The is out of money so they are just showing it as a loss. They are just going to take whatever money is left (probably a few million $$$) and say that its gone. People never learn, they always make the same mistakes and loose their money by 'investing' in like this one...
Very predictable and has been discussed in this topic before.
So what happened here - makes no sense - consistent and equal returns for months on end since 2017 and then massive loss in one go? How is that even possible. Would be great to hear back and to how something like this happens?
Veterans saw through this plot similar to IGOFX, JJPTR.
All the telltale signs point to the eventual force majure to blame on trading losses/hacking.
But from a trader's point of view, this is just grid & martingale which is highly possible in order to achieve 14% returns, no gain will be made without seeking risks, and usually is retrospect, the risk is double of the rewards.
Just glad, it came to an end earlier as more than 3billions were already lost if not more would be lost.
Never ever use an unregulated trading program, as trading authenticity and safety of funds does not exist.
It is very simple what happened here. This has been a Scheme from the very beginning, it had nothing to do with FX or any trading for that matter. We have been saying this for a year now but people are just too lazy to go back and read the thread.
What they did was they back logged the trades onto their server and updated their myfxbook account after. They were able to do that because of no broker regulation. The broker they have been using was a broker they own so they could do whatever they want. The shown account was also most likely a demo account. Its easy to plug in real feed to a demo account and myfxbook then shows it as a real account. Especially if you own the brokerage like they do.
People just saw the unrealistic profit and low DD and thought that they will get rich. What these guys did now was what some of us were predicting all along. There was not enough new investors anymore and they could not keep paying out current investors so they decided to show a fake loss and basically steal the rest of the money for themselves. That way investors think that they lost money via trading and there is nothing they can do about it. Same thing happened with these guys 3 years ago: https://www.myfxbook.com/members/Perfecto_FX/perfecto-fx-emerald-3tgfx/373988
Also a ponzi scheme. There were other similar projects as well as SakuraFx and Global Trading Pros. Everything is well documented on myfxbook.
All in all people who went along with this have only themselves to blame. Instead of investing with actual traders, they went with these and are now surprised about what happened. There are some legitimately good systems available on myfxbook where people can make money consistently but none of them is a get rich quick like MIA.
I bet all my money that in a few months something similar will appear and we will see all the same people investing there as well and then be surprised in 18 months about how they lost their money again.
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