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New financial technology: a millionaire’s flight

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New financial technology: a millionaire’s flight

A few days ago, the news of a multi million dollar scam set up by a company known as New Financial Technology.

New Financial Technology: a Bitcoin scam by an Italian company

Founded in Silea, Treviso, and based in London, New Financial Technology has promised gains of up to 10% on invested capital through arbitrage operations in the crypto market. The minimum deposit required was €10,000 and coupons were issued on a monthly basis.

This type of model is used by many legitimate companies which, using special algorithms, take advantage of market asymmetries on the various stock exchanges to profit from them.

The company’s acronym, NFT, seems somehow meant to poke fun at those who know this world, but that’s definitely not the red flag.

The masquerade set up by the Italian company lasted four yearsand it is now believed to have been a well-organized Ponzi scheme from the start.

About 6,000 savers have been defrauded, who have invested between €10,000 and €300,000. The victims, who deposited their savings in search of lavish income, came mainly from the regions of Lazio, Veneto, Piedmont, Lombardy and Emilia-Romagna.

The estimates are still inaccurate and to be verified, but according to what seems to emerge from the first rumors, New Financial Technology has managed to pocket between 40 and 100 million euros.

There is currently no sign of the founders. The only person to talk is one of NFT’s lawyers, who immediately tries to avoid the “pyramid scheme” label:

“I dismiss this reality”.

Disappointed and angry investors, however, don’t think so. Some even think that the company never made real investmentsbut coupons paid through newcomer payments, just like a real “self-respecting” Ponzi scheme.

It could be a fraud of 100 million euros

What happened to the founders of New Financial Technology

In addition to the company, the website and the funds raised, two of the three founders have also disappeared, of whom no trace remains.

The third, however, is a lawyer from Rome and still seems to be around. In reference to what happened, he is certainly able to share words of “great comfort” for those who have lost hundreds of thousands of dollars:

“I don’t think it qualifies as a scam or a Ponzi scheme.”

Going back to the first two, they seem to be hiding somewhere in Dubai, but there’s more.

According to an anonymous source, in the past few weeks the two have traveled to Lugano, looking for who knows what kind of business. Luckily, they were later turned away by the Swiss Blockchain Consortium, the Swiss group of companies working in crypto.

It is now well known that Lugano, as well as Swiss in general, has become one of the beating hearts of the world for those in the cryptocurrency industry. Regulations and a more than favorable ecosystem have made it possible to attract capital and major projects to the country. Among these, we cannot fail to mention Plan Ba joint initiative of the City of Lugano and Attachedwhich aims to revolutionize the city’s financial infrastructure by leveraging Bitcoin technology.

Sure enough, the two former admins were in the country with the most crypto companies in the world to sort of develop their fraudulent activity.

Statements by NFT’s lawyer

Presumably, the lawyer, described as the company’s third founder, also falls into the circle of the deceived.

His words, leaked to the press, explain in detail what is happening these days:

“I’m investigating. For the moment, it is not known where the money is because I do not have access to the wallets of the customers. We are investigating V.’s behavior, but that’s all I can say at this time. I believe there is improper conduct. Otherwise, I would not have decided to do surveys and surveys. I cannot comment on the nature of what we believe V. may have done, but we understand that this is a striking case. If the irregularities are confirmed, we will file a complaint”.

He then adds regarding his position:

“Let us specify right away what I have read these days: I am not one of the co-founders. I joined later and am not involved in the technical side. My role was just to give the company an international legal connotation in order to work in this area. I am the legal part and now also the administrative part. Last week, I deleted V. because some of his behaviors were no longer tolerable.

We believe there were anomalies in his actions. But that’s all I can say. I also removed R. and told me about all the functions of the company. I am currently the only contact person.

How Affected Investors Are Protected

All those affected are trying to gather on forums and Telegram channels, the main one of which “I truffati della New Financial Technology” (scammed by New Financial Technology). The channel already has hundreds of people and collects countless messages of despair and fear every day. There is still a small ray of hope lit in the hearts of poor investors, who hope to recover their lost money.

There are those who believe they will never see their money again and those, on the other hand, who have already started collecting signatures to launch a class action lawsuit against NFT. This is a class action, which does not seem to be a viable avenue in this case.

Giuseppe d’Ortafinancial adviser and expert in the protection of citizens’ savings, discusses what is possible at this stage:

“NFT is a foreign-based company, so it is not possible to bring a class action as provided for in our legal system. In this case, there will probably be a criminal trial and the victims can file a civil complaint. But those who speak of class action do so out of control.

The words of the lawyer, now sole administrator of the company, somewhat revive a glimmer of hope:

“Savers will get their money back. I personally exposed myself for the return of capital, which is beyond doubt. Granted, we still lack access and review of companies’ portfolios, but they will get their money back, there’s no doubt about that.”

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