The website for CashFX Group has gone dark, a move that follows the platform’s collapse in late 2021 and a prolonged period of unfulfilled promises to investors. The company has announced a purported "decentralized" reboot, though details suggest a centralized group of unknown individuals will be at the helm.
CashFX Group posted a statement indicating it would honor members with active Academy-Packs by facilitating profit and loss settlements and processing withdrawals through regulated payment methods. The company cited its gratitude for its "legacy in history" and promised further communication within days to outline a resolution plan. This announcement comes after the last known payments were allegedly made to top promoters in mid-2022, intended to encourage continued deception of their downline investors.
The current "decentralized" reboot appears to be another empty promise, a common tactic used to placate defrauded investors. The individuals behind this new iteration remain unclear, and it is unlikely that co-founders Huascar Lopez and Ron Pope are directly involved in the public-facing operations. Lopez, who served as the primary spokesperson for CashFX Group, vanished from public view shortly after withdrawal halts in late 2021 and has not resurfaced publicly since 2022, reportedly residing in Europe.
Ron Pope, owner of Conversion Pros, is suspected of managing CashFX Group's backend operations and payment processing, which some sources have described as money laundering. Pope initially fronted CashFX but quickly retreated, possibly to distance himself from the Ponzi scheme's growing notoriety. He was later linked in August 2023 to CFX Legacy, a platform presented as a reboot managed by the "Cash Forex Group Corporate Team," which maintains its own active website.
Prominent promoter Luigi Bruni, a Canadian national, continues to falsely portray himself as a victim despite allegedly defrauding investors out of millions through CashFX Group. Bruni is known for promoting other short-lived MLM crypto Ponzi schemes. He shared top promoter status at CashFX Group with Justin Halladay, who has recently been associated with promoting Banker Quotes, another MLM crypto Ponzi scheme, after promoting various failed NFT ventures.
Two years after its collapse, no definitive regulatory action has been publicly announced against CashFX Group, its operators, or its promoters. The UK confirmed a criminal investigation into the scheme in August, but the investigation's status and any potential US involvement remain undisclosed. The total financial losses incurred by CashFX Group victims are still unknown.