The Financial Conduct Authority (FCA) flagged another cryptocurrency scam this Friday.
On this occasion the firm was pretending to represent a legitimate company called ALPH Capital.
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The real ALPH Capital is a small investment manager that has offices in Italy and the UK.
The fake ALPH Capital lists an address somewhere in the midst of London’s swanky Mayfair neighbourhood.
Of course, there is almost no chance that the scam firm actually has an office amidst the various billionaire gulf Arabs and Russian oligarchs that have seized control of that part of west London.
Like most scam firms, the phoney ALPH Capital appears to be just listing a posh address to lend itself an air of legitimacy.
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Strangely, the fake ALPH Capital’s website is entirely in French which, as you can probably tell, suggests the scammers are mostly directing their attention towards the land of Champagne and frogs legs.
FCA – doing its part
Unfortunately there aren’t any reviews of the fake ALPH Capital’s services online. That means we can’t say exactly what the firm is doing.
But, just by looking through the cruddy pages of the firm’s website, you can tell what will happen if you deposit any cash with them.
You’ll be lured in by promises of easy money and get-rick-quick cryptocurrency investments. Once you deposit your cash, your balance may go up a little bit.
Then, all of a sudden, you’ll find that you can’t withdraw any of your money. You’ll be told it disappeared in an investment but it really found its way into the wallets, pockets and purses of the scammers running the website.
Will the fake ALPH Capital disappear as a result of the FCA’s warning? Sadly, probably not. As long as suckers walk the face of the earth, there will be scammers out to get them. Still, having the regulator’s warning out there is better than nothing at all.