Dear Clients,
Chainalysis is a renowned blockchain analysis company that provides data and analysis to government agencies, financial institutions, and cryptocurrency businesses to detect and prevent illicit activity such as money laundering and fraud in the cryptocurrency space. Their reports analyze trends and patterns in cryptocurrency-related crimes such as ransomware attacks, scams, and darknet market activity. In their Crypto Crime Report 2021, Chainalysis has classified Jubilee Ace and Jenco as scams.
In other publications, most notably from Swedish Financial Supervisory Authority had already published a warning regarding Jubilee Ace and their so-called “arbitrage trading” (to make money on market imbalances). Given that it is neither possible to withdraw money nor to become a member, it simply seems as if the people behind the suspected fraud have taken the money and gone into hiding.
However, it is not really that simple. Jubilee Ace seems to have resurfaced in a new guise, and this time the company is called Globalytics Tech Research (GTR). Japan was Jubilee Ace’s largest market (although it was also marketed in other parts of the world) and Globalytics Tech Research also seems to be predominantly targeting investors from Asia.
The aforementioned facts constitute only a fraction of the fraudulent activities perpetrated by this alleged criminal enterprise. We have compiled hundreds of pages of evidentiary material relating to this organized scheme.
However, the law enforcement and judicial processes are not progressing as swiftly as anticipated. This is due to the magnitude of this criminal network, which has reached far beyond the borders of the European Union to encompass Asia, Japan, and the United States. To expedite the resolution of this case, we are preparing to file criminal complaints in other countries and jurisdictions (a criminal complaint has already been filed in Croatia). We are actively pursuing ways to complete this process and you will be notified of our progress.
Zoran Miljakovic
Attorney at law