Reported As Possible Scam
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Search Results
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Topic: grovexcoin.com
URL of Scam: grovexcoin.com
Type of Scam: Cryptocurrency Scam
Amount Lost: $213,470.00Victim Description:
The victim reported losing a significant sum of $213,470 through a cryptocurrency scam involving the website grovexcoin.com. This substantial financial loss was the result of fraudulent activities where the victim transferred cryptocurrency to addresses associated with the scam.Cryptocurrency Addresses Used:
0x90027e195b77c7d4ef2f6db7cd85e3e9107716aa 
0xbbd60c7892a40d5a3cc839abab2068371c7b6cff 
Open-Source Intelligence Analysis: Key Details of grovexcoin.com Scam
Scam Overview:
grovexcoin.com appears to be a fraudulent platform posing as a legitimate cryptocurrency investment or trading site. The victim was likely enticed by the promise of high returns on investments in cryptocurrencies or related products. The funds transferred to the scam were substantial, indicating a well-orchestrated scam that was able to gain the victim’s trust to a high degree.Domain and Hosting Information:
Domain Name: grovexcoin.com
Registrar: PDR Ltd. d/b/a PublicDomainRegistry.com
Registration Details: Registered On: May 10, 2024
Expires On: May 10, 2025
Updated On: May 10, 2024
Status: clientTransferProhibited
Name Servers:rob.ns.cloudflare.com
zainab.ns.cloudflare.comThe domain is relatively new, registered in 2024, and is set to expire within a year. This short registration period can sometimes be indicative of fraudulent activities, as scammers often register a domain for a minimal period to carry out their scams before moving on. The use of Cloudflare’s DNS services helps to anonymize the actual hosting details, which is a common tactic used by fraudulent sites to obscure their true location and identity.
Scammer’s Tactics:
High Investment Losses: The large amount of money lost by the victim suggests that the scam was sophisticated, likely involving multiple interactions or transactions to build trust before the large sums were transferred.
Cryptocurrency Transactions: The use of cryptocurrency addresses suggests a typical crypto scam setup, where victims are asked to transfer funds to digital wallets under the guise of investment opportunities.
Fake Platform: The website likely offered fake investment opportunities or pretended to be a trading platform to attract significant investments from victims.
Recommendations:
Cease Further Transactions: If the victim is still in contact with the operators of grovexcoin.com or if there are ongoing transactions, they should cease immediately to prevent further losses.Report to Authorities: The victim should report this incident to law enforcement agencies, including local police and perhaps the FBI if they are in the United States. Reporting to the Internet Crime Complaint Center (IC3) is also advisable.
Blockchain Analysis: Engage services that perform blockchain analysis to track the flow of transferred funds. This might help in tracing where the funds have been moved, potentially uncovering the identity of the scammers or other addresses associated with them.
Contact the Registrar: Report the fraudulent activities to the registrar (PublicDomainRegistry.com) to initiate an investigation into the domain and possibly take it down to prevent further scams.
Public Awareness: Share this experience on social media and cryptocurrency forums to raise awareness about this scam, potentially helping others avoid similar scams.Conclusion:
The grovexcoin.com scam is a significant financial fraud that resulted in the loss of $213,470 through deceptive cryptocurrency schemes. The victim fell prey to a sophisticated scam that likely offered fake cryptocurrency investments or trading opportunities. Immediate actions such as reporting the scam, ceasing all communications with the scam entities, and tracking the cryptocurrency transactions are crucial steps in addressing the aftermath of this scam.A recent cryptocurrency scam involving GrovexCoin.com has defrauded an unsuspecting victim of approximately $213,400. Posing as a legitimate digital asset investment platform, GrovexCoin.com lured the victim into transferring substantial funds in Ethereum (ETH) through promises of high returns, only to disappear with the funds.
The scam unfolded in July 2024, with the victim making multiple transfers over several days. The structured nature of these transactions demonstrates the meticulous planning of the fraudsters, who leveraged trust-building techniques to manipulate the victim into repeatedly transferring funds.
Transaction Breakdown
The transactions, totaling 51.12826626 ETH, were made to two primary wallet addresses associated with GrovexCoin.com:On July 11, 2024, an initial transfer of 2.26485909 ETH was sent to wallet
0x90027e195b77c7d4ef2f6db7cd85e3e9107716aa .
Subsequently, between July 16 and July 29, 2024, the victim transferred a total of 48.86340717 ETH across multiple transactions to the wallet0xbbd60c7892a40d5a3cc839abab2068371c7b6cff .
These transfers illustrate the fraudsters’ use of a common tactic: progressively escalating the requested transfer amounts to maximize the victim’s financial loss. The final transfer on July 29, 2024, amounted to 14.68708673 ETH, marking the culmination of a series of fraudulent demands.Implications and Warnings
This incident underscores the risks of dealing with unregulated online platforms promising high returns in the cryptocurrency market. GrovexCoin.com exploited common investor vulnerabilities, enticing the victim through deceptive promises and then demanding repeated, large-sum transfers.To protect against similar scams, investors are advised to:
Conduct thorough research on platforms, especially those without regulatory oversight.
Be wary of unrealistic returns or requests for repeated, high-value transfers.
Verify the legitimacy of wallet addresses before any transaction.
This scam serves as a cautionary tale in the crypto space, where trust and verification are paramount, and thorough due diligence is essential to avoid such significant financial losses.