Type of Scam: Investment
Calculated Amount Lost: $32,360.00 USD
URL of Scam: bitgex.net

Description:
The victim was scammed by a romance scammer who tricked them into investing in cryptocurrency trading. The scammer convinced the victim to download a trading app called Bgex (likely associated with bitgex.net). The victim was initially able to withdraw funds after the first transaction. However, when the victim attempted to invest further and withdraw more funds, their account was locked, preventing any further access to their funds.

Scam Domain Details:

Domain Name: bitgex.net
Registrar: Gname.com Pte. Ltd.
Registered On: September 21, 2023
Expires On: September 21, 2024
Updated On: November 23, 2024
Status: clientTransferProhibited, pendingDelete
Name Servers: expire1.gname-dns.com, expire2.gname-dns.com

Wallet Addresses Used in the Scam:

• 0xe70DAcDb22B0D75FaAbBee5C603d38425828A39F
• TXV8umYh1XcgxNzv38Q8qoEuCMNAh4e3Tb (Repeated)
• 0xF369b65DC0B97491880f821828b943dDc9fD5506

Open-Source Intelligence Analysis: Key Details of Bitgex Scam
Scam Overview:
The victim was manipulated into making an investment in cryptocurrency trading through the Bgex app, linked to the bitgex.net website. After an initial withdrawal, the victim’s account was locked, preventing them from accessing or withdrawing further funds. The victim reports a significant loss of $32,360.00 USD.

Scam Tactics:
This scam follows a common pattern of romance scams where the scammer builds a fake relationship to gain trust, then convinces the victim to make investments. Once the victim has invested money, the scammers either block access to the account or request further payments (e.g., “unlocking” fees, “taxes,” or “processing” fees). In this case, the victim’s account was locked after they attempted to withdraw more money, a typical tactic to keep the victim from recovering their funds.

Recommendations:
Report the Scam:
The victim should report the incident to the FBI Internet Crime Complaint Center (IC3) and any other relevant local authorities. Additionally, reporting the scam to blockchain monitoring services could help trace the movement of the funds to possibly identify the scammer.
Blockchain Investigation:
The wallet addresses provided can be tracked using blockchain explorers like Etherscan or BscScan (depending on the blockchain used). This can help to see where the funds were sent and if they have been laundered through other wallets or exchanges.
Contact a Cryptocurrency Recovery Service:
There are professional services that specialize in tracking and recovering stolen cryptocurrency. These services may help in recovering the funds if they are still within traceable wallets.
Consult Legal Authorities:
Legal counsel should be sought to understand the available legal avenues for recovering the funds, especially if any identifiable entities (such as exchanges) are involved in the scam.
Enhance Security Measures:
The victim should enhance their security practices by enabling two-factor authentication (2FA) on their accounts and using secure wallets (e.g., hardware wallets) for future investments. It’s also critical to avoid downloading unknown apps or investing in platforms with suspicious characteristics.
Education on Scams:
The victim should learn more about romance scams and cryptocurrency frauds to better recognize red flags in the future. Many scams are built around manipulative tactics that exploit trust and emotions.

Conclusion:
This scam, involving bitgex.net and the Bgex app, resulted in a significant financial loss of $32,360.00 USD. As with most cryptocurrency scams, the victim’s ability to withdraw funds was blocked after an initial successful withdrawal, and further deposits were requested to unlock the funds. Immediate actions, including reporting the scam and tracing the funds through blockchain tools, may offer a chance for recovery.

Scam Details:
The victim engaged with BitGex, an investment platform that promised high returns on USDT investments. After transferring 32,270 USDT to several wallet addresses provided by the platform, the victim found that the platform was fraudulent and their funds were unrecoverable.

Domain Information Analysis:

• Domain: bitgex.net
• Registrar: Gname.com Pte. Ltd.
• Registration Details: Registered on September 21, 2023,Set to expire on
  September 21, 2024,Last updated on November 23, 2024
• Receiving Cryptocurrency Addresses:
• Address 1: 0xe70dacdb22b0d75faabbee5c603d38425828a39f
• Address 2: 0xf369b65dc0b97491880f821828b943ddc9fd5506
• Address 3: TXV8umYh1XcgxNzv38Q8qoEuCMNAh4e3Tb
  
  Recommended Actions:
• Report to Cryptocurrency Exchanges:
  Notify exchanges where the USDT was sent to, providing the wallet addresses. Exchanges may be able to flag the addresses and prevent further transactions related to the scam.
• Report to Authorities:
  Contact local law enforcement or cybercrime units to file a report. Provide them with the wallet addresses, the amount lost, and any communications with BitGex.
• Seek Legal Counsel:
  Consult with a legal professional who specializes in cryptocurrency fraud. They may assist in pursuing recovery options or understanding potential legal avenues.
• Secure Other Assets:
  Ensure any remaining cryptocurrency is stored securely in trusted wallets. If any digital assets are still on compromised platforms, move them to safer wallets immediately.
• Public Awareness and Scam Reporting:
  Share your experience on cryptocurrency forums and social media. Reporting the scam can help others avoid similar situations.
• Conclusion:
  The victim lost 32,270 USDT (about $32,360) after investing in BitGex, which turned out to be a fraudulent platform. The scam occurred after the victim transferred funds to multiple wallet addresses, and no returns or communication were received from the platform. Immediate actions such as reporting to exchanges, law enforcement, and seeking legal advice are crucial steps to mitigate further losses.