New Zealand Issues Warning About Three Cryptocurrency-Related Scams

  • New Zealand’s Financial Markets Authority has added three “suspected scams” to their Warnings & Alerts list.
  • Cryptogain, Russ Horn, and Zend Trade are the companies in question that the government wants citizens to stay away from.

Earlier today, New Zealand’s Financial Markets Authority (FMA) added three new companies to its list of “suspected scams.” The three companies are Zend Trade, Cryptogain, and Russ Horn (also known as Forex Equinox). These three companies have been added to the New Zealand FMA’s “Warnings & Alerts” list. This list is an ongoing effort by the New Zealand government to help investors avoid putting their money into the hands of questionable people.

The three companies were labeled as “Suspected Scams,” which means: “We think the operations of the business/person bear the hallmarks of a scam. We strongly recommend that you do not deal with them.” The full list of warnings & alerts can be found here.

CryptoGain appears to be a scam similar to BitConnect, promising daily returns for their investors. On their website, CryptoGainLimited.com, they offer up to 2.6% daily returns for people who invest in their company. Additionally, they offer cloud mining packages (with 30% weekly returns) and a retirement plan (giving “30% profit after retirement”). Such sky-high returns will set off alarms for many investors, as well as their cloud mining offering, which is currently considered an unregistered security in the United States.

In addition, the FMA has identified that CryptoGain is possibly posing as a fake company. There is a company filed as CryptoGainLimited, but it is not related to the company described above. Therefore, the FMA believes this is likely not legitimate.

The other companies - Russ Horn, Forex Equinox, and Zend Trade - are all suspected to be organized under Russ Horn’s leadership. RussHorn.com and ForexEquinox are not scams in the sense that they will take your money - they seem to simply be exaggerated marketing pitches for Russ’ forex trading system.

His website offers a “free plus shipping” book. Although not a scam in the sense of failed project BitConnect, Russ Horn’s website does include some outlandish claims, including “How To Legally Cheat The Forex Markets And Literally Line Your Pockets With Cash.”

ForexEquinox.com claims that his system can “double your money every 30 days.”

Ongoing Suspicions

Zend Trade has been suspected of being a scam after it was found that Zend is not returning clients funds. Unlike ForexEquinox, which teaches people how to trade, ZendTrade offers “Managed Account Services.” This service means that ZendTrade will hold clients' money and trade for them, which could put them under regulatory scrutiny, since this service sounds much more like a hedge fund. FMA claims that this company is connected to Russ Horn.

Opera Launches Blockchain, Cryptocurrency-Ready Browser for iOS

Opera Ltd., the company behind the Opera browser, has recently launched a new blockchain and cryptocurrency-ready browser for iOS, following the company’s addition of a built-in cryptocurrency wallet to its Android and PC browsers.

According to a press release shared with CryptoGlobe, the company’s Opera Touch browser for iOS features “crypto wallet integration and Web 3 support,” meaning users can interact with blockchain-based applications through it, as if they were using an extension like MetaMask. The company hinted at the move in March of this year.

The company touts it now offers browsers supporting blockchain-based applications and with a built-in cryptocurrency wallet in various operating systems, including Windows, Mac, Linux, Android, and iOS, allowing users to “seamlessly interact with the next generation of Web 3 applications.”

Currently, the browser only supports ERC-20 tokens, stablecoins, and non-fungible tokens, although the company has revealed earlier this year it’s looking to add support for TRON and multiple other blockchains within a  year.

Charles Hamel, Opera’s head of crypto, stated:

We believe that all modern browsers should integrate a crypto wallet. This will enable new business models to emerge on the web. Opera is the first browser to make using crypto on the Web seamless and easy. Following a strong demand from the crypto-community, we are now making this experience available on iOS.

In the press release the company added it believes the “web of today will be the interface to the decentralized web of tomorrow,” with cryptocurrencies being at its forefront. Along with the iOS release, the company announced it partnered with a decentralized-application (dApp) called Marble.Cards, which allows users to turn unique web pages into collectible cards on the blockchain, each being a non-fungible token.

The Opera touch browser itself has a user interface built to let users use large phone screens with ease, as it shifts the navigation towards the bottom of the screen and adds features that make it easy to share pages across devices.

Opera’s main Android browser is also its cryptocurrency-ready browser for the operating system, and it has made it easier for users to buy cryptocurrencies directly from their mobile phones.