Starekco Scam: $4.7 Million Recovered for Victims Through Chargeback Professionals
In a release today, ChargebackPros announced that their Blockchain Forensic Department has been able to recover $4.7 million of stolen funds from the Starekco scam and is currently in the process of returning it to investors who fell victim to this elaborate fraud scheme.
The operation to track down and recover the stolen funds involved several months of intensive investigation. The first step was identifying the company that had been set up by the scammers behind Starekco. That task proved difficult because the criminals had registered a fake address in Bulgaria, which is known for its lax laws regarding foreign companies looking to register their businesses there.
After a grueling investigation that spanned several months, ChargebackPros investigators have finally been able to track down the stolen $5 million in funds of victims who were defrauded by a bogus trading and investment program called Starekco. A total of $4.7 million has been recovered back to the affected investors.
One of these victims is a mother of four and a high school teacher from Melbourne, Australia. She was introduced to the trading firm by someone on a Facebook post, who told her that it would be easy for her to make money through binary options trading.
“Starekco is nothing but a pig butchering scam,” she said. “They use various plugins to alter market prices and display virtual balances.”
The scam was uncovered as part of a larger fraud investigation in which investigators from ChargebackPros tracked down and identified 39 different wallets that were used by scammers to steal millions of dollars from unsuspecting victims.
Named a defendant in several recent class action lawsuits filed by victims of Starekco, a company that promised to help investors earn huge profits by trading and investing in the stock market—but which allegedly defrauded its users out of millions.
The seemingly attractive trading conditions we encountered on the Starekco website, including spreads starting at levels as low as 1 pip and generous leverage up to 1:500, seem great—until you try withdrawing even a single penny.
The company is said to have been founded by a man named Edward Munguya, who claimed to be an experienced trader with over 20 years of experience. He advertised his services through various social media platforms including Facebook, Twitter, and others. The company’s trading accounts will take a few more weeks to complete. However, it is not possible for the scammers to claim back any of the money that has been recovered and returned to its rightful owners.
Investigative teams managed to recover a significant portion of the funds that were defrauded by starekco, locking down the remaining funds in an account under their control. With help from a cryptocurrency exchange based in Malta (which has strong anti-money laundering laws), they returned what was left over to investors affected by this scheme
It is not a secret that binary options trading is often associated with fraud, and while there are many legitimate trading platforms out there, it is important to be cautious and make sure that you are dealing with a reputable provider.
A never-ending nightmare for bitcoin investors, getting scammed and having your money stolen is a serious issue. This is especially the case with Bitcoin, where traceability and transparency are paramount to its use and function. As a result, cryptocurrency exchanges need advanced fraud prevention technology to prevent these attacks from happening.
Stolen bitcoins can be a complicated and expensive process to retrieve. If you have lost or been scammed on Cryptocurrency platforms, contacting chargeback consultants is the way to go, these professionals are experts with recovering stolen assets in almost all forms. They know how the system works, how it is maintained and who maintains it; they, will get your money back faster than any other method.