Call for Information: Blue Trading and Onyx Capital Investigation

Overview of the Case

Scam-or Project has been contacted by several individuals claiming to be victims of the unregulated investment platform Blue Trading. The platform operated without proper authorization, and the UK’s Financial Conduct Authority (FCA) had already issued a public warning about the firm in September 2018. Operations officially ceased on February 24, 2019, allegedly due to issues with its proprietary trading software. Onyx Capital, a company believed to be affiliated with Blue Trading, has also come under scrutiny.

Platform Closure and External Reports

While direct testimonials from victims provide key insights, summaries of Blue Trading’s collapse have also been published in outlets like Dispatch Weekly, as well as in publicly available Google documents. These sources highlight the scale of investor losses and point toward the urgent need for further investigation.

Tracing the Payments and Wallet Activity

Initial research into the Blue Trading network has revealed several cryptocurrency wallets associated with the operation. These wallets held substantial balances, suggesting large-scale activity:

We are currently seeking additional data regarding fiat accounts used to fund client investments and the financial infrastructure supporting Blue Trading. There is a particular interest in identifying the individuals orchestrating the operation and clarifying the nature of the alleged trading software malfunctions.

Suspected Links and Payment Infrastructure

Our preliminary analysis suggests that financial transfers related to Blue Trading involved German and Dutch banking institutions. These same banks were reportedly used in other well-known schemes tied to Gal Barak and Uwe Lenhoff. Both individuals are now under arrest and are known to have cooperated closely with Vladislav Smirnov, a Russian national.

Onyx Capital—positioned as Blue Trading’s partner—is a Russian-based provider of crypto liquidity. These findings support the hypothesis that Blue Trading, along with Onyx Capital, is embedded in a network with strong connections across Germany, Israel, and Russia.

Data further indicates that identical or closely related payment service providers were utilized across these schemes, many of which are believed to originate from Russia.

Promotional Efforts and Media Coverage

During 2018, Blue Trading gained substantial visibility within the crypto community, aided by coverage from platforms like Bitcoinist and NewsBTC. NewsBTC, for instance, published a review portraying Blue Trading in a favorable light—described as an “honest review.” Though the article has since been removed, archived versions remain accessible via Google Cache.

How You Can Help

If you invested through Blue Trading, or have insights into its operations, partnerships (especially with Onyx Capital), or associated individuals, your information is vital. Claims and tips can significantly contribute to ongoing investigations and support efforts to bring the perpetrators to justice.

We invite anyone with relevant details to come forward and share their findings. Your cooperation can help uncover the full scope of this operation and potentially assist other victims.