GPay crypto trading platform claimed as a scam by the UK High Court

• After looking into confidential enquiries, United Kingdom insolvency service has claimed that GPay is nothing but a scam. 

• The UK High Court has appointed the official receiver as a liquidator of the company which trades in cryptocurrency. 

After looking into confidential enquiries, United Kingdom insolvency service has claimed that GPay is nothing but a scam. The UK High Court has appointed the official receiver as a liquidator of the company which trades in cryptocurrency. 

As a little bit of background on the situation, the company advertised services online through social media channels which the insolvency service claims that the advertisements falsely claimed that the service was endorsed by entrepreneurs who appeared in an unnamed UK prime-time TV show and a high-profile money-saving website.

Local authorities received many complaints and as a result of this, the insolvency service proceeded with confidential enquiries into the activity of GPay. After digging around, it was revealed that at least 108 clients claim to have lost more than £1.5 million as they traded on the platform.

The chief investigator for the U.K.’s insolvency service, David Hill commented on the matter saying:

"GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam as GPay tricked their clients to use their online platform under false pretences and no customer has benefited as their investments have been lost."

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!