TriumphFX pyramid forex ponzi scam -TFX token

Greed and stupidity is always abundant. FEAR of losing all the money dumped in but HOPE that miracle will happen (NEVER WILL).

A big scam rugpull has just occurred. This time the scam is from TriumphFX, a highly controversial broker that is active in Southeast Asia . Investors (victims) woke up finding that they were not able to withdraw their money in TriumphFX coin (TFX) to USDT.

The company (TrumphFX) claims to have been established for 12 years (since 2010) and is regulated in Cyprus. Cyprus is an island in the Mediterranean sea and is famous as a money laundering heaven. Ironically, the website's tagline is World's Loading Forex Broker and Reliable Online Trading Platform. The website is quite professionally done and might have fooled a lot of investors.

The company explained that the reason why withdrawals was halted was because too many withdrawals and so the company decided to convert customer's money to their TFX coin instead. Subsequently, this caused the TFX coin to depegged from USDT prices and the company is currently aggressively defending the peg and one of the measures is to halt withdrawals 1st. In fact, investors are adviced to top up more TFX to support the price. Initially 1 TFX coin was equivalent to 1 USDT. Even if this turns out not to be a scam, the TFX withdrawal runs will pull down the TFX token price.

Previously the company was promising ultra ludicrous ridiculous 7% - 8% returns (interest) per month, a lot of finance gurus called out the scam but people still poured money in based on their early earnings, the investors thought that won't get caught in this musical chair scam game. Strangely enough also while the company claims to do Forex, Gold and Commodity trading, no where does it mention about the trading performance, reports in the app, all it is reporting is the TFX coin and people getting their accounts pump up by 7%-8% per month like a steroid ingested bond fund. As such the company would be labeled as a money game operator disguised as a forex broker.

A couple of elements which helped prop up the scam namely :

professionally designed corporate website with active social media engagement
professionally designed explainer videos with Caucasian actors
active Telegram community
loyal and maybe fake promoters of the scheme on forums, direct marketing

Victims of the scam are mostly Malaysians, Indonesians and Singaporeans.

TriumphFX is listed on the Hong Kong Security Commissions FCA list here.

TrumphFX is also listed on Bank Negara FCA (Financial Consumer Alert) list also. Any company on this list means Bank Negara has most likely flagged the company to be mostly conducting a scam business.

Update 2023 Feb

Latest update on the TFX/USDT token price is now only 21 cent.