ProCap Newsletter No. 2

How Another “Brilliant Investment” Turned into a Nightmare

ProCap was introduced to investors as an innovative platform promising secure and high returns through “predictive games.” With a professionally designed marketing campaign and an impressive website, many believed it was a legitimate investment opportunity. However, behind the attractive facade lay a sophisticated financial fraud.

ProCap operated as a pyramid scheme – funds from new investors were used to pay older members, while promises of guaranteed profits served as bait for new victims. Thousands of people invested significant amounts, only to soon face delayed payouts and sudden changes in the platform’s terms of use.

The situation worsened when the company introduced mandatory “KYC verifications,” effectively preventing investors from withdrawing their funds. Instead of receiving payments, users were redirected to a new platform – Luminex, an attempt to prolong the scheme. Shortly after, ProCap disappeared, taking investors’ money with it.

Where Are the Key Players Now?

CEO James Te and his associates are under investigation in multiple countries for suspected fraud and money laundering. Authorities in the Philippines have already banned the company’s operations, while additional legal actions are expected in other jurisdictions. The total damage is estimated in the millions of dollars, leaving victims struggling to recover their funds.

What Now?

If you are among those affected, it is crucial to take steps to protect your rights. Several legal options are available, including filing reports with relevant authorities and pursuing collective lawsuits against those responsible. Acting quickly and consulting with experts can improve the chances of recovering at least part of your funds.

If you want to learn more about the next legal steps, feel free to contact us.

Zoran Miljakovic

Attorney at Law