HotNews No 105: ProCap – How a Scam Was Masked as an Investment in Prediction Games
ProCap, a company that started its operations in the Philippines in early 2023, quickly became recognizable as a platform that deceived thousands of investors across Southeast Asia. Initially, they promised capital protection and high monthly returns through prediction games like baccarat and roulette, attracting a large number of users. Although accusations of operating a pyramid scheme were raised early on, their operations continued to expand, and they shifted focus to casino games and “predictive games” as their main offering.
Attracting Investors with High Promises
ProCap offered various investment packages, ranging from 2,470 USDT to 74,100 USDT. Through “predictive games” in popular casino games such as baccarat and roulette, they promised high returns – even up to 30% per month. This offer seemed like an attractive opportunity for quick profits, and the company partnered with several online casino platforms, including AE Sexy, Evolution Gaming, Yeebet Gaming, and DB Gaming, which further increased the credibility of their offer.
However, although everything seemed legitimate at first, it quickly became clear that investors had been deceived. While many users were initially optimistic about the promised high profits, in reality, everything was disguised as an investment in prediction games, while the funds were being used to maintain a pyramid scheme.
Luminex and Withdrawal Blockage
In December 2024, ProCap launched a new payment platform called Luminex. Shortly afterward, users were informed that withdrawals were suspended until the KYC (Know Your Customer) process was completed. This step raised concerns among investors, as no one from the management clearly explained the changes, and users were forced to comply with new verification requirements to withdraw their funds.
However, the situation soon became even more complicated. On December 13, 2024, ProCap’s CEO, James Teo, was arrested in China on suspicion of illegal gambling and money laundering. This event led to even greater uncertainty, as James was one of the key players in the withdrawal process, and withdrawals were put on “indefinite hold.”
ProCap Banned in the Philippines
It is also important to note that in 2023, ProCap was recognized as an illegal platform and banned by Philippine regulatory bodies, including the Philippine Amusement and Gaming Corporation (PAGCOR), due to irregularities in its operations.
Banned in Hong Kong as Well
In addition, ProCap’s operations were also banned in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) warned the public about suspicious investment products offered by ProCap, including policies and packages for games promising very high guaranteed monthly returns. The Hong Kong Insurance Authority (IA) also issued a warning regarding the fraudulent website https://www.procap.insure/, claiming it was linked to “ProCap International,” a company not authorized as an insurer or insurance intermediary under Hong Kong’s Insurance Ordinance. Furthermore, ProCap changed its name to “ProCap International” and expanded its activities to Hong Kong, where it opened a business hall in October 2024.
Call to Victims: Contact Us if You Have Been Scammed
Although ProCap still claims to be working on resolving the issues and enabling withdrawals, the situation is becoming increasingly clear – the company was a scam that deceived thousands of users. If you have also been a victim of this scam and invested funds in ProCap, we invite you to contact us. Our team can assist you in filing a fraud report and protecting your rights.
Do not let another day pass without taking the necessary steps. Contact us so we can help you enforce your rights and try to recover the lost capital.
Your DefendMe Team