Fraud Policies for UmbrellaX Decentralized and Centralized Operations - General Risk Warning
UmbrellaX (“us”, “we”, or “our”) operates the https://umbrellax.tech website (the “Service”).
General Risk Warning
1. Introduction
UmbrellaX is committed to maintaining the highest standards of integrity and transparency in all its operations.This policy outlines the measures taken to prevent, detect, and address fraudulent activities within UmbrellaX.
Encompassing decentralized and centralized operations managed by the administration team, affiliate partners, advocates, MVPs, and any individuals or entities promoting UmbrellaX Web3 technology, solutions, services, and products.
All terms used in this notice, which are defined in the UmbrellaX Terms of Use (the “Terms of Use”), have the same meaning and construction as in the Terms of Use.2. Scope
This policy applies to:
• Administration Team
• Affiliate Partners
• Advocates
• MVPs (Most Valuable Participants)
• Ecosystem Promoters
• Any other stakeholders involved with UmbrellaX
This notice provides you with information about the risks associated with UmbrellaX Services. Each UmbrellaX Service has its own Distinct Risks. This notice provides a general description of the risks when you use UmbrellaX Services.
This notice does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making a decision to use UmbrellaX Services.
3. Definition of Fraud
Fraud encompasses any intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain. This includes, but is not limited to:
• Misrepresentation of facts
• Concealment of information
• Unauthorized transactions
• Misuse of UmbrellaX resources
• Money laundering
We do not provide personal advice in relation to our products or services. We sometimes provide factual information, information about transaction procedures and information about the potential risks. However, any decision to use our products or services is made by you.
No communication or information provided to you by UmbrellaX is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice.
You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance.
D. No Monitoring
UmbrellaX is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities undertaken by you using UmbrellaX Services.
We do not monitor whether your use of UmbrellaX Services is consistent with your financial goals and objectives. It is up to you to assess whether your financial resources are adequate for your financial activity with us, and to your risk appetite in the products and services you use.
4. Prohibited Malpractices
The following activities are strictly prohibited and considered fraudulent:
• Misleading promotions or advertising of UmbrellaX products and services
• Unauthorized access or manipulation of UmbrellaX systems or data
• Falsifying financial documents or records
• Engaging in money laundering activities
• Misuse of confidential information for personal gain
• Any other activities intended to deceive or harm UmbrellaX or its stakeholders
The taxation of Virtual Digital Assets is uncertain, and you are responsible for determining what taxes you might be liable to, and how they apply, when transacting through the UmbrellaX Services.
It is your responsibility to report and pay any taxes that may arise from transacting on the UmbrellaX Services, and you acknowledge that UmbrellaX does not provide legal or tax advice relative to these transactions.
If you have any doubts about your tax status or obligations when using UmbrellaX Services, or with respect to the Digital Assets held to the credit of your UmbrellaX account, you may wish to seek independent advice.
You acknowledge that, when, where and as required by applicable legislation, UmbrellaX shall report information regarding your transactions, transfers, distributions or payments to tax or other public authorities.
Similarly, when, where and as required by applicable law, UmbrellaX shall withhold taxes related to your transactions, transfers, distributions or payments.
Applicable legislation could also prompt UmbrellaX to request you for additional tax information, status, certificates or documentation.
You acknowledge that failure to answer these requests within the timeframe defined, may result in withholding taxes by UmbrellaX, to be remitted to tax authorities as defined by relevant law.
You are encouraged to seek professional and personal tax advice regarding the above and before making any digital asset transaction.
5. Detection and Prevention
UmbrellaX employs the following measures to prevent and detect fraudulent activities:
• Regular Audits: Conduct regular internal and external audits to ensure compliance with policies and identify any irregularities.
• Monitoring Systems: Implement robust monitoring systems to track and analyze transactions and activities.
• Training and Awareness: Provide regular training and awareness programs for all stakeholders to recognize and report fraud.
• Whistleblower Policy: Encourage and protect whistleblowers who report suspected fraudulent activities.
Virtual Digital Asset Trading is subject to high Market Risk and Price Volatility. Changes in value may be significant and may occur rapidly and without warning.
Past performance is not a reliable indicator of future performance.
The value of an investment and any returns can go down as well as up, and you may not get back the amount you had invested.
6. Reporting Fraud
Any suspected fraudulent activity must be reported immediately through the following channels:• Internal Reporting: Report to the administration team via the designated internal communication channels.
• External Reporting: Use the UmbrellaX fraud hotline or email (compliance@umbrellax.tech).
Digital Assets may have limited liquidity which may make it difficult or impossible for you to sell or exit a position when you wish to do so.
This may occur at any time, including at times of rapid price movements.
7. Investigation
Upon receiving a fraud report, UmbrellaX will:
• Conduct a preliminary assessment to determine the validity of the report.
• Launch a thorough investigation if warranted, maintaining confidentiality and impartiality.
• Cooperate with law enforcement agencies, regulatory bodies, and other relevant authorities during the investigation.
Our fees and charges are set out here. UmbrellaX may, in its discretion, update the fees & charges from time to time. Please be aware of all costs and charges that apply to you, because such costs and charges will affect the gains you generate from using UmbrellaX Services.
8. Consequences and Penalties
Individuals or entities found guilty of fraudulent activities will face the following consequences:
• Internal Penalties: Suspension or termination of contracts, removal from positions, and revocation of privileges within UmbrellaX.
• Legal Actions: Filing of cyber complaints, fraud complaints, and reports to the Financial Intelligence Unit (FIU) under Anti-Money Laundering (AML) regulations.
• Financial Penalties: Reimbursement of any losses incurred by UmbrellaX due to the fraudulent activity.
• Public Disclosure: Disclosure of the fraudulent activity and the identity of the perpetrator to the public, if deemed necessary.
We do not guarantee that the UmbrellaX Services will be available at any particular time or that UmbrellaX Services will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, store, transfer, send or receive Digital Assets when you wish to do so.
There are legal requirements in various countries which may restrict the products and services that UmbrellaX can lawfully provide.
Accordingly, some products and services and/or certain functionality within the Platform may not be available or may be restricted in certain jurisdictions or regions or to certain Users and any UmbrellaX campaigns, user competitions or other promotions will not be open to (and are not targeted at or intended for) Users to whom restrictions apply.
Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of the Platform and the UmbrellaX Services in each jurisdiction from which the Platform and the UmbrellaX Services are accessed by or on behalf of the User.
UmbrellaX reserves the right to change, modify or impose additional restrictions with respect to the access to and use of the Platform and/or the UmbrellaX Services from time to time in its sole discretion without notification.
9. Cyber and Fraud Complaints
UmbrellaX will take the following actions for any fraudulent activities:
• Cyber Complaints: File complaints with relevant cybercrime authorities to address any digital fraud.
• Fraud Complaints: Report fraudulent activities to financial regulatory authorities.
• FIU Reporting: Submit reports to the Financial Intelligence Unit (FIU) under AML regulations to ensure compliance and prevent money laundering.
Third parties, such as payment providers, custodians, and banking partners may be involved in the provision of UmbrellaX Services. You may be subject to the terms & conditions of these third parties, and UmbrellaX may not be responsible for any loss that these third parties may cause to you.
10. Policy Review and Updates
This policy will be reviewed regularly and updated as necessary to ensure its effectiveness and alignment with legal and regulatory requirements.
It is not possible for UmbrellaX to eliminate all security risks. You are responsible for keeping your UmbrellaX Account password safe, and you may be responsible for all the transactions under your UmbrellaX Account, whether you authorised them or not.
Transactions in Digital Assets may be irreversible, and losses due to fraudulent or unauthorised transactions may not be recoverable.
11. Contact Information
For any queries or further information regarding this policy, please contact:
• Fraud Prevention Team
• Email: compliance@umbrellax.tech
• Phone: +91-XXXX-XXXXXX (India) ________________________________________
Given the nature of Digital Assets and their underlying technologies, there are a number of intrinsic risks, including but not limited to:
a. Faults, defects, hacks, exploits, errors, protocol failures or unforeseen circumstances occurring in respect of a Digital Asset or the technologies or economic systems on which the Digital Asset rely;
b. Transactions in Digital Assets being irreversible. Consequently, losses due to fraudulent or accidental transactions may not be recoverable;
c. Technological development leading to the obsolescence of a Digital Asset;
d. Delays causing a transactions not be settled on the scheduled delivery date; and
e. Attacks on the protocol or technologies on which a Digital Asset depends, including, but not limited to:
i. distributed denial of service;
ii. sybil attacks;
iii. phishing;
iv. social engineering;
v. hacking;
vi. smurfing; v vii. malware;
viii. double spending;
ix. majority-mining, consensus-based or other mining attacks;
x. misinformation campaigns;
xi. forks; and
xii. spoofing.
M. Monitoring Risks
Digital Asset markets are open 24 hours a day, 7 days a week. Rapid price changes may occur at any time, including outside of normal business hours.
N. Communication Risks
When you communicate with us via electronic communication, you should be aware that electronic communications can fail, can be delayed, may not be secure and/or may not reach the intended destination.
O. Virtual Digital Asset/Coin/Token
VDA Rates & Exchange fluctuations will impact your gains and losses.
P. Legal Risk
Changes in laws and regulations may materially affect the value of Digital Assets. This risk is unpredictable and may vary from market to market.
We may change this Policy from time to time so please check this page occasionally to ensure that you’re happy with any changes. By using our website, you’re agreeing to be bound by this Policy.