Following VORTEXYL Case: the Trader Nearly Suffers Recovery Room Fraud by Unknown Horizon-law

Earlier today, BrokersView exposed a scam case where a VORTEXYL client found himself falling victim to the forex and crypto trading platform.

The victim gave us further feedback that a law firm called Horizon-Law, which allegedly specializes in recovering funds invested in misleading platforms, contacted and instructed him to withdraw from Coinbase. Horizon-Law forged letters sent in the names of the Financial Conduct Authority (FCA) and listed crypto exchange Coinbase to convince the trader that he could recoup his funds with the company's help.

Looking back on the VORTEXYL case

Initially, the client attempted to withdraw €3,000 following deceptive instructions from a VORTEXYL employee but ultimately failed to access the funds. After negotiations, his account showed a gain of $7,035.35 later, which, according to the client, the platform had earned itself without his intervention.

Taking an in-depth look at Horizon-Law's entire process for committing funds recovery fraud

Horizon-Law told the trader that his money was on Coinbase and promised to help him recover it.

Subsequently, the company sent him a letter supposedly from the FCA and signed by a member of this institution, where VORTEXYL has been determined as a fraudulent platform. The company then asked the trader for a power of attorney to claim his assets deposited on Coinbase. 

Although VORTEXYL is a scam broker, the FCA has not yet issued a warning against the platform. So Horizon-Law was likely to forge a fake letter to convince the trader of its professionalism. 

After that, the company sent him another letter, supposedly from Coinbase Investigation Department. The email address is <coinbase@investigation.financial>. However, Coinbase doesn’t set up an Investigation Department. Horizon-Law attempted to deceive traders by falsifying information and materials that appeared authoritative.

In reality, the letter reveals the purpose of the fraudster's demand for an “account synchronization” fee.

Specifically, Horizon-Law claims to have arrested VORTEXYL’s account which was set up in the victim’s name, with a balance of $17,423.93 (0.249 BTC) temporarily suspended for the recovery procedure. However, recovery of the funds requires the payment of 8% ($1,393.91/0.0199 BTC) of the total refund in BTC as a synchronization amount on the trader's personal Coinbase wallet account.

A fraud alert was triggered when the letter read, “It must be provided from a source outside your Coinbase personal wallet account, as we cannot deduct it from the arrested amount.”

Despite specific figures, seemingly justified reasons, and a security reminder given in the letter, everything is just an illusion created by the fraudulent law firm to scam the victim out of their money.

BrokersView Reminds You

The VORTEXYL client questioned Horizon-law's claims and decided to ask us about its legitimacy and credibility before taking any action. 

The answer BrokersView gives here is that Horizon-law is a recovery room scam and warns investors to be wary of any individual, team, or company who claims to be able to help retrieve funds lost to investment scams.

About Unknown Horizon-law and recovery room fraud

We searched Horizon-law on Google without the company’s profile, with the result showing multiple identical or similar names. These law firms practice in different areas ranging from business, real estate, and finance, to blockchain. 

Only https://www.horizon-law.net/ blatantly guarantees efficient, high-quality recovery of funds, but the site is now inaccessible. The site is likely the same funds recovery scam disclosed in this article, so please be vigilant and beware of similar domains.

Recovery room fraud, where victims are asked to pay an upfront fee (in various forms) in exchange for the recovery of their lost money, specifically targets individuals who have already been harmed by other fraudulent schemes. 

Financial regulators such as the FCA and the FSMA have issued warnings about recovery room fraud. The FSMA’s recent warning also alerted that scammers are posing as its employees to commit such fraud.

Therefore, be cautious of unsolicited emails, calls, or messages claiming they can recover your lost funds. If you need assistance recovering funds, turn to your local police, regulatory authorities.