29. November 2020

Swiss CVM investigates My Hash, alleged financial pyramid created by Brazilian Philipe Han

The company, which claims to be based in Europe, promises returns of 30% per month on investments.

Philipe Wook Han, 37, from Paraná, is known in the Brazilian financial market. He is suspected of orchestrating a R$1 billion coup through FX Trading/F2 Trading, a supposed financial pyramid associated with cryptomoedas that promised revenues of 2.5% per day. The São Paulo Civil Police, as reported by Livecoins in May, opened three enquiries to investigate the case.

Despite all the “financial chaos” generated by Han, last month the Brazilian of Korean descent is behind a new supposed coup: My Hash, which promises investors a monthly income of 30%. The company claims to be formed by a Swiss group of private banks. It also claims to have received a banking licence from FINMA, a sort of Swiss Securities Commission (CVM).

The alleged licence My Hash claims to have received from FINMA, however, is not true. Since last month, the company has been the subject of an investigation by the Swiss body. According to FINMA, My Hash has no commercial registration and cannot act. In other words, the alleged scam cannot attract investors or make miraculous promises of income.

My Hash is on the public list

About three weeks ago, the Swiss authority put Philipe Wook Han’s new company on a public list of companies and individuals not allowed to operate.

“Several financial services require authorisation. If Bitcoin Up receives information that an ISP is operating knowingly or unconsciously without authorization, it will investigate the matter,” the Swiss CVM reports on its website.

“If initial suspicions are consolidated, FINMA may initiate enforcement proceedings and impose measures of varying severity that may even lead to the closure of the company,” FINMA adds.

The Swiss authority emphasizes, however, that the fact that a company is on the list does not mean that its activities are illegal. The name on the list, according to FINMA, only shows that the business or person does not have the backing to act. If My Hash proves to be serious in the course of its investigations, for example, it may be off the list.

My Hash also does not have CVM authorization

In addition to not having the Swiss agency’s authorization, the company also does not have the CVM’s endorsement or waiver to capture clients in Brazil.

However, the CVM only regulates capital market companies incorporated in Brazil or with a branch in the country, according to information provided by the agency’s press office. As My Hash claims to be only in Europe, the federal agency is not competent to regulate the business, even if the investors captured by the company reside in Brazil.

Spreaders of supposed pyramids “adopt” My Hash

Despite My Hash’s creator’s past, the company has already become a darling of so-called pyramid promoters. In the last seven days alone, according to Livecoins, at least 20 videos about the new alleged fraudulent scheme have been published on YouTube.

One of the main promoters is youtuber Valberti Freitas, of the Academy of Leaders. He states on his channel that he seeks to educate people and “bring up-to-date information about blockchain technology, in a responsible and truthful way, teaching you to work from home at almost zero cost”.

In the last two days, Freitas has published at least six videos about Philipe Wook Han’s new supposed coup. In the material released this Thursday (9), for example, he claimed to have allegedly profited 1.03% in one day on the company’s platform.

Freitas, however, is far from being an educator. This is because he is known to disclose alleged scams, like FX Trading/F2Trading and Unick Forex, allegedly a gaucho pyramid that moved R$ 29 billion illegally. In addition, he advertised for Nui International, also suspected of fraud.