Bittrex168 Scam Warning

This article is from Cybertrace.

Cybertrace is issuing an urgent warning about the Bittrex168 scam, which uses the domain www.bittrex168.com. Likely operating out of China or Hong Kong, the scammers are trying to confuse victims by imitating a legitimate cryptocurrency exchange, Bittrex Global. Sadly, our expert analysts are aware of several victims that have lost tens of thousands of dollars to this scam. Supposedly backed by BBank Global, a non-existent entity, the Bittrex168 scam operates across multiple identical-looking websites, including www.bittrex168.com and www.zy8618.com. Do NOT invest any of your hard-earned money with these fraudsters! If they have scammed you already, don’t get embarrassed – get even! Contact Cybertrace’s experienced investigators today to find out how we can help you. But first, how does the scam work and how can you protect yourself?

What is the scammers’ modus operandi?

When they visit the bittrex168.com website, potential targets are directed to download a fake app and to start “trading”. After they deposit money, victims appear to make rapid “wins”, multiplying their “investment” in a short period of time. At this stage, scammers will often allow an initial withdrawal. This is meant to show victims that the platform works as promised and their earning are accessible at any time. With this false reassurance, victims feel encouraged to plough in more and more of their own real money. Finally, when victims try to withdraw their “investment”, the Bittrex168 scammers pretend tax authorities or law enforcement blocked the account. Only once victims transfer additional “income tax” or “verification fees” will they supposedly be able to withdraw their funds. Of course, all of this is fake and simply a way to scam even more money than the initial investment! Even if they paid all of these “taxes” and “fees”, none of the victims would ever see their money back.

How can I protect myself from Bittrex168 and other scams like it?

Don’t take investment advice from Tinder dates

It seems that the Bittrex168 scammers are using romance baiting to lure people onto their website. Basically, romance baiters connect with potential targets on dating apps, where they gain their trust and slowly convince them to join a “highly lucrative” cryptocurrency trading scheme. While you might serendipitously connect with a financial whiz on a dating app, the odds are stacked against it. And who wants to talk cryptocurrency investments on a date anyway (unless that’s your thing)? Keep dating apps for love or fun, and investment advice for professionals!

Check out a company’s bona fides before investing

Don’t let a professional-looking website or app dazzle you – read the fine print and do your due diligence! This includes verifying a company’s claims against independent external sources such as corporate registers and licensing authorities. For example, the Bittrex168 scammers claim that their company, BBANK Global Ltd. is incorporated in the United States. However, no such corporate records exist and even a simple web search does not return any results. The website also claims that the company has 5 years’ experience in digital asset financial services. Yet domain records show that the scammers only registered the site in June 2021! Finally, the website’s social media icons don’t work, and a search of Facebook, Instagram, and LinkedIn comes up with nothing. The verdict is clear: this is not a legitimate business!

Don’t believe scammers’ claims about tax authorities or law enforcement

None (or very few!) of us like the thought of getting into trouble with the law. However, don’t let the Bittrex168 scammers get away with using that fear to screw you out of even more money. Asking victims to pay “income tax” is a common scam tactic when you try to withdraw your funds. It serves the dual purpose of delaying (so you can’t use charge-back on transactions) and doubling up on the con. Think about it: sending more money to the trader is illogical. If you had to pay tax on your windfall gains, wouldn’t it make more sense for tax authorities to either deduct it straight from your investment or invoice you directly? Similarly, if the FBI or Interpol were concerned about your account in regard to money-laundering or terrorism finance, what would they do: ask your trader to charge you a 15% fee or contact you directly?

Use ScamSleuth, Cybertrace’s free fraud-detection tool

We know how time-consuming it can be to investigate fraud like the Bittrex168 scam yourself. Thankfully, Cybertrace has taken the hard work out of it and created an easy-to-use fraud-detection tool: ScamSleuth. Stay safe online and avoid investment fraud by simply entering any website address into ScamSleuth. Our free public scam detector then taps into multiple databases and Cybertrace’s extensive investigations portfolio before informing you of the website’s risk level, all with a user-friendly traffic light system. Too easy!

What can I do if they scammed me already?

If the Bittrex168 scammers got to you already, don’t despair! They are professional and convincing scammers, and this has happened to lots of people. Simply decline to send them any more money, no matter how urgent or dramatic their appeals. Instead, contact our experienced investigators today to find out how we can help you. You can also leave a comment below to help inform others how they operate.

If you are a current or former staff member of the syndicate and would like to speak with us, you can contact us anonymously via cybertrace_aust@protonmail.com.We have successfully worked with conscientious insiders when investigating previous scams, thus bringing justice and relief to long-suffering victims. Your help can make a real difference!