). All these companies are scam companies, the last two crypto scams. How he managed to earn and trade millions from FutureNet is a mystery to me, they had an internal worthless crypto currency – but he clearly made some money, good for him.
Edwin Abad – head of Cash FX trading
LinkedIn; IT Director in the none existing company TraDers since 1978. In 1978 Dominican Republic was a third world country, trading or IT was the last thing on peoples mind. He had this position until he started working with Cash FX (40 years!). Imagine a person who have worked his whole life in a none existing company? Now imagine giving all your money to this guy, to trade… And you think the guy is for real? People must be crazy.
Add to this their trading team, 4 retired guys, and its impossible to understand why people send these guys any money at all.
A company promoted solely by scamsters
The Cash FX opportunity was in the start promoted by a group of well known scamsters; Faith Sloan, Luigi Bruni, Justin Halladay, Lee O’shea, Guillermo Joya, John Kinnear, Paul Rubinstein, Bernie Cadiz. I would assume that some of these are co-founders, or the real founders. Most of these scamsters comes from Cloud Token.
Faith Sloane one is one of the heavy promoters of CashFX . As part of her settlement with the FTC, she is not to participate in schemes like these, yet here she is with CashFX, violating her settlement agreement.
I have seen the trading, it must be for real
I can understand that when people see someone trade they believe that real trading is taking place. So its time for a basic course in Forex trading:
All Forex brokers offers demo accounts, this enables you to learn to trade without any risk. The demo platform looks just like the real one. And you can ‘deposit’ any amount you like, its after all not real money.
Demo platform do not have real trading conditions, it is setup so that the worst trader in the world can make money. On top of this, most low end automated trading softwares can be tested on a demo platform, doing back testing. It uses historical data, which is what trading software is built around, with the assumption that history will repeat itself. When you test a trading software on a demo platform it will generate returns like winning a lottery. It will probably never lose money. Now this is how your Cash FX returns are created. Too bad its not real money…
No Forex brokers accept third party funds
UPDATE; December 2020, EverFX denies any business relationship with Cash FX. Which makes sense, no broker can accept pooled funds, especially in Europe. And even accepting funds from a Panamanian company would be a challenge, the company would have to document the source of the funds. So there is NO WAY your bitcoin deposit will ever make it to the EverFX Broker. Your money is in the Cash FX bitcoin wallet, being used to pay out older investors until the money flow stops, then Huascar Lopez will come up with some bullshit to try and get people to accept that their money is gone.
Dont accept the facts? Lets reveal their next scam, Oakminers
Scamsters dont stop, they never earn enough money, ten million, hundred million, one billion – they always want more (OneCoin is a great example). We where the first to reveal their next scam, Oakminers, using the same Panamanian address as Cash FX so not a very clever move. The site have been taken down now, but keep it in mind, the moment Cash FX closes down, investors will be invited to do the classical restart which almost all ponzi scams do; Oakminers, https://oakminers.com/
The domain was registered April 2020, around the time when Cash FX had problems with their withdrawals. So a plan B had to be created to secure their future income. The website is built on the same template as the Cash FX website. The fav-icon is the same. There is no doubt that the same people are behind, Huascar Lopez and Edwin Abad, and probably their team of Cloud Token promoters (or co-owners).
This is a classic mining scam, they make people believe that mine crypto currencies and generate returns for their investors. The only problem is that mining is not very profitable these days, so there are no money to be made. But some might jump this train as well, being early in a ponzi can be rewarding, of you are OK with your friends paying your return.