Cryptocurrency platform GPay shuts down by UK court

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Cryptocurrency platform GPay shuts down by UK courtGPay was shut down by the UK High Court, a cryptocurrency platform that was deceiving traders through the classic means of “fake celebrity endorsements.”

The UK Insolvency Service issued a notice on June 30, revealing the closure of XtraderFX, the trading name of GPay Ltd, after losing an estimated 1.5 million pounds ($1.8 million) in investor funds, equaling about 180 victims.

It all started when traders tried to withdraw their money. They would either run into one wall after another, be denied entry altogether, or be required by the company for additional personal documents. Anyway, they couldn't pull.

Moreover, GPay has been constantly promising that no prior cryptocurrency trading experience is required for traders to start investing. Users were tricked into thinking that the platform had a list of experienced traders to help as well as a set of tools that would ease the process. Of course, all of this was a means of persuasion, nothing more.

GPay has mainly focused its efforts on the UK, using online advertising campaigns through social media channels. For example, several users revealed that they fell into the trap due to a fake Dragon's Den (British TV show) ad on Facebook.

Another prime example is Martin Lewis, founder of MoneySavingExpert, whose image and name have been misused on a large number of deceptive ads on social media channels. In fact, Lewis took Facebook to court, after which Facebook promised to launch a tool for reporting deceptive ads, which would soon be made available to users. Furthermore, Facebook has donated £3 million to the Citizens Advice Project, with the aim of combating issues related to online fraud.

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