Cryptoxtrades Scam Exposed: The $20M Cambodian Ring. Members & Locations Revealed

This headline may not be Top ten regular foreign exchange platform rankings appfamiliar to you, as you've likely never heard of—let alone used—these three platforms. We truly hope you never have.

But if you're considering trying one, have already been exposed, or worse, have already invested your money, you must read this article to the end. We are here to reveal a critical truth: all three of these platforms are orchestrated by a single team. And they aren’t based in the United States. They’re based in Cambodia.

This syndicate has swindled nearly $20 million from its victims. Throughout its operations, our reporting reached countless individuals, helping them prevent at least $9 million in further losses. (Note: This figure represents losses averted when victims ceased "forextrustindex" after seeing our work. We are not a fund recovery service; our sole purpose is to ensure this information reaches as many people as possible.) For our efforts, we were targeted with threats, and our website was subjected to sustained cyberattacks by their hired hackers. Despite this, we will not be silenced. We sincerely hope that any investor reading this will stop sending them money immediately.

For users of TraderKnows, this is not our first exposé on these platforms. However, given the staggering scale of the financial devastation and the compelling new evidence we've uncovered, we have decided to consolidate all our findings. In the coming days, we will release a two-part, in-depth investigation into these scams, detailing the full extent of the fraudulent enterprise orchestrated by the team behind them.

How do they carry out the scam?

Before we introduce the platforms themselves, it’s essential to first understand the scammers' playbook. It is a variation on the notorious "pig-butchering scam," specifically targeting investors in the United States.

The process begins when they contact you through private messages on social media platforms like Instagram, TikTok, or Reddit. Alternatively, they will obtain your phone number or WhatsApp contact to initiate a private conversation. In every case, the objective is the same: to isolate you in a private, one-on-one conversation.

They craft personas of "successful people"—seasoned trading experts, savvy financial analysts, or even the wealthy, impossibly charming stranger you "happen" to meet by chance.

During this phase, they use a "hook": offering "guided trades" on U.S. stocks, with the fake "Tom Lee" trading community (pictured below) being a classic example. They lure their targets in, inviting them to exclusive WhatsApp groups where everything is advertised as free. Once you're in, the "experts" start by recommending popular, well-performing stocks. Inevitably, they help you turn a small profit. After all, the scam would be dead on arrival if it started with a loss.

And now, the real trap is sprung. They deploy a battery of scripts to lure you to their fraudulent platforms, touting "inside information" on a cryptocurrency "guaranteed to surge" or promising returns "a hundred times better than the stock market." With these claims, they funnel choice investors into exclusive cryptocurrency groups. Only targets they deem "valuable" and have been sufficiently "fattened up" receive an invitation. This explains the need for invitation codes—they are a mechanism for carefully selecting their prey.

On the platforms built by this syndicate, once your money is in, consider it gone. Any small withdrawal you’re allowed to make is merely bait, a carefully calculated move to build your confidence and lure you into forextrustindex even more. When you finally try to cash out a significant sum, you are met with a prepared wall of excuses: "You need to pay taxes," "Your account is flagged for abnormal activity and requires a high fee to unfreeze," or "The system has detected irregular operations; your account is now frozen." These fabricated reasons are, of course, endless.

The endgame is a swift, predictable "standard procedure": you are blocked, deleted, and kicked from the group chat. The victim, like a tool that has served its purpose, is unceremoniously discarded. All that remains is the cold devastation of financial ruin and a shattered heart.

Wealth Alliances: A persona platform serving the scam group

To convince victims of their expertise, a Cambodian scam syndicate needs a sophisticated persona—it isn't just an option, it's an operational necessity. Thus, "Wealth Alliances" was born.

Put yourself in the victim's shoes: You’re on the fence about following the "expert’s" guided stock trades. Or perhaps you’ve already made a few small profits under their direction. Then, they tell you to move your money to a platform you’ve never heard of. This is the critical moment of judgment, the very point where their credibility is tested. And it is precisely here that a professional-looking front like "Wealth Alliances" is designed to do its work.

At this point, they deploy their backstory. They claim to be the expert founders of "Wealth Alliances," boasting a team of supposed veterans from top-tier financial institutions. The entire website is engineered to dispel any lingering doubts a potential investor might have.

But these personas are laughably easy to debunk. Take "David Mitchell," for instance, who is listed as one of their experts. A quick reverse image search on Google reveals his headshot is a generic stock photo, used across dozens of unrelated websites and marketing materials. The "expert" David Mitchell is a complete fabrication.

The star of this operation is, without a doubt, "Ethan James." The syndicate primarily uses his persona for their scams, with other team members serving as mere window dressing to make his resume appear more credible and authoritative.

James is presented as the founder of Wealth Alliances, a supposed former top executive at both Goldman Sachs and Morgan Stanley. When it comes to his backstory, no lie is too big to tell. And if you find yourself starting to believe the hype, allow us to direct your attention to an image submitted by a user on TraderKnows.

Does this trulysound like something the founder of Wealth Alliances—a supposed former top executive at Goldman Sachs and Morgan Stanley—would actuallysay?

Introduction to NKVO: The earliest scam platform

For those interested, we recommend consulting our encyclopedia entry on "NKVO." This platform holds the dubious distinction of generating the most user complaints and being the first of its kind cataloged by TraderKnows. Its website has since been shut down.

The lengths to which NKVO went to appear legitimate are telling. The platform went so far as to obtain a U.S. Money Services Business (MSB) license. However, a close examination of the license reveals a critical deception: its cryptocurrency operations were not covered under its permitted activities. In other words, the license was nothing more than a prop—a facade of legitimacy designed solely to win investor trust. When it came to the specifics of its compliance, the platform was, of course, silent.

Genuine testimonials from users

The NKVO entry on our site is filled with harrowing, firsthand accounts from its victims.

One user from the United States tells of being lured in by "Ethan James" in December 2024. For six long months, he invested funds without ever making a withdrawal. When he finally tried to cash out, the platform rejected his two attempts. The final blow came in the form of a notice for a $160,000 fine, levied for supposed "illegal activities"—only then did he have the devastating realization that he was trapped.

A second victim, this one from Romania, was also brought into the fold by "Ethan James." Unlike the first user, he managed to make one successful withdrawal of $50,000.

This, however, was not a sign of legitimacy; it was the bait. It would be the only money he ever recovered. Though the path was different, the outcome was the same: predetermined.

Furthermore, a user who reached out to us on LinkedIn provided a critical new lead. They identified a new key player in the operation: "Ava Clark," who they believe is as central to the scam as "Ethan James."

This is the first time the name "Ava Clark" has appeared in our investigation, and we urge readers to exercise extreme caution. Crucially, this source also alleged that the syndicate runs at least two other fraudulent schemes—a claim that corroborates our own independent investigation.

NEKVO and Cryptoxtrades: Still operating, do not deposit!

The apparent "success" of NKVO likely prompted the syndicate to diversify. They decided not to put all their eggs in one basket, and so, two new platforms emerged: NEKVO and Cryptoxtrades.

They recycled the same playbook, the same formula. Even the cynical ploy of applying for an MSB license to create a veneer of legitimacy was copied verbatim. The only things that changed were the superficial branding and the online aliases the scammers hid behind.

A look at the user comments on the TraderKnows entry for NEKVO reveals a clear, repetitive pattern for refusing withdrawals.

First, the platform accuses the investor of a violation, such as "suspicion of fraudulent trading" or "profiting from illegal activities." Then, they demand a substantial fine be paid before the investor is "eligible" to withdraw their funds.

To this day, the NEKVO and Cryptoxtrades platforms remain active scams. With the notoriety of their earlier platforms spreading, the syndicate appears to be shifting its focus, making Cryptoxtrades their primary tool of deception.

To any investor still considering "trying their luck" on these platforms, we issue our most sincere and final warning:

Please, trust us. Steer clear. Your life savings are not worth the gamble.

In-depth exploration of the scam group, addresses and members fully disclosed

Our estimates place the size of this syndicate at around one hundred individuals. This sheer scale explains how they were able to orchestrate a fraudulent enterprise of this magnitude—after all, a two-person "workshop" could never siphon $20 million from investors across the globe.

It is our firm belief that the syndicate's entire focus has now pivoted to their latest platform: Cryptoxtrades.

Group location

All three platforms—NKVO, NEKVO, and Cryptoxtrades—are run by a single syndicate operating out of the same compound.

This compound is located in Poipet, Cambodia: a city where human life is notoriously cheap. We invite our readers to click this link to view the location on Google Maps. On the high-definition satellite view, you will see them clearly: rows upon rows of sprawling, factory-like buildings. This is the heart of their operation.

Group members

Director: Chen Fei (alias)

Team Leader: Ye Qing (alias)

Company / Front: Baolong Phase 4, Baili Property Management

So much for "Ethan James" and his glittering resume from Goldman Sachs and Morgan Stanley. Strip away the lies, and their entire resume can be summed up in two words:FRAUD. SYNDICATE.

In closing

This fraudulent operation is still active. We estimate they will abscond with all funds within the next two months.

We strongly urge all victims to use this information to file a report with the FBI. Be advised: the syndicate's primary active platform is now Cryptoxtrades.

We will be releasing Part Two of this investigation soon, which will include photographs of the key players behind this operation. Follow us for updates.

TraderKnows

Our sincere hope is for a world free of scams.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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