The Magazine Markets Ponzi scheme has collapsed.
On August twenty eighth Magazine Markets Help knowledgeable traders it was wiping their accounts. A reboot was additionally revealed.
Magazine Markets is a clone of 4XC. Each scams have ties to the UAE and are believed to be run by the identical group of scammers.
As per the e-mail despatched out on August twenty eighth, Help suggested traders Magazine Markets
will terminate the prevailing MT4 buying and selling accounts/PAMMs by August 31, 2022, in order that no additional buying and selling will likely be doable there.
Rather than the wiped accounts, Magazine Markets has “launched new MT4 buying and selling accounts that provide … benefits.”
Said benefits are “extra favorable buying and selling circumstances”, sooner commerce executions and “24/7 entry to crypto CFDs”.
Magazine Markets advises any funds trapped within the scheme “will likely be robotically moved to the brand new MT4 buying and selling accounts”.
SimilarWeb tracks site visitors to each Magazine Markets and 4XC as non-existent. It is a sturdy indication each schemes have collapsed.
Whole Magazine Markets sufferer numbers and investor losses are unknown.