HotNews No. 124: Lquid Finance Under Scrutiny in Australia and New Zealand – Another Ponzi Scheme Unraveling With Familiar Faces Behind It
Yet another “innovative crypto project” has come under regulatory fire – Lquid Finance / LquidPay, which markets itself as the world’s first “Deobank”, is now the subject of official fraud warnings in both Australia and New Zealand. Authorities are warning the public that the business is not licensed, likely deceptive, and run by individuals with a long history of fraud.
ASIC Warning (Australia) – June 6, 2025
The Australian Securities and Investments Commission (ASIC) has issued an alert stating that Lquid Finance Pty Ltd and the related entity Lquid Pay Pty Ltd are not registered to provide financial services in Australia, despite publicly claiming otherwise.
FMA Warning (New Zealand) – May 2, 2025
The New Zealand Financial Markets Authority (FMA) issued a similar warning, stating that LquidPay falsely claims to be compliant with New Zealand law and to hold a registered trademark. FMA requested evidence to support these claims but received no response. The regulator concluded that the claims are likely false and misleading, and urges New Zealanders not to engage with the company.
Who’s Behind It: Same Scammers, New Scheme
Lquid Finance and LquidPay are operated by Shavez Ahmed Siddiqui, aka Shavez Anwar, an Indian national hiding in Dubai. Siddiqui is a known serial fraudster, having played a major role in Sam Lee’s infamous HyperFund Ponzi scheme.
After HyperFund collapsed, Siddiqui and Lee launched HyperOne, and later teamed up again for StableDAO, essentially “HyperTech Group 2.0”. From there, they continued with StableOpinion, VidiLook/ViviLook/VEND, WeAreAllSatoshi, Satoshi Math Club, and Boomerang Trade.
Following a falling-out with Lee, Siddiqui took over We Are All Satoshi (WAAS) as his own Ponzi project. Lquid Finance appears to be his latest iteration – promoted as a revolutionary crypto-financial service, but with the same pattern: big promises, no licenses, and zero transparency.
Why This Matters
LquidPay is yet another warning sign: old scammers repackaged in new brands, logos, and buzzwords. A flashy website or mobile app doesn’t replace licenses, legal accountability, or investor protections.
At the same time, the quick and coordinated responses by ASIC and FMA show that authorities are catching up and increasingly acting cross-border. For victims and potential investors, the message is clear – do your due diligence, and beware of projects that sound too good to be true.
Your DefendMe team