Ovax Global has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Kragex. We’ve received over 3 complaints against Ovax Global.
The bankruptcy of Ovax Global Limited has highlighted the perils in the volatile cryptocurrency sector. The New Zealand Financial Markets Authority exposed it as a fraudulent business, indicating that it was unregulated and not registered in New Zealand, despite promises to the contrary. Its operations, which are most likely located in Russia, promised unrealistic returns and employed deceptive strategies to recruit investors, such as bogus testimonials and a fictitious CEO. This serves as a sharp reminder of the value of careful diligence in financial operations.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Ovax Global Regulated? Do They Have a License?
The collapse of Ovax Global Limited in recent months has rattled the shadowy world of cryptocurrency investment, exemplifying the perils lurking in the high-stakes game of digital money.
This organization, apparently situated in New Zealand, has been identified as a fraud by the country’s Financial Markets Authority (FMA), underscoring the crucial importance of due diligence in the financial sector.
Ovax Global Limited claimed to be a registered and licensed financial firm in New Zealand that provided excellent investment returns through bitcoin trading.
However, the FMA has issued a severe warning, clarifying that Ovax Global is not regulated or registered in New Zealand, exposing their operations as outright fraud intended to entice naive investors.
The deception did not end with bogus credentials. Ovax Global’s website advertised unrealistically high daily returns of up to 4%, bolstered by fake testimonials and the charming allure of a bogus CEO, “Robert Hoffman,” played by an actor with an Eastern European accent.
This figure, a common component in what is known as a Boris CEO Ponzi scheme, gave the scam a veneer of respectability by fooling investors about the company’s legitimacy and operational base, which was most likely in Russia.
The plan began to unravel in January, when Ovax Global declared that company would stop accepting payments in BUSD, a popular stablecoin. This was a major red flag, as continuous payouts are a need for legitimate investing businesses.
By March 2024, the company’s digital imprint had largely vanished, with its official YouTube channel erased and its social media profiles deactivated. Such unexpected internet disappearances are frequently suggestive of a collapsing Ponzi scam.
To compound their misleading practices, Ovax Global’s fraudulent operations had gone unnoticed since November, when the FMA first discovered the company’s misrepresentation of its ties to New Zealand. This regulatory examination was part of a larger crackdown on fraudulent financial schemes that take advantage of the growing interest in digital currency.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Ovax Global 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 Ovax Global, 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?
Investment Tiers and Cryptocurrency Transactions at Ovax Global
Ovax Global does not provide any retail items or services. Instead, the company focuses on selling its affiliate membership, which is the primary means by which people can interact with Ovax Global.
Compensation Plan
Ovax Global uses a multi-level marketing (MLM) framework to encourage affiliates to invest in various cryptocurrencies with the promise of a return based on the quantity and duration of their investment. The investment plans range from $50 to $10,000,000, with daily return rates ranging from 1.1% to 5%, depending on the level of investment.
Affiliate Rankings and Qualifications
The company establishes twelve affiliate ranks, each with its own set of qualification criteria, most of which are dependent on the amount of money invested personally and through downline affiliates. These designations range from a simple “Partner” to a “International Director,” with increasing privileges and duties.
Compensation Mechanisms
Investment returns are divided into tiers, with each providing daily returns for a specific time period. Furthermore, Ovax Global uses a unilevel compensation structure to pay out referral commissions, which are limited to one hundred levels. The percentage of commissions collected is determined by the affiliate’s rank, which ranges from 5% for directly recruited affiliates to lesser rates as one progresses via the downline.
Additional Bonuses
Ovax Global also incentivizes stronger affiliate participation with one-time Rank Achievement Bonuses, which pay affiliates between $150 to $1,000,000 for earning new ranks ranging from “Leader” to “International Director.”
Joining and Investing
Joining Ovax Global as an affiliate is free, but full participation in the revenue possibility requires a $50 minimum commitment. Investments are being solicited in a variety of cryptocurrencies, reflecting a new approach to fundraising and profit distribution within the MLM model.
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.
Ovax Global 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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Ovax Global 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 Ovax Global 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 Ovax Global 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 Ovax Global, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Ovax Global enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Ovax Global reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Ovax Global.
You should always look out for consumer complaints. In the case of Ovax Global, 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 Ovax Global? You can share your complaint in the comment section or submit an anonymous tip.
Is Ovax Global Legit Or a Scam?
The consequences from Ovax Global’s failure is extensive. Investors, enticed by the prospect of large profits, suffer significant financial losses. The overall bitcoin industry suffers as each scam confirms the sector’s reputation as a hub for dubious and unstable operations.
Furthermore, the demise of Ovax Global highlights the critical role of regulatory agencies such as the FMA in ensuring market integrity and investor trust.
This case serves as a stark warning to investors of the significance of due diligence and attentiveness when considering investment opportunities, particularly in the less regulated areas of emerging financial technologies.
The Ovax Global saga exemplifies the typical Ponzi scheme, driven by deception and resulting in calamity, serving as a warning lesson for all market participants. While the rapid rise of digital banking creates new opportunities, it also necessitates stronger regulatory frameworks to effectively combat and prevent financial fraud.
Ovax Global 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 Ovax Global 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 Ovax Global?
All the evidence suggests that Ovax Global 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 Ovax Global Online Scam Works
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