Thousands of people in al-Hasakah governorate in northeastern Syria have suffered major financial losses estimated at millions of dollars after falling victim to fake online trading platforms and apps that promised quick profits within a short period.
Residents and users from al-Hasakah told Enab Baladi that several online trading platforms and apps have spread in recent months across the city of al-Hasakah and its surrounding towns. They were promoted on social media as investment opportunities offering high returns.
These platforms relied on intensive promotional tactics, including offering subscribers daily or weekly profits, as well as sharing photos and videos showing profits allegedly made by other users, encouraging many people to join and deposit their money.
One of the most widely circulated apps among users was called “EX.” Within a short period, it reportedly attracted more than 8,000 subscribers in the city of al-Hasakah and nearby towns.
According to information shared among victims, the minimum amount required to participate in these platforms was around 500 US dollars, while some subscribers deposited as much as 20,000 dollars, swelling the total amount invested and pushing overall losses into the millions.
Platform suddenly shuts down
Users were shocked in recent days when the app stopped working completely without prior notice. They were no longer able to log into their accounts or withdraw their funds, exposing what appears to have been an organized online fraud scheme targeting a large number of residents.
Many subscribers discovered after the shutdown that they had lost all the money they had deposited, including the profits displayed in their accounts, which later turned out to be fictitious and impossible to withdraw.
The shock was especially severe for some participants who had invested their entire savings or sold small personal assets to join these platforms, hoping to secure additional income amid the region’s difficult economic conditions.
Most victims are low-income earners
According to multiple testimonies, most victims were low-income earners or small business owners who saw these apps as an opportunity to improve their living conditions amid high unemployment and limited job opportunities.
They said promises of quick and easy profits played a central role in convincing many people to join, especially as stories spread about individuals who claimed to have made profits during the early stages of the app’s operation.
Payments through local exchange offices
According to traders, deposits and withdrawals were carried out through local money exchange offices operating in the area.
Subscribers would hand over cash to these offices, after which the amount would be transferred to their account inside the app. The money would then appear as a balance that could supposedly be used for trading or investment within the platform.
But after the app stopped operating, it was no longer possible to withdraw any funds, leaving subscribers facing heavy financial losses with no clear authority to turn to in an effort to recover their money.
Unknown source, slim chances of recovery
The source of these platforms remains unknown so far. No clear information is available about the entities behind them or where they were registered, further complicating efforts to track down those responsible or recover the lost funds.
Traders said the platforms communicated with users mainly through messaging apps and social media groups, before these channels also disappeared suddenly after the platform shut down.
With little oversight of online trading activity in northeastern Syria, similar schemes could continue to emerge, especially as advertisements promoting quick online investments remain widespread.
Victims say they were lured by promises of quick profits and currently have no clear way to recover their money, while some are calling for an investigation to identify those responsible and prevent similar incidents from recurring.
The post Millions lost in al-Hasakah as thousands fall victim to fake trading platforms appeared first on Enab Baladi.
