The Mag Markets Ponzi scheme has collapsed.
On August 28th Mag Markets Support informed investors it was wiping their accounts. A reboot was also revealed.
Mag Markets is a clone of 4XC. Both scams have ties to the UAE and are believed to be run by the same group of scammers.
As per the email sent out on August 28th, Support advised investors Mag Markets
will terminate the existing MT4 trading accounts/PAMMs by August 31, 2022, so that no further trading will be possible there.
In place of the wiped accounts, Mag Markets has “introduced new MT4 trading accounts that offer … advantages.”
Stated advantages are “more favorable trading conditions”, faster trade executions and “24/7 access to crypto CFDs”.
Mag Markets advises any funds trapped in the scheme “will be automatically moved to the new MT4 trading accounts”.
SimilarWeb tracks traffic to both Mag Markets and 4XC as non-existent. This is a strong indication both schemes have collapsed.
Total Mag Markets victim numbers and investor losses are unknown.