Scam Name: BitExchanges Investment Fraud

Calculated Amount Lost: $301,075.00 USD
Scam URL: bitexchanges.net

Victim Description:
The victim was initially contacted by a scammer through TikTok, who helped them set up an account on a fake cryptocurrency exchange called BitExchanges. The scammer guided the victim through the process of making an investment and provided them with a wallet address and a corresponding QR code for deposits. The victim followed the instructions, depositing large amounts of money into the provided wallet addresses, believing that they were making legitimate cryptocurrency investments.

After transferring funds, the victim began to realize that they could not withdraw their money. The scammer stopped responding to inquiries, leaving the victim with no recourse. The victim later learned about the scam through law enforcement and sought further assistance.

Scam Tactics:
Social Media Manipulation: The scammer initially contacted the victim on TikTok, a platform where they likely tried to gain the victim’s trust by offering advice on investing in cryptocurrency.

Fake Platform: The victim was led to the fake cryptocurrency exchange, BitExchanges, where they were told they could earn significant returns by investing in digital assets.

Wallet Addresses and QR Codes: The scammer provided the victim with wallet addresses and QR codes to facilitate deposits, which were used to steal the victim’s funds.

Withdrawal Restrictions: After the victim deposited their funds, they discovered they could not access or withdraw their money, a typical sign of investment scams.

• Wallet Addresses Involved in the Scam:
  bc1q3dumc6n9gq6p4kfyx2yzw7kw0uzn0dez9g60sj
• bc1q7wnxd7rgeys5c8dkj7k6f5ez3yyv798na54x97
• bc1qyzd55caaccghd02fm76k24m7e6t2xrte6p6fp5
• bc1qk2n9dd90ua6j0jrhwjkww82w4zppyt0cq89nra
• bc1q8ymdyq5swyeyw6gccslz0n05wxyy37uxfc4v27
• bc1q7gs9dx404vjvekzztjcv083xzw2uep65hhlv7j

Scam Overview:
The scam was carried out by an individual who initially reached out to the victim on TikTok. This individual posed as an expert in cryptocurrency trading and convinced the victim to invest in a non-existent exchange, BitExchanges. The victim made a significant investment, using the wallet addresses and QR codes provided by the scammer. After the funds were transferred, the victim was unable to retrieve their money, as the scammer had set up barriers to prevent withdrawals.

The scammer’s actions and the wallet addresses provided suggest that they were part of a broader fraudulent operation targeting cryptocurrency investors.

Domain Information:
Domain Name: bitexchanges.net
Registrar: OwnRegistrar, Inc.
Registered On: November 28, 2022
Expires On: November 28, 2024
Updated On: November 29, 2024
Status: ok
Name Servers:ns1.cr25.managedns.org
ns2.cr25.managedns.org

Recommendations:

Report the Scam:
The victim should report the scam to the appropriate authorities, such as the FBI’s Internet Crime Complaint Center (IC3), or local law enforcement. Given that law enforcement referred the victim to this process, they may already be working with the relevant agencies.
Track the Wallet Addresses:
Use blockchain explorers like Blockchain.com or Etherscan to track the movement of funds associated with the wallet addresses. This could potentially help identify other victims or trace the funds back to the scammers.

Engage with Cryptocurrency Recovery Experts:
The victim might consider contacting services that specialize in cryptocurrency recovery. Although recovery is not always guaranteed, professionals may be able to assist in tracing the funds and exploring any legal options for asset recovery.

Increase Awareness on Social Media Fraud:

The victim should increase their awareness of scams originating on social media platforms like TikTok. Scammers often target individuals by offering “too good to be true” investment opportunities through popular platforms. Understanding common tactics used in such scams can help avoid future risks.

Consult with Legal and Financial Advisors:

The victim may want to seek legal counsel to explore potential civil or criminal avenues for recovering the funds. Financial advisors who specialize in digital currencies can also provide additional guidance on what steps to take next.

Conclusion:
The victim was scammed out of $301,075 USD through a fraudulent cryptocurrency exchange, BitExchanges, promoted by a TikTok user. The scammer provided wallet addresses and QR codes to facilitate the investment but blocked the victim from accessing their funds after the transfer. The victim should take immediate action by reporting the incident to law enforcement, tracking the wallet addresses, and consulting with experts to potentially recover the funds. Awareness of social media scams and seeking legal and financial support are essential next steps.