Xrex.io

Grow your cross-border business using blockchain

XREX, a blockchain TradeTech company, helps merchants in emerging economies accelerate international transaction by providing SaaS that facilitate digital asset transfer, banking and trading.

Launch your own exchange

XREX’s Exchange-as-a-Service “MyXchange’ is a compliant, secure, scalable tool that makes it simple for any enterprise to operate a secure exchange featuring full KYC, AML, fiat on-off ramps, and liquidity.

Secure

14-years experience in cybersecurity

Fast

Payment done within minutes

Save money

Reasonable fee between 0.2% to 0.05%

Products

XREX Crypto Services (XCS)

XREX Crypto Services (XCS)

XREX Crypto Services (XCS) is a compliant, secure, and scalable stack of PaaS and SaaS offerings for organizations that are building and running crypto markets (spots, futures, options), market-making, banking, custodial services, wallets, clearance & settlement proxies, payment gateways, value transmission services, or decentralized apps.

XREX Crypto Services (XCS)

XCS stacks are offered entirely through cloud-based APIs and are billed by usage. After account registration, developers can immediately initiate module instances and begin using APIs; there is no face-to-face meetings, contract negotiations, setup fees, or monthly minimums.

XREX Exchange

XREX Exchange

XREX also operates a standalone market — the XREX Exchange, which provides professional access to spot, futures and options trading.

Co-founders

Wayne Huang

Wayne Huang

CEO

Wayne Huang co-founded Armorize Technologies in 2006 and served as CEO; after exiting Armorize very successfully to Proofpoint (NASDAQ: PFPT) in 2013

Winston Hsiao

Winston Hsiao

CRO

With a strong background in economics, Winston Hsiao is a serial entrepreneur and active crypto trader. Winston founded Taiwan’s first Bitcoin exchange BTCEx-TW in 2013

Blog

Follow our blogs for more articles: Threat Research | Company Blog

XREX Launches Crypto-Fiat ‘Exchange-as-a-Service’ Platform “MyXchange” for Money Transfer…

XREX Launches Crypto-Fiat ‘Exchange-as-a-Service’ Platform “MyXchange” for Money Transfer…

XREX Launches Crypto-Fiat ‘Exchange-as-a-Service’ Platform “MyXchange” for Money Transfer Organizations to Stabilize Cross-border Trade Amidst Dollar Crunch Backed by the Taiwanese Government’s National Development Fund and the co-founders of Skype, XREX solves dollar liquidity shortages in fast-growing emerging economies, making it easy for any enterprise to operate a secure crypto-fiat exchange featuring full security, KYC, AML, fiat on-off ramps, and liquidity. TAIPEI / SINGAPORE — December 9, 2020 XREX (https://www.xrex.io/), a blockchain TradeTech company serving cross-border businesses that operate in emerging economies, today announced the launch of MyXchange, a first-of-a-kind digital currency Exchange-as-a-Service (EaaS) platform. MyXchange makes it easy for any Money Transfer Organization (MTO) to run a secure crypto-fiat exchange that features full Know Your Customer (KYC), Anti-Money Laundering (AML), liquidity, wallet security, and fiat (US Dollar, Indian Rupee) on-off ramps. In the same way that Shopify makes it easy to launch an online store, MyXchange simplifies creating a secure exchange, passing along low fees with seamless cross-border escrowed payments across emerging markets. XREX MyXchange — Exchange SaaS for money transfer organizations in emerging economiesXREX is backed by well-known venture capital firms AppWorks, WI Harper, BlackMarble, and CDIB (TWSE: 2883), along with Taiwan’s National Development Fund and Skype’s co-founders Toivo Annus and Jaan Tallinn. MyXchange helps African merchants navigate dollar shortages As oil prices fall, according to an earlier Bloomberg report (1), “the Nigerian government’s coffers have emptied after crude prices plunged in the wake of the coronavirus pandemic,” and “Nigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.” “A lot of the members can’t access the amount of dollars they need from the banks,” said Eke Ubiji, executive secretary of the Nigerian Association of Small and Medium Enterprises. “That is constraining business.” Financial Times also recently wrote about this African dollar shortage issue (2): “Nigeria imports the vast majority of its raw materials and goods, and companies across the spectrum, from big conglomerates to small manufacturers, are being hit,” said Muda Yusuf, head of the Lagos Chamber of Commerce and Industry, the country’s largest business lobby. “Some of [our members] said they were about to lose their credit lines,” he said. “Businesses are likely to go under, if some of them have not already gone under.” The dollar crunch has caused most banks to avoid these high-volatility markets, making it difficult for merchants to secure letters of credit or credit insurances. It’s also caused the invoice-to-pay processes to become even more slow and risky. XREX provides KYC, AML, liquidity, cybersecurity, and fiat for MyXchange owners The XREX MyXchange fixes this situation in one simple, SaaS-based, fully auditable solution. Licensed Money Transfer Organizations (MTOs) / Money Transfer Services (MTSs), Money Service Businesses (MSBs), and digital currency service providers can help mitigate these issues by using MyXchange to launch their crypto-fiat exchanges. Until now, these MTOs have had to either outsource this technology or build it from scratch. Building an exchange in-house requires tremendous resources to find and pay liquidity providers, custodians, KYC providers, AML providers, and cybersecurity providers, as well as convince banks to serve as fiat on-off ramps. Outsourcing to an “exchange managed services (white label) provider” often requires an investment of over $1 million. “Much like building an e-commerce website was a lengthy, expensive undertaking at the turn of the century, developing an exchange is an onerous process today,” said Wayne Huang, CEO of XREX. “ More MTOs see the advantages of offering their own suite of digital currency services, and MyXchange provides tools to make it easier than ever to deploy a full-service exchange.” All XREX platforms are powered by CipherTrace AML and Sum&Substance KYC. Additionally, XREX is working with TRISA.io as the FATF Travel Rule solution. MyXchange equips MTOs in emerging markets with better B2B payment solutions XREX has seen significant traction among global MyXchange alpha testers, including merchants and MTOs in India, Africa, and the Middle East. The B2B global payment volume is projected to reach $63 trillion by 2026 (3), driven by a rise in the availability of new payment options. Emerging market’s increase in crypto adoption (Reuters (4), Decrypt (5)) has given MTOs new opportunities to help enterprises and merchants securely and efficiently send money across emerging markets. With MyXchange, XREX provides all of the technology needed for MTOs to facilitate international trade finance, whether it’s serving cross-border commodity trading or providing fiat bridges for offshore dollar banking. At launch, the following trading pairs will be available in cryptocurrency: BTC, BCH, ETH, XRP, USDT, and in fiat: USD, INR. All XREX platforms are powered by CipherTrace AML and Sum&Substance KYC. Additionally, XREX is working with TRISA.io as the FATF Travel Rule solution. For more MyXchange information, please visit https://www.myxchange.io. XREX MyXchange is a compliant, secure, scalable SaaS for organizations to offer crypto-fiat markets, commercial escrow services, trade financing, digital wallets, and fiat on-off ramps.XREX MyXchange provides tools to make it easier than ever to deploy a full-service crypto exchange.About XREX XREX Inc. (https://www.xrex.io/) is a blockchain TradeTech company for cross-border merchants and global enterprises. XREX’s Exchange-as-a-Service “MyXchange” is a compliant, secure, scalable SaaS for organizations to offer crypto-fiat markets, commercial escrow services, trade financing, digital wallets, and fiat on-off ramps. Along with the Taiwanese Government’s National Development Fund and Skype co-founders Toivo Annus and Jaan Tallinn, XREX is backed by AppWorks, WI Harper, BlackMarble, and CDIB (TWSE: 2883). Media Contact: Transform Group, xrex@transformgroup.com Company Contact: pr@xrex.io (1) Bloomberg: Dollar Squeeze Chokes Nigeria’s Economy as Recession Looms, Aug 17, 2020 (2) Financial Times: Dollar shortage squeezes World Bank-backed Nigeria power plant, Sep 10, 2020 (3) Acumen Research: B2B Payment Transaction Market Size Worth Around US $63,084 Bn by 2026, Apr 14, 2020 (4) Reuters: How bitcoin met the real world in Africa, Sep 8, 2020 (5) Decrypt: Nigeria Is Emerging as a True Bitcoin Nation, Nov 27, 2020 XREX Launches Crypto-Fiat ‘Exchange-as-a-Service’ Platform “MyXchange” for Money Transfer… was originally published in XREX on Medium, where people are continuing the conversation by highlighting and responding to this story.
dollar-shortage myxchange money-transmitter-license money-transfer-services money-transfer-to-india
Disclosing Nigerian Crypto Scam Group “Operation N-Fiverr”

Disclosing Nigerian Crypto Scam Group “Operation N-Fiverr”

Yesterday the XREX secops team noticed an AML alert — one of our users tried to withdraw funds into wallet: 1BT5vBb9WKudUAX51jiWi3pAawobD3mZwM; our system blocked this withdrawal due to its high CipherTrace risk score. (Also published on Hacker Noon) Nigerian Crypto Scam Group launched more than 30 different scam websites.[Investigation Summary]=======Victims: 1000+ people from worldwide, scammed into making 2,079 transactions. Scammed funds: 205.4925067 BTC (roughly $3M at writing time). Attribution: Nigerian “Operation N-Fiverr.” Time frame: they’ve been running multiple campaigns starting 2017 Dec. Tool supplier: outsourced to iPongDev Tech (also Nigerian), in PHP+Laravel. Websites: they’ve worked with iPongDev.Tech to launch more than 30 different scam websites, by modifying from the same codebase. Stolen passports and IDs: by asking victims to KYC, we believe they’ve stolen these victim’s IDs to create KYC’ed accounts at exchanges; they use these accounts to collect defrauded funds from victims. Wallets: a combination of own wallets, as well as compromised, KYC’ed wallets of Remitano, Gemini. We published a list of 48 wallet addresses used by this actor. Domains and IPs: we published a list of 49 domains and 13 IP addresses used by this actor. Investigation method: XREX obtained Operation N-Fiverr’s source code and backend admin panel access.======= [Investigation] Having stopped our user’s withdrawal into this actor’s wallet, the XREX secops team started to trace back into their infrastructure. We stumbled upon a directory listing vulnerability within the actor’s infrastructure, which allowed us to obtain the source code of their attack tools: Investigating into our obtained source code of this actor, we understood they bought their codebase from the Nigerian company iPongDev Tech. iPongDev sold codebases relating to crypto exchange, wallet, and investment. For the basic framework, they mostly used PHP and Laravel, and for k-line and other visualizations they used TradingView and coinlib.io widgets. From this actor’s backend admin panel, we can see that their entire scam tooling is modified from a crypto investment platform sold by iPongDev Tech: Operation N-Fiverr’s backend admin panelUsing the backend panel, we can see the list of victims and their defrauded amounts and dates: Operation N-Fiverr’s victims and their defrauded amounts and datesThe profit numbers are of course fake but more importantly, they do not approve withdrawals, which effectively makes this own operations a scam. While they’ve not approved a single withdrawal request, some users have sadly reached out to them via their customer support system hundreds of times. Of course, they’ve never replied. N-Fiverr’s never approved a single withdrawal request[Money Flow] Operation N-Fiverr’s money flow has been consistent — as soon as a victim is defrauded into transferring BTC into one of their wallets, they will immediately forward those BTC into either a) their other on-chain wallets, or b) their exchange wallets. We’ve also found them to be directly using compromised Remitano and Gemini wallets for victim deposits. [Attack] Operation N-Fiverr attracts victims by pitching them various high-interest rate crypto investment platforms. By modifying from the same codebase, they’ve worked with iPongDev.Tech to launch more than 30 different scam websites: In general, these fraudulent platforms offer: $20 USD signup bonus Minimum deposit amounts ranging from $1,000 USD to $50,000 USD Very high interest rate: 10% in 12 hours, 20% in 24 hours, etc Referral features and high referral commissions The profits are shown in realtime Once a victim wants to withdraw funds, Operation N-Fiverr will launch a second wave of attack: Asking the victim to further deposit 10%-20% of the earned profits prior to withdrawal, saying that this is “per company policy” Asking the victim to first deposit withdrawal fees in order for the withdrawal to be approved Many victims have been defrauded into sending in more funds. Once a victim finally realizes she may never be getting her funds back, the actor cuts off all communication. Using the particular wallet address used against our user, we were able to find the following abuse reports of Operation N-Fiverr: [Collaboration] We were able to block our user’s withdrawal into Operation N-Fiverr’s wallet due to AML triggers by CipherTrace; we thank them also for their strong technical support during this investigation. This investigation is by no means complete; we’ve had very limited time but wanted to publish asap so the community can collectively blacklist this actor’s resources and mitigate this attack. We will appreciate any help from the community; please feel free to reach us at secops@xrex.io. [Blacklists and Blocklists] Operation N-Fiverr’s malicious domains:bitcointradex[.]com24bitchainmining[.]com216liveoption[.]comfxltetrade[.]comcryptoprofitmaking[.]comtradeoptionfx[.]com trade[.]fxltetrade[.]comtrade365forex[.]comforexcryptotrading[.]comcoinfxtrade[.]comapp[.]365coinoptions[.]comwww[.]fxbitcoinhub[.]comcoin24option[.]comreliabletradeoptions[.]comhugowayfx[.]comtradebitcoinclubfx[.]combitforex24trading[.]comfastcoinoption[.]com365coinoptions[.]com360liveoption[.]comauthorisedfxb[.]com362tradesfx[.]com44optionsfx[.]comwww[.]bit-primer[.]ltd247paytrade[.]com24forextradeoption[.]com362liveoption[.]combit247options[.]comforexoptionslive[.]comfxbitcointrades[.]comfxbrokerstm[.]comfxstockstrades[.]comstocknforex[.]comcmcoptions[.]comfxtradeunique[.]comfxpaytrade[.]comswifttrade247[.]comunitedinvestmentcapital[.]comtradexpremium[.]com Operation N-Fiverr’s malicious wallet addresses: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 Operation N-Fiverr’s IP addressesIP, Country, ASN197[.]210[.]64[.]135, Nigeria, AS29465197[.]210[.]28[.]149, Nigeria, AS29465197[.]210[.]71[.]85, Nigeria, AS29465197[.]210[.]54[.]202, Nigeria, AS29465197[.]210[.]55[.]59, Nigeria, AS29465197[.]210[.]226[.]133, Nigeria, AS29465197[.]210[.]84[.]119, Nigeria, AS29465197[.]210[.]54[.]162, Nigeria, AS29465105[.]112[.]75[.]23, Nigeria, AS36873105[.]112[.]97[.]190, Nigeria, AS36873105[.]112[.]108[.]236, Nigeria, AS36873105[.]112[.]101[.]160, Nigeria, AS36873129[.]205[.]124[.]114, Nigeria, AS37148 Credits: Sun Huang, Wolf Chan, Wayne Huang, Yoyo Yu @ XREX(Also published on Hacker Noon) Disclosing Nigerian Crypto Scam Group “Operation N-Fiverr” was originally published in XREX Crypto Threat Research Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
bitcoin crypto-exchange-india cryptocurrency cybercrime investigation
First suspicious transaction series detected

First suspicious transaction series detected

First suspicious Bitcoin transaction series detected Yesterday as we celebrated being online for a full six weeks, our AML engine alerted our secops team of a suspicious series of transactions. It was after office hours but the compliance and secops teams were back in full swing. Using our partner CipherTrace’s tools, we were able to very quickly conclude that a user had made a series of deposits with Bitcoins acquired from a friend, who‘s been acquiring them from LocalBitcoins. Our team quickly worked with the user to acquire necessary data for us to unfreeze the user’s account; thanks to this very supportive user and to our diligent team, the entire process took less than half a day. We’re starting to see an increase in questionable assets circulating in certain LocalBitcoins communities. Three of our secops colleagues have acquired CipherTrace Certified Examiner (CTCE) status, and together we are committed to helping our users bank and trade securely and free of bad crypto assets. Credits: Sun Huang, Wayne Huang @ XREX First suspicious transaction series detected was originally published in XREX Crypto Threat Research Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
remittances bitcoin cross-border-payments cryptocurrency cybersecurity

Investors

XREX investors include prominent VCs

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AppWorks (Taipei)

AppWorks is the region’s leading startup accelerator and early-stage VC. AppWorks Accelerator, the renowned 6-month free accelerator program, now admits 30 startups per batch from across the region and boasts 328 active startups and 925 founders in their alumni network. All AppWorks startups together generate US$ 2.5 billion in annual revenues, provide 9,586 jobs and are valued at US$ 3.6 billion. As a VC, AppWorks has US$ 61M under management. It funds 10 deals a year, owns 40 companies in its portfolio and has so far produced 2 IPOs — NetPublishing and KuoBrothers.

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WI Harper (San Francisco)

WI Harper is a pioneer in cross-border investments with offices in Beijing, Taipei, and San Francisco. Since its founding in 1993, HI Harper has raised over $1 billion in AUM and has invested in over 350 early-stage companies. Their hands-on approach and long-term local relationships across the three geographies enable them to deliver consistent superior returns with over 100 successful exits.

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BlackMarble (Shanghai)

Founded in 2015, Blackmarble is a group of experienced investment professionals with significant experience in the Asia Pacific region. The company’s core investment strategy is structuring venture capital investments and private equity deals through the lead investor role. Our investment sectors include biotechnology, software, cloud computing, digital networks, information technology and cultural & creative industries across the Asia Pacific region. Over 20 years of venture capital experience and industry networks the company has built, the firm’s partner team has successfully supported and consulted dozens of early and emerging enterprises to establish successful business models and expansion to IPO/M&A stages.

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National Development Fund

National Development Fund (NDF) was funded by the Executive Yuan of Taiwan Government to speed up industrial transformation and boost economic growth. It helps startups fund through direct equity investment, venture capital investment, loan financing and grants. The asset under management as of the end of 2018 is more than USD18 billion.

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CDIB Capital

CDIB is the leading venture capital and investment bank in Taiwan. It is the predominant leader in the local VC industry with a market share of over 30%. It set up the CDIB Innovation Accelerator Fund in 2017, which cooperates with Meet (the most established start-up community in Taiwan) to build the largest innovation and start-up platform in the country. By providing abundant resources such as financing, industry network, mentorship, social community and media exposure, the CDIB Innovation Accelerator Fund helps start-up companies grow and expand into global markets.

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Contact

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2F, No. 290, Sec. 4, Zhongxiao E. Rd., Daan Dist., Taipei City, 106

info@xrex.io

+886 2 2721-1811