Triumph FX, TriumphX & TRIX
This article is going to take a view on what sort of scam the Triumph network was/is.
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Intro
Today we know that the triumph network is at worst a scam, in the least a super risky investment that is not or barely regulated with dozens of red flags.
But how did Triumph got to this point where it is not triumphing at all, but instead loosing / lost a ton of money for its investors?
When I first heard of TriumphFX
A friend of mine first pitched this investment opportunity, saying that she has a friend who is doing this investment for quite a while now, and apparently have earned a lot of money with it.
I never took part in this investment, as I wanted to wait until some people that I know that are part of Triumph have successfully withdrawn their money from them (profitably).
Basic concept of Triumph FX
The basic concept is that you give them money, which they use to trade and the profits of the trades are deposited in your account.
And day by day you can see the earnings in your account, watching your portfolio increase constantly at a very good rate.
So where is the catch?
Triumph has a company that is regulated by CySec. Which gives a false sense of security (even though at one point this company lost it’s license from CySec).
Once they lure in the victim and sign the victim up with a deposit, they assign the victim to another offshore branch of the company (which is not regulated by anyone), so they can give false promises and fake numbers and so forth.
Over time, Triumph couldn’t pay out everyone who invested and multiplied their money. For a while they could, from new investor money, but those returns that they were promising/showing to existing investors were just simply not possible to uphold in trading.
So what do they do?
They create TriumphX coin!
Now even if you gave them your USD, EURO, GBP and so forth, and the returns on your investment were shown in your respective currency in your account, the only way you will be paid is through their TriumphX coin.
This coin supposed to have a value close to dollar, so its all right, right?
Well not really. First and foremost they control the supply, and who do they give the majority of the supply? To the owners.
This means that the owners can take their money out by converting TriumphX coin to a national coin first (so they get the best returns on the exchange rate).
As more people try to withdraw their money (assumably after the owners), the more the price of TriumphX coin gets pushed down. So much so that people eventually trying to take out their money are taking out money at an enourmous loss.
Even if you invested 1000 USD at first, which went up to 30000 USD, taking out that 30000 USD is possibly only through their Crypto coin, which will net you 100-300 USD (its an example).
Everybody looses, who wins? They owners, as they are not obliged to pay you in the currency of your initial investment, but instead through their shitcoin TriumphX, which is free for them to create (but the more is created and added to the marketplace, the less its value is).
What now?
Blame the decrease of your shitcoin’s value on speculators! Tell your investors that all they need to do is buy more of your shitcoin to push the value up. Start a protest or a petition. Problem solved! And you can simply go an wash your hands from all the dirty you did.
Petitions: https://www.ipetitions.com/petition/petition-to-take-action-to-drive-tex-price-up
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Any one else got scammed with Triumph FX?