Surrounded by Allegations of Misconduct, Is Crypto&Forex Platform 1000X a Scam?

Currency trading markets, whether forex or cryptocurrency, promise excitement, wealth, and the thrill of price waves, but beneath the surface, risks lurk. Except for inherent market risk, there are always pitfalls set by fraudulent trading platforms and uncertainties from risky brokers. These risks are particularly highlighted in the crypto space, where regulation has been in a gray area and where risks are extremely high.

Today’s cautionary tale is about the Crypto and Forex platform 1000X. Doubts have been cast on 1000X’s credibility as several Thai traders reported problems with the company.

Traders’ problems with 1000X

There have been social media posts alleging misconduct by 1000X. Clients claimed they were coerced into withdrawing funds in ACT coin, the company's cryptocurrency, but encountered discrepancies in the coin value received compared to their withdrawal amounts. 

One post detailed a withdrawal of $4027, resulting in over 90,000 ACT received, significantly below the expected amount of approximately 3 million ACT. The huge discrepancy prompted accusations of dishonesty and calls for fair treatment. Despite attempts to contact support, the affected individual received no response, leading to frustration and dissatisfaction.

Additionally, another individual reported a withdrawal request dating back to April 28, 2023, yet he has not received the funds nearly a year later.

A closer look at 1000X

Offering forex, commodities, and cryptocurrencies to traders, 1000X claims that its website https://1000X.live/ is operated by 1000X Limited with a registered address in Kowloon, Hong Kong. The provided certificate of incorporation shows a registration number 3120670. Despite registering with the Companies Registry of Hong Kong Special Administrative Region, it lacks the necessary registration and authorization from the Securities and Futures Commission of Hong Kong (SFC) to operate forex or crypto trading.

Notably, 1000X has been identified as an unlicensed digital asset business in the Investor Alert of the Securities and Exchange Commission, Thailand. The alert also includes the other two websites related to 1000X and its token ACT, and the owner and operator of ACTPAY Mr. Worawat Narknawdee, who was mentioned in an enforcement record. On March 31, 2023, the SEC took enforcement against 1000X, noting that 1000X and Mr. Worawat have jointly operated a digital asset dealer without a license and actively solicited and promoted its services in Thailand through a Facebook page called 1000X Thailand.

The Facebook account "1000X Thailand" is still operational and updated, so keep an eye out for anything suspicious.

Other suspicious points and risks are manifested in the platform’s statements. For example, users can open an account with 1000X without a KYC procedure. This exposes traders to potential fraud and hinders identifying illegal activities. Also, the platform gives a confusing answer about the jurisdiction where it was incorporated.

Bottomline

Given these revelations, investors should exercise caution and avoid engaging with unlicensed digital asset businesses and unregulated forex companies like 1000X. Without proper regulation and oversight, investors face heightened risks of financial loss and potential fraudulent activities. It is essential to prioritize due diligence and verify the legitimacy of any financial institution before conducting trades or investments.

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