Many 'investors' in Nghe An are confused because Lion Group's trading floor is closed.
(Baonghean.vn) - Lion Group suddenly sent a "farewell letter" to investors to announce the closure of its FXTradingmarkets trading floor.
The exchange officially collapsed
On June 28, speaking to Nghe An Newspaper reporters, many Lion Group investors in Nghe An were very confused because the official trading floor had collapsed. "We are filing a complaint with the police," a 30-year-old woman said, adding that more than a year ago she invested more than VND300 million in Lion Group but has not yet received any money back. However, this is just one of thousands of investors in Nghe An - the locality with the largest number of people participating in Lion Group in the country.
According to the reporter's research, currently, the trading floorFxtradingmarketsclosed, websitefxtradingmarkets.cominaccessible and the original token price has gradually slid to 0. Previously, Lion Group members introduced themselves as a financial institution with more than 60,000 participants, with investments of up to tens of thousands of billions of VND. Thus, with the token price falling to 0, more than 60,000 investors have lost all their money.
A few days ago, some investors unexpectedly received a farewell letter from the leaders of Lion Group. In the "letter", the leading members of Lion Group used many sweet words to affirm their "achievements" as well as to appease investors, claiming that this was just a "disbandment" of the FXT community and promising to reunite in the future.
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Farewell letter from Lion Group's leader. |
"Iker believes and knows that our FXT coin is like a phoenix that has gone through so much pain and danger and is about to be reborn on a golden flame, shining brightly like the prosperity in the coming future of our community... Hereby, we would like to inform all the warriors of the Lion roof that from June 26, the Lion collective will temporarily separate to enter the process of testing and tempering the will. FXTradingMarkets will officially suspend operations and the Expert Board will also temporarily suspend trading", the head of Lion Group wrote.
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A conference in Nghe An by Lion Group. Photo: TH |
Advance Warning
FXTradingMarkets trading floor as well as Lion Group have been exposed by Nghe An Newspaper as well as many other media agencies for havingsigns of fraud. Police agencies in many localities later also issued documents warning people not to participate in this organization.
Accordingly, as Nghe An Newspaper has reportedmany times reflected,For about 2 years now, in Nghe An, many members have appeared who specialize in luring people to join the Lion Group organization to invest financially in the foreign exchange sector through the Fx trading markets electronic trading floor.
Those who want to join Lion Group need to have a member of the organization introduce and guide them to open a trading account on the Fxtrading markets electronic trading platform at: fxtradingmarkets.com; then, create an additional account to withdraw money and deposit money to Lion Group's Expert Board with a minimum amount of 1,000 USD.
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This exchange is currently inaccessible. |
The investment amount will be helped by the Board of Trading Experts with a profit commitment of 0.8 to 1% per day and 20 - 24% per month. Participants can increase their income by developing their own network and team by calling and mobilizing others to join (similar to the form of multi-level marketing). Specifically, the income of participants will be proportional to their own level, the number of members calling to join Lion Group and the amount of transactions in the network. There are a total of five levels (from Level 0 to 4).
Meanwhile, according to the law, only credit institutions and other organizations approved in writing by the State Bank of Vietnam are allowed to conduct foreign exchange business. The Fxtrading markets trading floor or Lion Group organization has not been approved by the State Bank. In addition, the operating model, network development and profit and bonus commitments of Lion Group organization show signs of multi-level marketing business activities. However, this organization has not been granted a certificate of registration for multi-level marketing activities by the Department of Competition and Consumer Protection. Meanwhile, in reality, the profits and bonuses that Lion Group organization commits to investors are essentially taking money from later investors to pay earlier investors.
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A Lion Group group went to give charity gifts in Thanh Chuong district to create trust and attract participants. Photo: TH |
In addition to the promise of super high interest rates, this group has organized many seminars, offline activities, tours, and grand parties, then posted them on large groups and forums to attract attention, stimulate the desire for wealth, and greed of many people. Even based on the Covid-19 epidemic situation, this group also took advantage of the fear of losing jobs and having no income of workers to advise them to use their savings to invest in forex to make a profit, to have a source of income when they lose their jobs.
Therefore, Lion Group has attracted many gullible investors. In Nghe An, even a series of teachers have gotten rich with this form of investment. Despite the press and the police repeatedly warning that if they cannot attract new investors, the Lion Group's network will collapse when there is not enough money to pay, and investors will lose all their money.
Previously, when participating in Lion Group, investors would buy a package of 1,000 USD in exchange for 1,000 FXT coins, thus, 1 FXT coin = 1 USD. But then, when the system was too big, the base of the pyramid was too big. Paying interest and commissions fairly was impossible, when there were fewer new investors entering the system. And the leaders who rooted to earn commissions were too big. Lion Group's leadership team came up with a perfect way to escape. That was to turn the meaningless FXT coin that anyone who knew how to write software could create into an FXT token, then spend a little money to link with some typical exchanges like bilaxy to put it on the exchange. Then ask investors to put it on the exchange for liquidity themselves.
However, if investors had to buy 1 FXT coin at nearly 24,000 VND in the past, after being listed on the stock exchange, they could only sell it for a few hundred VND. But it was even very difficult to sell. And up to now, the price of 1 FXT has almost dropped to 0 VND. "The fact that the leadership group arbitrarily put our account on the stock exchange without consulting investors is a violation. It is a form of property appropriation," said an investor with more than 1 billion VND in Lion Group.
Recently, the Nghe An Department of Industry and Trade has issued a document requesting the Provincial Police to strengthen coordination with state management agencies on multi-level marketing activities in the province. Timely conduct inspection and supervision activities, deploy professional measures to grasp the situation, carry out the fight, prosecute illegal multi-level marketing activities and activities that take advantage of the multi-level marketing model to carry out illegal financial mobilization activities, fraud, and appropriation of assets of organizations and people participating in multi-level marketing in the province. Including Lion Group.