Cermak, a venture promoted as a trading bot reboot of the defunct Skainet Systems Ponzi scheme, collapsed on July 21st. The scheme, also known as CermakFX, promised investors returns exceeding 30% monthly.
Skainet Systems victims were initially recruited with promises of 50% of profits generated by a trading bot. When that operation failed last month, Cermak emerged, targeting the same investor base with even higher return projections. This new scheme incorporated a multi-level marketing compensation plan, a common feature in fraudulent operations.
The Cermak operation was added to ScamTelegraph's review list. However, before a full analysis could be completed, the company announced its demise. In a statement, Cermak attributed the collapse to an inability to attract sufficient clients or secure funds for its copy trading operations, leading partner traders to suspend their involvement.
Details regarding the total losses incurred by Cermak and Skainet Systems investors remain undisclosed. Skainet Systems, launched in mid-2024, was fronted by Michael Baur, a German national reportedly residing in Dubai. While Cermak's ownership was not explicitly stated, its immediate emergence after Skainet's failure strongly suggests the same operators were involved.
Cermak's brief existence prevented it from attracting new regulatory scrutiny. However, Skainet Systems had already drawn fraud warnings from German and Russian authorities.
Michael Baur has since reappeared in connection with Nexxano, a recently launched pyramid scheme.