Blue asset group. Legit?

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notayoba

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A friend of a friend put a lot of money in into this lot, and now wants to go full retard and put all their money in (a lot lot)

BlueAsset Group | Digital Asset Development and Investments

BlueAsset provides crypto asset management and aims to administer an investment platform for cryptocurrencies that is open, accessible, and regulated worldwide.
blueassetgroup.com blueassetgroup.com

Every fiber in me screams scam, but I can't find the smoking gun. Does anyone know anything about this crowd?
 
Are they taking deposits? If they are, they must be a registered FSP. If they are not registered, they are scamming, as easy as that.
 
notayoba said:
They seem to be FSCA registered.

FSP no: 50396

But that still doesn't fill me with confidence. That doesn't seem to mean much these days.
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They are only registered under category Long Term Insurance (so life insurance, disability cover, etc).

They are not allowed to take deposits.

The correct way to do this, would be the contact the compliance officer (listed as Ms A Kamfer , there on the FSCA lookup page, under "Compliance Officer", and enquire as to the disparity.

This is 99.9% not compliant. It's off.
 
notayoba said:
A friend of a friend put a lot of money in into this lot, and now wants to go full retard and put all their money in (a lot lot)

BlueAsset Group | Digital Asset Development and Investments

BlueAsset provides crypto asset management and aims to administer an investment platform for cryptocurrencies that is open, accessible, and regulated worldwide.
blueassetgroup.com blueassetgroup.com

Every fiber in me screams scam, but I can't find the smoking gun. Does anyone know anything about this crowd?
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What's the attraction, what crazy returns are they offering?
 
Bewlen said:
They are only registered under category Long Term Insurance (so life insurance, disability cover, etc).

They are not allowed to take deposits.

The correct way to do this, would be the contact the compliance officer (listed as Ms A Kamfer , there on the FSCA lookup page, under "Compliance Officer", and enquire as to the disparity.

This is 99.9% not compliant. It's off.
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Thanks, this will help. That why I asked in the forum, I don't know categories and so on.

From my angle this is 99,9% a scam, but trying to convince a believer isn't so easy. When I saw the returns offered, I was already convinced.

Tomtomtom said:
My bad. Wonder why they don't put that on their site footer like every other FSP? Even if it's not theirs...

Also a red flag for me the site has no profiles of board & executives.
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Plenty red flags. But believers are hard to convince.

In my experience it's normally best to just shut up, as the believers won't listen, and just go on the attack with the normal 'you are just jealous , ignorant, don't understand crypto, hater etc. ' But this specific one seems to be open to some information.
 
notayoba said:
Was in the 30-40% range.

When I asked why don't they just borrow R100B from a bank at 12% rather than taking your money for 30%, I was met with 'mumble blockchain mumble, blockchain'
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I mean these returns are very possible in the crypto space but own the asset yourself NOT like this.
 
Snyper564 said:
I mean these returns are very possible in the crypto space but own the asset yourself NOT like this.
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The returns are possible, but not sustainable. (and definitely not promise-able)

In fact that will be my approach to convince this person.

The person wants to invest R1.5m. At 40% R1.5m turns into 3,924,611,269.23 over 20 years. If that sounds plausible to them, they must just go ahead and lose their money, I can't help any more.
 
notayoba said:
The returns are possible, but not sustainable. (and definitely not promise-able)

In fact that will be my approach to convince this person.

The person wants to invest R1.5m. At 40% R1.5m turns into 3,924,611,269.23 over 20 years. If that sounds plausible to them, they must just go ahead and lose their money, I can't help any more.
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oi I am talking pure growth BTC could moon and got 1m for example.

Its just an increase in value promising X returns a day is a BIG RED FLAG
 
notayoba said:
Was in the 30-40% range.

When I asked why don't they just borrow R100B from a bank at 12% rather than taking your money for 30%, I was met with 'mumble blockchain mumble, blockchain'
Click to expand...
Scam for sure, no legit investment Co can offer returns like that because they are just not possible unless it’s a once off unicorn event.
 
notayoba said:
A friend of a friend put a lot of money in into this lot, and now wants to go full retard and put all their money in (a lot lot)

BlueAsset Group | Digital Asset Development and Investments

BlueAsset provides crypto asset management and aims to administer an investment platform for cryptocurrencies that is open, accessible, and regulated worldwide.
blueassetgroup.com blueassetgroup.com

Every fiber in me screams scam, but I can't find the smoking gun. Does anyone know anything about this crowd?
Click to expand...
Im actually curious what is being punted here?

If its high returns they can actually be "reported" if this is just based on price movement that just tracks btc nothing sus but not working through a 3rd party.
 
This is likely some form of arbitrage service.

If you calculate this out, 2% per arb trade on R1M can net you 20-25% p/a, maybe they are juicing it to 2.5% with finding larger buyers at better rates or are able to get tighter forex spreads to get to a 30% yield.
 
Pansyfaust said:
This is likely some form of arbitrage service.

If you calculate this out, 2% per arb trade on R1M can net you 20-25% p/a, maybe they are juicing it to 2.5% with finding larger buyers at better rates or are able to get tighter forex spreads to get to a 30% yield.
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Not sure hey, arb is legit but this says funds not arb. Arb would be clear with mentions of tccs etc. This has none of that.
 
as for other red flags btw:
- Facebook page is about one year old only with plenty of generic posts and zero comments on those posts
- Twitter account only registered in May 2023
- app in the app stores have zero reviews and almost no downloads, it is on its first version still
- none of the social media pages, the app store descriptions or their own website explain at all just wtf it is that they actually do
 
NarrowBandFtw said:
- none of the social media pages, the app store descriptions or their own website explain at all just wtf it is that they actually do
Click to expand...

Intentional I imagine, the solicitation and fraud or whatever happens verbally or over whatsapp and the site is just to back them up a bit. They probably think it will make it a bit harder to prosecute them when they inevitably lose and/or run away with clients' money.
 
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