GPay has finally been closed down by the UK High Court. This cryptocurrency platform has been scamming traders by using faked celebrity endorsements. Unfortunately, there is about £1.5 million in clients funds that is currently lost.
We know of 108 clients that have been taken in by the scam and have lost their money, regardless of having opted for insurance that was supposed to cover future financial losses. Gpay Ltd traded as XtraderFX and was formely known as Cryptopoint.
Initial Coin Offering (ICO) scams are very common in the cryptocurrency field but are much easier to avoid if you focus on only purchasing more well-known and developed cryptocurrencies. Exchanges on the other hand are a dime a dozen and it can be tough to know which exchanges are safe to use. Trying to save a little money in fees by using a smaller site, can be disastrous if they were to suddenly disappear.
GPay (XtraderFX) mainly targeted UK residents through online marketing, including using mamy social media channels. They claimed that their site was endorsed by a high-profile money-saving site, as well as a number of well-known entrepreneurs.
GPay was officially wound up on June 23, 2020 for the sake of public interest. The company has made no appeals against this decision.