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NovaTech FX Ponzi scheme collapses, withdrawals disabled

The NovaTech FX Ponzi scheme has collapsed.To get more news about novatech review, you can visit wikifx.com official website.

In a communication sent out to investors on February 5th, “NovaTech Admin” advised withdrawals have been disabled.

I’ll spare you the excuses NovaTech FX preambled their collapse confirmation with. If you want to the read the full thing I’ll include it at the end of this article.

Rather than just admit NovaTech FX is a Ponzi scheme in which withdrawals inevitably exceeded new investment, NovaTech FX’s exit-scam buys them 60 days.
For those unfamiliar with NovaTech FX, “trading account” refers to ROI payments. “Bonus account” refers to commissions earned by recruiting new victims into the scam.

When a Ponzi scheme initiates a time-delayed exit-scam, there are typically two goals in mind:

create as much distance between the admin of the Ponzi scheme and their victims and
hold off the inevitable flood of complaints to financial regulators for as long as possible.
To that end NovaTech FX is dangling a “numbers on a screen” carrot to get people to cancel pending withdrawal requests (some of which are backdated to early December 2022).
This will of course only exponentially grow NovaTech FX’s withdrawal deficit, as whatever new money was flowing in is sure to drop to almost nothing now that withdrawals are disabled.

This isn’t specific to NovaTech FX, it happens when every Ponzi scheme initiates an exit-scam.

NovaTech FX’s collapse follows co-founder and CEO Cynthia Petion appearing on a corporate webinar last week. In the webinar Petion reassured NovaTech investors everything was fine.

At the time Petion blamed NovaTech FX’s withdrawal issues on payment processor problems. This ruse started last October but seems to have worn thin as the months dragged on.

NovaTech FX’s collapse also follows multiple regulatory warnings across the US, Russia and Canada (Ontario, Alberta, British Columbia and Saskatchewan).

Throughout 2022 the majority of NovaTech FX’s website traffic originated from the US. Cynthia and Eddy Petion are also US nationals.