TriumphFX, a long-running Ponzi scheme, has failed.
Since August, TriumphFX hasn’t been able to pay out withdrawals. Investors can’t get in touch with support, and their accounts are being locked.
I don’t know the exact date, but I was able to find investor reports that said TriumphFX withdrawal problems would start in August 2022.
Most TriumpFX withdrawal complaints are about withdrawals that didn’t go through in September or October.
When I try to get in touch with TriumphFX support, I get excuses or am ignored.
At the time this book was written, TriumphFX’s website was still online. We know that investors are having trouble getting into their accounts.
It is also said that the TriumphFX backend system is not working.
TriumphFX put a forex trading Ponzi scheme on top of a pyramid scheme for hiring.
Hermes Leong, a con artist from Singapore, is thought to be behind TriumphFX. He works with con artists from Malaysia and Cyprus.
TriumphFX is set up as a Seychelles shell company called Triumph Int. (SC) Limited.
Aside from the fact that its shell company could be used to launder money, TriumphFX has nothing to do with the Seychelles.
SimilarWeb says that as of September 2022, Malaysia (76%), Taiwan (6%), and Singapore (4%) are the top three places where people go to visit TriumphFX’s website.
Over the past few months, the number of people visiting TriumphFX’s website has been steadily going down.
Even though Malaysian and Singaporean authorities warned about the TriumphFX securities fraud, neither country did anything else to stop it.
Until more information comes out, we don’t know how many TriumphFX investors there are or how much money they’ve lost.