2 November 2024
UK High Court Passed Order Of Closure Of Crypto Exchange Gpay
Gpay crypto exchange has received an order from the UK high court to shut down the operations after they are charged for scamming.
The high court of UK has appointed liquidators to look after the GPay cryptocurrency trading platform’s affairs, following allegations the company is “nothing but a scam.” The exchange also operated under Cryptopoint and XtraderFX attracted investors through the online through a range of ads on social media platforms. As per the Insolvency Service, the fake ads were run with the endorsement of high profile business people and television personalities.
Local authorities started receiving many complaints regarding cryptocurrency exchange Gpay and therefore they decided to investigate Gpay. The authorities find out in the investigation that the crypto firm had been operating on a fraudulent basis. UK Insolvency Service chief investigator David Hill claimed that the crypto firm has been fooling clients into soliciting investment under false pretenses. The investigation revealed that Gpay asked its users to part with substantial sums of money to invest in cryptocurrency trading.
The investigation revealed that almost 108 clients had lost £1.5 million through the platform—equivalent to approximately $1.8 million. The Secretary of State for Business, Energy, and Industrial Strategy filed a petition for closure of cases following the appointment of liquidators. The UK regulators are quite active in taking actions against crypto fraud.
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