Many people involved in foreign exchange have experienced scams. The flashy online forex platforms are mostly fraudulent. Over time, encountering numerous scam platforms leads to a pessimistic mindset: "Instead of worrying about whether you can withdraw money, it's better to worry about whether you can make money first." To avoid being deceived, you must start by avoiding scam platforms from the get-go.
Recently, a new platform called "Mathiques" has emerged. It claims to use AI algorithms for trading, predict markets with big data, serve the world from Europe, and be led by several senior European experts. Although it seems novel and reliable, seasoned forex players quickly recognize familiar patterns: UEZ Markets and FVP Trade. These two collapsed pyramid schemes used the exact same methods as this "new company."
In reality, this is indeed the case. Mathiques is built by the same team behind UEZ Markets and FVP Trade. After the previous two platforms collapsed, taking away countless investors' hard-earned money, the team has resurfaced with a new facade.
Let's first review these two pyramid schemes. FVP Trade was the first scheme by this team. According to domain registration platforms, the domain was registered in December 2019 by a renowned domain trading platform. However, their company's actual establishment was long after this, with attempts to masquerade as a "European forex platform regulated by multiple countries and regions" through purchased soft articles and falsified information.
In early 2021, FVP Trade officially entered the Chinese market, widely purchasing soft articles to promote their "foreign executives." Coupled with purchased regulatory licenses like NFA non-member status and ASIC non-AR status that deceive laymen, they completed the initial platform setup. Tempted by the lure of novice foreign executives, professional regulation, and high returns, many were drawn in.
Once they gained notoriety and "regulatory endorsements," they bared their sharp claws, launching their so-called "forex managed trading." Users did not participate in trading directly but handed their money over for consolidated trading and saw the "trading process" and "results." The users' money was locked in for four months like a fixed bank deposit, and withdrawals during this period were not allowed.
This alone does not make them a pyramid scheme but just a basic scam platform. Unsatisfied with earning just a bit, they also introduced a referral rewards mechanism, making the scammed victims unwittingly become their recruiters to bring in more people.
Through locked deposits and referrals, they accumulated significant funds but were not content. Exploiting the lack of understanding of trading systems like MT4/MT5 among investors, they forged trading processes to gain trust and make users believe their money was genuinely being invested. With FVP Trade showing significant progress, users began fantasizing about how to spend their future earnings.
Astute individuals noticed inconsistencies early on, as most of the platform's regulatory licenses were invalid—either NFA non-member over-limit operations or licenses that were easily obtained for money. Yet, these doubts failed to awaken the victims, who remained steadfast that a "large foreign platform" would not deceive them.
By May 2022, they planned to close the net, converting funds to USDT for transfer. Unlike bank deposits, USDT transactions are public, revealing that funds had not circulated and remained in accounts. During a short period from early May to early June, they transferred 50 million USDT. Instead of abruptly absconding, they pretended to operate normally, launching numerous activities to attract remaining users and new investments. Left behind were naive new investors or desperate gamblers who had bet everything, unable to face the truth and, thus, unlikely to flee.
By July 18, the fund transfer was complete. They released a long-prepared farewell letter, citing frozen accounts and data due to the LUNA cryptocurrency collapse and asking for patience.
At this point, even the most stubborn investors realized they had been scammed, but it was too late. Who could they seek compensation from? The "foreign executives" or nonexistent regulatory bodies?
Angry investors gathered on all FVP Trade-related platforms and communities. The company sent out a so-called "director" to appease them in a 45-minute video meeting, failing to address any crucial issues like withdrawals, case details, or specific case numbers and locations, only urging patience and trust.
Not surprisingly, the platform soon disappeared entirely, taking billions of dollars without a trace.
As the saying goes: "It's not just that others are wealthier than you, but that the wealthy also work harder." After raking in billions, the team didn't stop and quickly readied a new platform, UEZ Markets, within half a year. The method was the same old trick: locked deposits, referral bonuses, and fake regulations. While experienced investors wouldn't fall for it, they weren't the target—the unsuspecting newcomers were.
This time, they didn't use MT4/MT5 to forge transactions but built a self-created platform named UEZ Markets, though its core was still the same old forged backend.
This time, they were more impatient and quickly absconded within six months, using the excuse of a hacker attack. Interestingly, this announcement, much like before, was also made on July 18.
Numerous users had their withdrawal requests denied or their accounts inexplicably blocked, helplessly waiting for the platform's response only to receive a ridiculous notice.
After reaping funds twice, they continued plotting a third scheme, which is currently ongoing under the name Mathiques.
It's important to note that this platform is still in a latent phase, not yet publicly open for registration, deposits, or referrals, and is currently increasing its reputation through paid articles and limited private invitations via social circles and group chats.
After tainting "big data" and "AI" with their schemes, they have now set their sights on a new buzzword: "Metaverse." They claim to "contend for dominance in the Metaverse market" and "create an immortal corporate legend," with a mere $500 deposit to join this grand endeavor. Is it true? Of course not. It’s just another pyramid scheme exploiting new, uncertain concepts—whether it's called AI, big data, or Metaverse, it's still a ponzi scheme.
Investors must rigorously check regulatory platforms when choosing where to invest, including registration and regulatory information. Selecting a legitimate platform is the foundation of successful trading; choosing the wrong one makes earning money illusory.
