African party! Investor warning against Iconic Capital broker scam!

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Spanish regulator CNMV has issued a warning against Iconic Capital broker scam on March 28, 2022. The operator is allegedly Effervescent Group Ltd in St. Vincent & The Grenadines. Potential victims may lose their money via deposits using credit and debit cards and cryptocurrencies. As payment processors, we have discovered the US-African fintech unicorn Flutterwave behind the African payment integrator AvalanchePay. Stay far away from Iconic Capital, save your money and your mental health!

Key data

Trading nameIconic Capital
Legal entityEffervescent Group LTD (est Aug 2021)
Corporate advisorEuro-Caribbean Trustees Ltd
JurisdictionSt. Vincent & The Grenadines
Payment processorsABCBP (cashier)
AvalanchePay (https://avalanchepay.com)
Flutterwave (https://www.flutterwave.com)
BTC Wallet349S59TDPoaWmJUG9Ly7qWni6viYq3tgf3
AvalanchePay and Flutterwave facilitate the Iconic Capital broker scam

The narrative

There is actually no narrative around the Iconic Capital broker scam that makes sense. However, it is worth noting that we have already discovered AvalanchePay as a payment gateway operator again. Kenya-based AvalanchePay is likely to be popular among scammers at the moment. At Iconic Capital, Flutterwave was found behind the AvalanchePay gateway as a payment processor for credit and debit card payments.

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If you have any information about scammers and their facilitators, please let us know via our whistleblower system, Whistle42.

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