Cash FX Group withdraw delays suggest imminent collapse

Withdrawal delays suggest the Cash FX Group Ponzi scheme is on the verge of collapse.

CEO Huascar Lopez addressed Cash FX Group’s ongoing withdrawal delays in an email sent out to investors.

Rather than simply admit the company was running low on new investment to pay returns with, Lopez trotted out COVID-19 and bitcoin’s fluctuating value.

During this unprecedented global challenge, we are managing issues in several areas that affect our business model and many others as well.

One of those is within the forex market itself which we have discussed during our New Social Movement events. Another is in the conversion of Fiat to BTC for our member withdraws.

I would like to share some details regarding the process so you may better understand why some delays may take place from time-to-time due to the current COVID-19 pandemic.

Cash FX Group solicits investment in bitcoin on the promise of 200% to 400% returns.

Returns are paid in bitcoin, which Cash FX Group claims it’s routinely losing money on.

We prepare for our busiest withdraw period on the weekends by purchasing BTC at the end of the week to cover expected withdraw requests.

A BTC purchase of 100 coins for example would cost $665,000 USD.

This Saturday saw a price drop to $5,800 ($580,000 USD). This creates a shortfall of $85,000 USD to complete requests for withdraw.

At this point, we have a couple options; one is to spend an extra $85,000 USD to complete withdraw requests; another would be to wait for a price recovery, thus protecting the capital on behalf of the members and the company, and then complete the withdraw requests without such a large loss.

Multiple times over the last few days we began the process of paying out all withdrawal requests, however due to market volatility, we had to stop before being able to complete all the withdrawal requests.

So each day we would pay out several withdrawal requests, but unfortunately, not all of them at once.

How far behind Cash FX Group are with withdrawal requests is not clarified. I have however seen claims that in some instances the company is behind by a few weeks.

With carried over unpaid withdrawal requests piling up, how long Cash FX Group can continue to string investors along remains to be seen.

Cash FX Group claims returns are generated via forex trading, however no evidence of external revenue being actually used to pay investors has ever been provided.

Furthermore, Cash FX Group is not registered to offer securities anywhere in the world.

The company is primarily promoted by serial Ponzi promoters in the US. At the time of publication Alexa estimates the US is the largest source of traffic to Cash FX Group’s website (22%).

To date US authorities have taken no action against the company or its promoters.

Pending Cash FX Group’s expected official collapse, stay tuned…

Update 30th June 2021 – 
CashFX Group is
once again experience ongoing withdrawal delays
.

🤖 Quick Answer

What withdrawal issues is Cash FX Group experiencing?

Why are withdrawal delays occurring at Cash FX Group?
According to CEO Huascar Lopez, withdrawal delays result from forex market challenges and difficulties converting fiat currency to bitcoin. The company cites unprecedented global conditions affecting its business model and operational infrastructure.

What explanation did Cash FX Group's leadership provide for payment delays?
CEO Huascar Lopez attributed withdrawal delays to COVID-19 pandemic impacts and bitcoin price fluctuations. He referenced challenges within forex markets and fiat-to-cryptocurrency conversion processes affecting member withdrawal procedures.

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