Cuba Is Now the Next Big Target of Crypto Scammers and Fraudsters


The Crypto industry and community in Cuba are living the best times of their lives because crypto adoption is continuously increasing in the country for the past 16 months. But the Cuban Government believes that it is still lagging behind the target as a lot has to be done to let the industry grow. But the Central Bank’s recent statement is very concerning as it has noticed that crypto-related fraud cases have been increasing throughout the country. It seems as if Cuba has been selected as the next big target by crypto scammers and fraudsters.

Banco Central de Cuba is the central bank of Cuba and the bank is concerned about crypto trading in the country. A public warning message has recently been published by Banco Central informing the public to be careful regarding crypto trading. The bank told the public that there is a number of Ponzi schemes operating within the country. The bank told further that most of these fraudulent crypto schemes have been hiding behind the disguise of authentic crypto trading platforms.

It has been noticed by the bank that in various parts of the country, these schemes have targeted thousands of victims. Millions of dollars have been lost to these scammers and fraudsters, pointed out the bank.

After the publication of the warning, the bank thereafter issued several names of the crypto fraud platforms. For instance, Mirror Trading, Qubit Life, X-Toro, Mind Capital, Arbistar, Trust Investing, etc. have been named as fraudulent platforms. The authority also pointed out that these firms have been operating without obtaining prior permission or license from the relevant authorities.

One particular illegal platform namely Arbistar had initially started in Spain and victimized Spanish crypto investors. The operators of this trading platform are wanted by the authorities of Spain for embezzling millions of dollars belonging to the public. The bank told that now Arbistar has set up its roots in Cuba and therefore investors should be aware that this is an international crypto fraudster.

In the meanwhile, with regard to Mirror Trading, the bank noticed further that this was also a crypto fraud scheme. This particular firm is in fact involved in multi-billion dollar of scams and was initially launched in the US. After the US, the company set up its offices in various other countries. The last known location of the firm, where it was actively involved in looting the public, was South Africa. However, the operators of the scheme in South Korea ran away and the Court has taken over the assets of the firm for liquidation purposes.

Keeping in view these circumstances, Banco Central de Cuba has urged citizens not to engage with any of these crypto trading platforms. In fact, a word of caution has been given, advising citizens to tread carefully with the trading platforms other than the known fraudsters as well.

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