NovaTechFX (crypto fraud case) Help Center
NovaTechFX and AWS Mining: more than $1 billion deposited, less than $26 million traded. What the New York AG recovered, what is still pending, and warning signs.
3 questions answered
- NovaTechFX Crypto Scam: Where Did Investors' Money Go?According to the New York Attorney General, investors deposited more than $1 billion in cryptocurrency with NovaTech from August 2019 to April 2023, but less than $26 million was ever traded on its platform. NovaTech collapsed in May 2023 and tens of thousands of investors could not withdraw. The AG describes it as a pyramid scheme that paid recruitment bonuses.
- Can NovaTech victims get their money back?Some money has been recovered, but no claims process is described yet. Four promoters agreed to pay about $5.98 million in disgorgement "to benefit victims" and were banned from the securities, commodities and crypto industries. The AG has asked the court to order the founders to pay $1.3 billion; that is a request, not a recovered amount.
- How can I tell if a crypto trading company is really trading my money?Check the warning signs the NovaTech case shows: fixed weekly or monthly profit promises, bonuses for recruiting others, claims of being registered or licensed that you cannot verify, and "withdraw anytime" promises. In NovaTech, more than $1 billion came in while less than $26 million was ever traded.