This is KX-Unit and Associates Pte Ltd Official Press Release regarding the Ufun/Utoken scam case. KX-Unit has taken on this case with hopes that the victims, many of whom are “common people”, will get some form of restitution and justice. Most of them have poor financial literacy and were unable to understand the technical details and implications of this “investment”. In fact, even one of our client with financial background was not able to discern the scam in its initial stages.
Nonetheless, majority of them hail from working class backgrounds – from taxi drivers to housewives to retirees. Some of them have been incited to invest whatever they have – including their children’s polytechnic and unversity semester fees, their medical savings, and unfortunately enough, one elderly lady was convinced to part with her “funeral” money. For some people, it might not seem like a lot of money, but if we see it from some of the victims’ perspective we may start to understand their agony.
At its core, UFun/UToken is an international online investment scam platform dealing with virtual currency. It has been around since 2013 and has representatives all over the world, including Singapore. According to the victims, the suspected scammer and mastermind in Singapore is a person they know collectively as “Uncle 4”. This suspected scammer also has a particular modus operandi, requiring that all transactions be made to him in cash.
He targets those who are unfamiliar with financial instruments by likening the UFun/UToken platform to Bitcoins, which is an established and recognized online currency. Once he has received the supposed transaction amount through his down-lines, he will then “credit” this money into the victims’ online account. However, the numerical figure in the floating online account are mere figures not backed by any regulated banks or institutions.
KX-Unit has worked closely with the victims to identify the critical details, including the suspected scammer. We have also spoken and negotiated with the suspected scammer, allowing him the fair space to dispute our clients’ claims. However, our attempts to fire up a dialogue have been met with only his disdain and arrogance.
As of now, KX-Unit has assisted our clients with submission of their report to the Commercial Affairs Department (CAD). We will continue to assist our clients accordingly. Ultimately, KX-Unit’s goal and hope is that our clients may receive some form of restitution and know that after all these years, justice can finally be served.
You can contact us at +65 6291 3656 / +65 8112 7790 or email KX-Unit at [email protected] for any queries on the case.