African party! Investor warning against Iconic Capital broker scam!

Spread financial intelligence

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 name	Iconic Capital
Domains	https://iconiccapital.market https://iconiccapital.cc
Legal entity	Effervescent Group LTD (est Aug 2021)
Corporate advisor	Euro-Caribbean Trustees Ltd
Jurisdiction	St. Vincent & The Grenadines
Payment processors	ABCBP (cashier) AvalanchePay (https://avalanchepay.com) Flutterwave (https://www.flutterwave.com)
BTC Wallet	349S59TDPoaWmJUG9Ly7qWni6viYq3tgf3
Warning	CNMV

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.

Share information

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

Report scams and their facilitators

CategoriesCNMV Illegal Payment Services

Investor Warning – CityFX Capital broker scam with illegal US payment processor

The Spanish regulator CNMV has recently issued a warning against CityFX Capital (www.cityfxcapital.com). The scam is allegedly operated by Turtle Capital Ltd, which is registered in the Marshall Islands. As an illegal payment processor, we have discovered ER Expert Solutions LLC in the United States, which processes potential victims' deposits through its account at JP Morgan Chase Bank. The involvement of a US payment processor is astonishing.

March 26, 2021

CNMV warns against Investflow broker scam with Lithuanian payment processors

CNMV issued an investor warning against the broker scam InvestFlow a/k/a Invest Flow (www.invest-flow.io and www.investflow.trade). The scam is allegedly operated by Seabreeze Partners Ltd, which is registered in the Commonwealth of Dominica. Besides, the CNMV has also issued warnings against the broker scams Capital Pro Investments and EverestBTC. However, these are currently no longer active. At Investflow, we have discovered Piastrix and the Lithuanian duo of Epayblock and Ristema as payment processors.

March 29, 2022

Wow! Spanish regulator issues 30 warnings against illegal financial websites!

On 28 March 2021, the Spanish regulator CNMV issued warnings against 30 illegally operating financial websites. Among them are again many crypto trading and investment offers and BitcoinPro, another fraudulent crypto campaign chasing victims for broker scams. For weeks now, warnings against crypto providers have been the main activity of the UK FCA. Regulators see the fight against illegal crypto offers as one of the main focuses for 2022. Below is the list of new CNMV warnings.