Hong Kong’s Securities and Futures Commission (SFC) and the police today warned the public of suspected fraud involving two entities purporting to be virtual asset trading platforms (VATPs). They operate under the brand names ‘Aramex’ and ‘DIFX’.
In both cases, the SFC and the Police shared information as part of the joint task force which monitors and investigates illegal VATP-related activities.
The SFC and the Police noted that Aramex has adopted a name very similar to that of a logistics company listed on the Dubai Financial Market, when there is no indication that they are related.
Aramex lured victims into social media chat groups under the guise of offering free investment advice. In these chat groups, people claiming to be investment experts referred victims interested in investing in cryptocurrencies to websites operated by Aramex. The victims were then asked to deposit funds into designated bank accounts for investment purposes, but were then unable to withdraw their funds.
The SFC and the Police noted that DIFX has adopted a name very similar to that of another cryptocurrency exchange, when there is no indication that they are connected.
DIFX lured victims by means similar to those used by Aramex. People claiming to be investment experts used instant messaging apps to refer unwary investors to websites operated by DIFX. By the same token, victims had to deposit funds into designated bank accounts, but were then unable to withdraw their funds.
The SFC published Aramex, DIFX and their respective websites on the Alert List of Suspicious Virtual Asset Trading Platforms on 18 January 2024. While their identifiable websites have been blocked following police action, the public should be aware of websites with similar domain names that may be continuously created by the two entities.
The SFC once again reminds the public to be cautious about investment opportunities and advice posted on social media platforms and through instant messaging applications. The public should also be aware that fraudulent, unlicensed platforms will often adopt names similar to those of legitimate entities to confuse investors. Investors should remain vigilant against fraud when making investment decisions.