UPDATED Over RM23 7mil lost in TriumphFX scam, 72 reports filed New Straits Times

However, there have been allegations that these testimonials are not genuine and are created to mislead individuals into believing that TriumphFX is a reputable investment opportunity. Investors should exercise caution when encountering testimonials and verify their authenticity through independent sources before making any investment decisions related to TriumphFX. An additional warning sign is the presence of vague or misleading information regarding TriumphFX’s operations.

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Investors should closely monitor the consistency and timeliness of payments from TriumphFX, as frequent delays or irregularities may suggest a high risk of financial loss and potential fraudulent activities. Local investigations also revealed that the syndicate lured victims through Zoom chats. First, the company is accused of lacking a tangible product or service, focusing more on recruitment and referral bonuses. There are concerns about unsustainable high returns on investments and vague information about its operations. Reports of difficulties in withdrawing funds and inconsistent payments have been raised by investors. TriumphFX employs pressure tactics to recruit new members and create a false sense of urgency.

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TriumphFX positions itself as an online platform for cryptocurrency trading and investment, initially appearing as an attractive option with its user-friendly tools, automated strategies, and promises of high returns. Raising awareness is vital in preventing others from becoming victims of similar scams. By sharing information, educating others about the red flags and consequences like TriumphFX scams, individuals can play a significant role in protecting others from financial harm.

Malaysian authorities have uncovered a significant investment scam involving the offshore forex broker TriumphFX, with 72 victims reporting losses exceeding MYR 23.7 million (approximately US$5.3 million). The Federal Commercial Crime Investigation Department (CCID) revealed that the “syndicate”, active since September 2019, lured Malay investors through Zoom chats, promising monthly returns of 4% to 7%. TriumphFX heavily emphasizes recruitment and referral bonuses as a means of attracting new investors. The compensation structure often prioritizes recruiting new members over actual trading activities or product sales. Investors should be cautious of investment opportunities where the primary focus is on building a network of participants rather than generating sustainable profits through legitimate business activities. A pyramid Ponzi scheme is a fraudulent investment scheme that involves promising high returns to investors, typically through a multi-level marketing structure.

Lack of transparency, incomplete disclosures, or evasive answers to investors’ inquiries can raise suspicions about the legitimacy of the company. Investors should scrutinize the information provided by TriumphFX, ensuring that it aligns with industry standards and regulations. Misleading or inconsistent statements may be indicative of fraudulent intentions or an attempt to conceal the true nature of the business. Warning signs, such as regulatory actions by SFC, MAS, and OJK, indicate potential issues. Although TriumphFX Cyprus seems to comply with regulations, the company’s multi-level marketing structure in Asia, reminiscent of a pyramid Ponzi scheme, is a cause for concern.

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• “Between 2024 and now, we have opened 23 investigation papers involving losses of RM243,376.90,” Yoosuf said regarding the clone platform.
• These testimonials often highlight extraordinary profits and financial success attributed to investing in TriumphFX.
• Dating all the way back to 2019, TriumphFX promised monthly returns of between 4-7% to their  targets.
• By sharing information, educating others about the red flags and consequences like TriumphFX scams, individuals can play a significant role in protecting others from financial harm.
• Investors should exercise caution when encountering testimonials and verify their authenticity through independent sources before making any investment decisions related to TriumphFX.
• The regulator had flagged Triumph Global (Asia) Limited and its brand, TFX Global, for using a local address to offer services in Hong Kong without the necessary SFC licences.

Authorities have also identified a clone of TriumphFX, which advertised on social media and claimed investors could earn profits within three hours. This clone scheme has led to 23 additional investigations, with losses amounting to MYR 243,377 since 2024. In response to the alleged fraudulent activities of TriumphFX, certain jurisdictions have taken actions to shut down or block the company’s operations within their borders. These actions can include legal injunctions, revocation of licenses, or the imposition of penalties against TriumphFX. Such measures are implemented to protect the interests of investors and prevent further financial harm. TriumphFX offers various investment options, including forex trading accounts, managed accounts, and investment packages.

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He has a passion for finance and business and is the CEO of Minho Investment Association, a junior initiative from Portugal. Is important to notice that TriumphFX seems to operate in different ways in Asia and Europe (with CySEC regulation). So, we decided to make a deeper review of TriumphFX (under the triumphfx.com domain authorised by CySEC).

What transpired was that, at the coin’s launch, there was a correction to its price, around 0.60 USD, far from the company’s pledge. This increase may have been triggered by the major holders of the coin, which happened to be the company itself. This could have been achieved through a sudden increase in supply, but the rise wasn’t sustained because the TFX ecosystem didn’t add triumphfx scam value. Our team supposes that this could be true, as the SFC does not target this domain. Furthermore, MAS also targets other domains allegedly used to sponsor suspicious activities aimed at non-English-speaking investors in Asia and not approved by CySEC. Authorities are currently reviewing 10 investigation papers under Section 420 of the Penal Code for cheating, an offense that carries a prison sentence of one to 10 years, whipping, and a fine upon conviction.

Singapore followed in 2021 when the Monetary Authority of Singapore (MAS) also cautioned against TriumphFX. However, Hong Kong’s Securities and Futures Commission (SFC) appears to have been the first regulator to flag TriumphFX in 2015. The Asian regulator raised concerns against Triumph Global (Asia) Limited and its brand, TFX Global, which used a local address to offer services to clients in the special administrative region. However, the company did not have the appropriate SFC licences to operate in Hong Kong and was then managed by Triumph International Limited, which was located in the British Virgin Islands. Earlier, the Malaysian Humanitarian Organisation (MHO) reported another scam, believed to have been managed by locals, that defrauded 77 victims of MYR 48 million. According to MHO Secretary General Hishammuddin Hashim, the company, registered in Seychelles, used 30 shell companies.

• Some investors have claimed that their withdrawal requests were either ignored or excessively delayed, causing frustration and financial strain.
• Allegations suggest TriumphFX’s business model in Asia resembles a Pyramid Ponzi Scheme.
• The company has since rebranded as ShineTrades, offering similar forex and CFDs trading services.
• TriumphFX operated from loosely regulated offshore venues and held an operational licence from the regulator in Cyprus.
• This increase may have been triggered by the major holders of the coin, which happened to be the company itself.
• You might have already heard of TriumphFX, and there’s a chance you haven’t heard many positive things about this forex trading platform.

The victims lost over MYR 23.7 million (over USD 5.3 million) to the so-called “syndicate,” the Federal Commercial Crime Investigation Department (CCID) revealed to the local media. TriumphFX stands out for its aggressive marketing, promising users large profits with minimal effort. It advertises sophisticated trading systems, guaranteed returns, and ‘risk-free’ investment options. However, these claims are highly misleading, as the cryptocurrency market is known for its volatility and unpredictability, making such promises unrealistic.

Founded in 2013, Tradingpedia aims at providing its readers accurate and actual financial news coverage. Our website is focused on major segments in financial markets – stocks, currencies and commodities, and interactive in-depth explanation of key economic events and indicators. These traders and forex trades did not exist, argued prosecutors, and investors were sent false statements that showed trades had taken place.

Any trustworthy trading platform would never promise consistent profits without addressing the risks involved. Such assurances are a clear warning sign of a potential scam, aiming to exploit those new to investing. Legitimate platforms focus on educating users about market volatility and the importance of making informed decisions. In contrast, TriumphFX relies on exaggerated claims to attract users who may lack a full understanding of cryptocurrency trading.