We’ve received multiple complaints regarding the website bippax.com. Here are the details of the reported scams:

1. Complaint 1:

• Amount Lost: $120,000
• Description: The victim was convinced to join a trading group and deposit funds into an exchange linked to bippax.com. When attempting to withdraw, the scammer demanded a commission fee.

2. Complaint 2:

• Amount Lost: $550,000
• Description: After investing in bippax.com, the victim saw seemingly high returns but faced withdrawal issues. The account was put under review, and the scammer demanded more money to release the funds.

3. Complaint 3:

• Amount Lost: $9,000
• Description: The victim joined a day trading group on WhatsApp led by “Professor Bingham” who directed investments to bippax.com. The group promised unrealistically high profits, but withdrawals were blocked. The victim was coerced into reinvesting with promises of even higher returns.

If you have been scammed by bippax.com, please share your story to help warn others and seek support.

Bippax.com Review

The Department of Financial Protection and Innovation (DFPI) has documented a scam involving the fraudulent crypto asset trading platform BIPPAX. This scam has ensnared numerous victims through WhatsApp group chats, specifically under the names “Caryle” and “BIPPAX-185.” Led by individuals named Susan and Bexley, who falsely claimed to be employees of a global investment firm, the scam used deceptive practices to lure and defraud unsuspecting investors.

Documents circulated by Susan and Bexley provided victims with information about BIPPAX. These documents directed victims to access the platform via the websites bippax.com and elwallets.com or through an iPhone app called Bip_Pax Pro. Upon signing up, victims were assigned an “analyst” named Matthew. Matthew instructed them to fund their accounts by transferring crypto assets to a wallet address provided by Susan. The platform purportedly charged a 20% commission on trades, creating an appearance of legitimacy.

The victims observed significant growth in their account balances, which instilled a false sense of security and trust in the platform. However, when they attempted to withdraw their funds, they were informed that their accounts were “under review.” To release the funds, victims were coerced into depositing 1% of their account balance as collateral. Despite complying with these demands, victims could not recover their investments. One California victim reported a loss of approximately $55,000.

A quotation from the DFPI report encapsulates one victim’s experience: “When they attempted to withdraw their money, the app said their account was placed ‘under review’, and they would have to deposit 1% of the account balance as collateral.” This highlights the manipulative tactics used by the scammers to perpetuate their fraud.

If you have been scammed by bippax.com or have any related experiences, please share your story to help warn others and seek support.