Banxso provisionally liquidated

[Hanno Labuschagne]

Banxso provisionally liquidated

The Western Cape High Court has placed a controversial trading platform and former Bafana Bafana sponsor Banxso in provisional liquidation.

Carol Wentzel, a pensioner, brought the winding-up application after responding to an online advertisement featuring Elon Musk and losing a substantial portion of her life savings on the platform.

 

[airborne]

What was the scam here, it’s hard to tell from the article whether they used misleading advertising or whether they legitimately were running a ponzi or some similar scam?

 

[Jan]

It's unclear because whether Banxso itself was the scam remains to seen.

The core complaints are about the deepfake ads promising multiplication-scheme returns (i.e. up to R300k for R4700 investment), followed by aggressive "financial advisors" encouraging people to pump more money into trades.

Banxso says it had nothing to do with the ads and that Immediate Matrix were the real scammers. However, victims allege that Banxso directly profited from them (the ads), making that explanation unlikely.

 

[Gordon_R]

The fact that the FCSA and NPA were both able to win court cases suggests a strong body of evidence.

I remember a barrage of rather poor deepfake adverts, and thought nobody would be foolish enough to fall for them. Apparently some people were. Clever to make the ads vanish after you click on them...

 

[warrenpridgeon]

I remember a barrage of rather poor deepfake adverts, and thought nobody would be foolish enough to fall for them. Apparently some people were. Clever to make the ads vanish after you click on them...

The annoying part with these fake adverts is that FB will review them when you report them as a scam and reply with "nah fam they cool". I've reported a bunch of scam adverts on FB but they always come back with "nope... we didn't find any evidence"... like FR bruv they are offering to 10x your money in 24 hours and that's fine?!

 

[Justanotherguybythesea]

The annoying part with these fake adverts is that FB will review them when you report them as a scam and reply with "nah fam they cool". I've reported a bunch of scam adverts on FB but they always come back with "nope... we didn't find any evidence"... like FR bruv they are offering to 10x your money in 24 hours and that's fine?!

Just means the EFt for the money cleared, so FB got advance payment for 500k ads to be shown to the sheeple.