Fraudulent Crypto Investments Detected, PASTI Task Force Halts YWWSDC and RTHAE Activities
The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted the activities of YWWSDC and RTHAE after finding a number of indications of violations in their offers of crypto asset and digital financial asset investments to the public.
The two entities are known not to hold a licence from the Financial Services Authority (OJK) as Digital Financial Asset Traders (PAKD) and claim to be companies licensed abroad as well as being in the process of obtaining licensing from the OJK.
“Satgas PASTI urges the public to be cautious of investment offers made in the name of foreign companies or claiming to be in the process of obtaining OJK licensing,” wrote Hudiyanto, Secretariat of the Task Force for the Eradication of Illegal Financial Activities, in a press release on Monday (31/8).
Furthermore, the public is also asked to always verify the legality of any party offering investments and to understand the characteristics, benefits and risks of the products being offered.
YWWSDC claims to be part of YWWSDC Group US Ltd, a company said to be licensed in Colorado, United States.
YWWSDC offers investment schemes for crypto asset trading and the purchase of digital financial asset tokens through the YWWSDC platform.
Based on the results of clarification and verification, Satgas PASTI found that YWWSDC does not hold a licence from the OJK as a PAKD, carries out business activities that do not match the licence issued by the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM), and the application and/or website used is not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs.
Satgas PASTI also found indications of changes to the link address (URL) using a different name but with a similar appearance, so it is suspected to be connected to YWWSDC.
RTHAE offers crypto asset and digital financial asset investments through the Retail Trader Hosted Automates Engine (RTHAE) platform.
The offer was made, among other things, through an initial token offering claimed to be listed on the RTHAE exchange, with a promise that funds already deposited would be returned to members if the token failed to list.
Based on the results of clarification and verification, Satgas PASTI found that RTHAE has no legal entity in Indonesia, does not hold a licence from the OJK as a PAKD, carries out business activities that do not match the licence issued by the Ministry of Investment and Downstreaming/BKPM, and the application and/or website used is not registered as a PSE with the Ministry of Communication and Digital Affairs.
In connection with these findings, Satgas PASTI has halted the activities of YWWSDC and RTHAE and blocked access to the related applications and/or links (URLs).
Satgas PASTI will also coordinate with law enforcement officials for further enforcement action. Members of the public who feel they have suffered losses are asked to report immediately to local law enforcement officials to speed up the handling process.
Satgas PASTI once again urges the public to always be wary of investment offers or financial activities that promise high and illogical returns, especially those made in the name of foreign companies and claiming to be in the process of obtaining OJK licensing.
If members of the public find indications of similar offers, illegal investment offers, or illegal online loans, they can report them through the website sipasti.ojk.go.id or through OJK Contact 157, WhatsApp 081157157157, and email konsumen@ojk.go.id.
Meanwhile, members of the public who are victims of financial transaction fraud can report through the Indonesia Anti-Scam Centre (IASC) website at iasc.ojk.go.id to support efforts to block the perpetrator’s account quickly.