Who Is Behind the Zoo Broker Scam Network?

Investigating Operators of Silver Wolf, Brown Fox, Blond Bear, and Blue Seal

Update (May 20, 2019 – 5:30 PM)

In response to recent inquiries, the CEO of ExchangeITonline, Offer, stated that his exchange does not support Forex-related transactions and fully complies with applicable KYC/AML regulations. Nevertheless, further research has shown that several scam broker websites still link to ExchangeITonline for cryptocurrency deposits. Additional clarification has been requested.

Overview of the Scam Network

On May 2, 2019, the Italian financial regulator CONSOB issued a warning about Silver Wolf Limited and its brand ECNpremium. In response, the operators switched the website’s ownership label to Brown Fox Limited. Similarly, after the Financial Commission added FXtrade777 (formerly operated under Silver Wolf) to its warning list, the domain changed from fxtrade777.com to fxtrade777.net. These tactics mirror those seen in schemes connected to Gal Barak and Uwe Lenhoff.

Identified Entities in the Network

This sophisticated scam network uses known mechanisms, including:

• Frontend companies registered in Estonia

• Offshore entities in the Marshall Islands

• Naming conventions inspired by forest animals

Involved Corporate Entities:

List of Known Broker Brands

Below are several of the scam brands associated with the Zoo Broker Scam:

• DeltaFXMarkets

• FXtrade777

• TradesEasy

• VIX500

• Tradex1

• LiteFinTech

• ECNpremium

• CFDpremium

• DAX300

• MIB700

• PremiumTradesMarkets

These websites operate nearly identically, differing mainly in brand visuals and messaging—suggesting a coordinated and large-scale operation akin to a scam production line.

Payment Flow and Service Providers

The scam primarily relies on cryptocurrency for financial transactions. As identified by Scam-or Project, websites such as TradesEasy, ECNpremium, and FXtrade777 use Exchange IT Online for crypto deposits. One observed Bitcoin wallet for TradesEasy recorded 23 transactions, with activity continuing through May 2019.

Credit Card Processing:

• Payment Gateway Solutions Pvt. Ltd (Mumbai, India) (https://paymentz.com/)

Notably, bank wire options are generally unavailable on these sites. However, bank transfers can still be used indirectly to purchase crypto via Exchange IT Online.

Links to Previous Scam Networks

Allegedly, the same boiler rooms responsible for the scams led by Gal Barak and Uwe Lenhoff (e.g., XTraderFX, SafeMarkets, Option888) are now supporting the Zoo Broker Scam. The modus operandi aligns closely with Barak’s earlier operation 4xFX, which also used a registered crypto exchange in Estonia to carry out fraudulent activities.

Official Warnings

Several regulatory bodies have issued warnings about the Zoo Broker Scam brands:

Additional European regulators have also included various Zoo Broker Scam domains on their blacklists.

Final Notes: In the Shadow of the “Wolf of Sofia”

The network appears to follow in the footsteps of Gal Barak, also known as the “Wolf of Sofia,” and Uwe Lenhoff. Both were arrested in early 2019 under charges of fraud, money laundering, and cyber-enabled financial crimes.

Submit Information

If you have insights or have fallen victim to one of the Zoo Broker Scam platforms, please contact the Scam-or Project through their confidential whistleblower system.