TS-MAX App Scam: WhatsApp Groups Misusing the Two Sigma Name

Two Sigma is a genuine, internationally known quantitative investment firm based in the United States. In Türkiye, however, the name and reputation of this long-established brand are being used to collect money from investors through WhatsApp stock groups, the promise of an "AI-powered trading account" and applications such as TS-MAX. Victims deposit money hoping to double it; when they reach the withdrawal stage, the balance is blocked and additional payments are demanded under various names.

🚩 The Fraud Scheme Run Under the Two Sigma Name

In this scheme the name, logo and "quantitative investment" identity of the real Two Sigma are used as a tool to build trust. The investor is first brought into a "stock strategy group" through a social media advertisement or a WhatsApp invitation, and is then made to open an account on a private application or web panel. The steps that stand out in victim statements are as follows:

Payments are mostly requested by bank transfer (havale/EFT) to personal or company accounts, and the receiving accounts are changed at frequent intervals. This method rests on the same logic as the clone-site method that imitates the name of an institution or brokerage.

🔒 Balance Blocks and Unauthorised Use of Personal Data

New victim statements since the autumn of 2025 show that the final stage of the scheme has become clearer. Although the investor sees a high balance on the panel, this balance is "blocked", and despite repeated attempts to reach customer service no concrete solution is offered. The support team keeps the correspondence going with stock replies meant to stall, and the withdrawal date is postponed again and again.

The new element that stands out in reports from this period concerns personal data. Victims say that the identity and bank details they uploaded when opening the account were used in various transactions without their wet-ink signature or consent. In other words, the operation does not stop at collecting money; it can also use the identity and bank data it has collected for its own purposes. For this reason victims' demands are gathered under two headings: the return of the blocked amount and a written explanation of how the personal data was used.

🔍 Applications, Groups and Channels Identified

• Application / panel names used: TS-MAX, Two Sigma, Two Sigma Max
• Direction channel: WhatsApp stock groups, and "assistant" and "finance unit" staff who phone people
• Landline identified: 0216 922 17 98
• Payment method: Bank transfer (havale/EFT); receiving accounts are changed often
• Promise: Returns expressed in hundreds of per cent, an artificial intelligence robot, allocation of "original shares"
• SPK permission: None

WhatsApp groups opened by this network under different names over time have also been identified:

Within the same group structure, not only Two Sigma but also the names of international investment institutions such as abrdn, BlackRock, Bridgewater, Blackstone, Northern Trust, Nuveen, Henderson and Ares Management are used in rotation. These institutions have no connection with the activities in question; their names are being used without permission to create trust.

⚖️ Legal Position and SPK Authorisation

Providing stock, forex or leveraged trading services to persons resident in Türkiye, or giving investment advice for that purpose, requires SPK permission. The groups operating under the "Two Sigma" name and the TS-MAX application have no such permission. The Capital Markets Board has warned the public about operations that give unauthorised investment advice and direction through social media and messaging applications in its Board Decision No. 5/173 of 3 February 2017.

Collecting money through information systems and messaging applications using the name of a well-known institution is assessed under the qualified fraud provisionsTR of the Turkish Penal Code. The use of identity and bank details without consent is also significant separately under the criminal provisions on personal data.

🛡️ Checks Before Investing

• Examining the institution's authorisation in Türkiye rather than its name: this can be checked through the SPK list of authorised intermediary institutions.
• Bearing in mind that a foreign fund giant does not open a WhatsApp group and correspond directly with individual investors.
• Treating applications that ask for identity photographs and bank details, and that have no SPK registration, as a data risk.

🔗 Other Platforms Using the Same Method

The scheme of using the name of a foreign investment giant to collect money through a WhatsApp group and a private application is not specific to one case. We have covered other platforms where the same method was seen:

🧭 The Legal Process for Victims

In cases of this kind the process generally consists of the following stages:

1. Gathering evidence: WhatsApp conversations, screenshots of the application, bank receipts and details of the receiving accounts are brought together. For the general framework, see our article on the route followed by an investment fraud victim.
2. Criminal investigation: Through the criminal complaint process, the accounts the money was transferred to and the account holders are identified.
3. Asset tracing: An asset investigationTR is carried out through the accounts the money was transferred to.
4. Legal claim: In parallel with the criminal case, the unjust enrichment and restitution routeTR is assessed for claiming the money back.

For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions