Antares Trade has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Cube Exchange. We’ve received over 5 complaints against Antares Trade.
Antares Trade, a cryptocurrency trading and multilevel marketing company, falsely purported to be headquartered in Mexico and subsequently Hong Kong. In actuality, it was a Russian Ponzi scheme under the leadership of Alex Richter, also known as Aleksey Zhirovkin. The fraudulent nature of the company was exposed when it collapsed in August 2021. It is recommended that investors verify the regulatory status and licenses of the company in order to prevent the occurrence of similar frauds.
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Key Takeaways
Is Antares Trade Regulated? Do They Have a License?
In the complicated and often opaque world of multi-level marketing (MLM) and cryptocurrency trading, Antares Trade stands out as a cautionary story. Initially, the corporation claimed to be based in Mexico before rebranding as “Antares Limited” with a reported headquarters in Hong Kong. However, these claims were untrue. The company’s true nature was revealed when it failed in August 2021, with CEO Alex Richter admitting to an exit scheme.
This disclosure exposed Antares Trade as a Russian MLM crypto Ponzi scheme, with Richter, also known as Aleksey Zhirovkin, at the helm of the fraudulent operations.
Antares Trade’s deception began with its falsified geographical origins. The company initially claimed to operate from Mexico in order to project credibility and stability. It later relocated its supposed headquarters to Hong Kong, a global financial powerhouse recognized for its strict regulatory environment. However, investigations revealed that Antares Trade was never truly established at any site.
This deceptive representation was a major component of its strategy to lure naive investors while avoiding scrutiny from authorities and potential investors.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Antares Trade is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Antares Trade, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at Antares Trade
The operational integrity of Antares Trade began to deteriorate as users encountered severe problems. Many user accounts were disabled, and the company’s technical assistance was rendered ineffective, unable or unwilling to assist affected individuals.
Deposits and withdrawals were suspended, prompting immediate concerns about the company’s viability and integrity. Richter announced a dubious 60-day verification method, purporting to address these vulnerabilities. However, this delay technique was inconsistent with the customary methods of regulatory authorities, who typically move quickly during such inquiries. This move increased suspicions of an upcoming scam.
Antares Trade had a challenging regulatory environment. As early as June 2020, the Central Bank of Russia issued a fraud alert to the corporation. This warning highlighted Antares Trade’s suspicious activities and ability to mislead investors.
Similarly, regulatory organizations in Belgium and Spain issued warnings, alleging potential securities fraud. These cautions were clear indications of the hazards connected with investing in Antares Trade. Despite these warning signs, many investors were enticed by promises of great profits and continued to pour money into the scheme.
Antares Trade’s failure was largely due to a lack of regulation by top-tier authorities. Regulatory monitoring is critical in the financial industry for ensuring transparency, protecting investor funds, and preserving market integrity. Antares Trade operated without such control, creating severe concerns regarding the security of investor cash and the integrity of its operations. The lack of regulation allowed the corporation to engage in fraudulent operations with no immediate consequences, eventually leading to its demise.
Current Status
Following the fall of Antares Trade, Alex Richter, also known as Aleksey Zhirovkin, was said to be living freely in the Dominican Republic. Despite being exposed for his fraudulent actions, Zhirovkin has sought to resuscitate his scam under the new moniker Alcor Trade. This brazen attempt to restart the scheme demonstrates the pervasiveness of such fraudulent operations and the continued risk they pose to potential investors. Antares Trade’s narrative serves as a sharp reminder of the significance of due diligence, regulatory monitoring, and skepticism when confronted with seemingly impossible investment prospects.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Antares Trade Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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Antares Trade Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Antares Trade tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Antares Trade reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Antares Trade, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Antares Trade enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Antares Trade reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Antares Trade.
You should always look out for consumer complaints. In the case of Antares Trade, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Antares Trade? You can share your complaint in the comment section or submit an anonymous tip.
Is Antares Trade Legit Or a Scam?
Antares Trade is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Antares Trade can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Antares Trade?
Antares Trade’s past is one of dishonesty, regulatory difficulties, and unscrupulous operations. From false statements about its geographical base to significant operational flaws and repeated regulatory warnings, the company’s history was characterized by dishonesty and deception.
The lack of regulation created ideal ground for these actions, which eventually led to the company’s demise. Alex Richter’s persistent attempts to scam investors under a new identity illustrate the importance of remaining vigilant in the financial markets. Investors must learn from the Antares Trade disaster to avoid falling victim to such schemes in the future.
Antares Trade highlights the significant hazards connected with unregulated investment platforms, particularly those that engage in MLM and cryptocurrency trading. The company’s deceptive techniques and fraudulent operations highlight the crucial need for strong regulatory frameworks and increased investor awareness to prevent similar scams.
All the evidence suggests that Antares Trade is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The Antares Trade Online Scam Works
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