X-Capital’s website lacks any verifiable ownership or executive details, a critical omission for any investment platform. The domain name, x-capital.io, was registered privately on June 11, 2024. This recent registration stands in stark contrast to the company’s claim of launching in 2018, a date it prominently displays on its website despite operations only beginning around September 2024.

The company lists several executives on its site, but none appear to have an independent online presence outside of X-Capital’s own marketing materials. The individual presented as CEO, “George Chuen,” is featured in a promotional video uploaded in September 2024. This video, produced in a professional studio setting, strongly suggests the use of actors portraying company leadership. The actor playing Chuen exhibits a Malaysian or Singaporean accent, which aligns with X-Capital’s listed corporate address in Malaysia and its representation of operating through X-Capital DCI, a Malaysian registered entity.

X-Capital DCI itself is a rebranded company. It was formerly known as Onifie SDN BHD, a Malaysian company registered in February 2021. The sole registered shareholder of X-Capital DCI is Dmytro Sviatokha, also known as Svytokha Dmitry Vadimovich, Dmitry Velichko, and “Polyak.” A 2021 report from Let’s Save the Country described Sviatokha as a Ukrainian national with documented ties to organized crime. Reports also link Sviatokha to Dubai and alleged cryptocurrency scams facilitated through his wife, Alina Varakuta, known as “Crypto Barbie.” This association is particularly relevant given X-Capital’s listed “trading office” address in Dubai.

The evidence suggests X-Capital is operated by Eastern European individuals connected to organized crime, using Dubai as a base and employing Asian actors to front the operation. Dmytro Sviatokha and his associates appear to be orchestrating the scheme from afar, potentially collaborating with criminal elements in Malaysia and Singapore. Other individuals linked to X-Capital include Goh Kok Wei, Lim Pei Vern, Chen Yung Chiat, and Lim Pooi San.

Dubai has become a focal point for MLM-related fraud. The proliferation of such scams and the perceived lack of stringent enforcement of securities regulations in the region have led to its designation as a global hub for this activity. ScamTelegraph’s guidelines for identifying potential scams in Dubai are clear: any MLM opportunity presented by someone residing there is likely fraudulent, and any MLM company claiming ties to or operations based in Dubai should be considered a scam.

X-Capital offers no retailable products or services. Its business model relies solely on affiliate membership, where individuals invest cryptocurrency with the promise of advertised returns. These investment tiers include Bronze, requiring an investment of $50 to $999 for potential daily returns of up to 0.6%, and Silver, for investments between $1000 and $4999, with similar promised returns.