Beware of a cryptocurrency investment scam involving a company called Bitvavo (bitvavom11.xyz.com). Victims are lured into investing large sums, then their accounts are frozen, and they are asked to pay exorbitant fees to release their funds. One victim lost $508,000 and was asked to pay $66,000 in fees to access their account. The scam is orchestrated by an individual named Bell Lin, supposedly from IDG Capital in Boston, MA.

Details:

• Total Amount Lost: $508,000
• Fee Demanded: $66,000
• Contact Number Used: (563) 798-9928
• Target Location: MI, USA- 48026

If this entity has scammed you, please share your story to help warn others and prevent further losses.

Domain Analysis

The website bitvavom11.xyz.com redirects to bitvavom11.xyz.

The domain bitvavom11.xyz is relatively new or not actively ranking at the moment, as indicated by its authority score of 2 and a Semrush domain rank of 0. This suggests that the site has minimal visibility and influence online. According to SEMrush, the domain has no organic search traffic data, implying that it has not yet established a presence in search engine results. Additionally, there are no paid search traffic metrics, further emphasizing its low activity or newness.

Despite having no keywords associated with it, bitvavom11.xyz has managed to accumulate 14 backlinks from 11 referring domains. However, these backlinks are mainly nofollow, which means they do not contribute much to improving the site’s authority or search engine ranking.

The domain has no information in regional databases, indicating it hasn’t achieved significant traction in any specific geographic area. The lack of organic traffic and keyword data, such as top organic keywords or organic position distribution, highlights that the site is not currently optimized for search engines or hasn’t been active long enough to gather relevant data.

Moreover, the domain’s backlink profile shows a mix of referring pages, mostly from low-authority sites, and all backlinks are nofollow, meaning they do not pass on authority to bitvavom11.xyz. The referring domains include sites like xploredomains.com, indiatodays.in, muabannhadat.tv, newlyregddomains.com, and rao5s.vn, but these links do not significantly enhance the domain’s online presence.

Bitvavom11.xyz Review

The website bitvavom11.xyz is presented as an online platform for cryptocurrency trading and management, offering services such as spot trading with leverage, safe storage, and 24/7 security monitoring. According to the information available on the site, Bitvavo claims to be a global leader in cryptocurrency trading, providing a comprehensive trading platform with features designed to maximize user profits and ensure security.

Bitvavo presents itself as a well-established platform with a wide range of services for cryptocurrency enthusiasts and traders. Founded in Amsterdam in 2018, the platform is reportedly registered with the Dutch Central Bank (DNB) and adheres to industry-leading compliance protocols. It supports over 175 cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Solana (SOL).

The website emphasizes the team’s professional experience and expertise, claiming that key members come from prominent companies like Google, Amazon, and Alibaba. The team members have backgrounds from prestigious universities, including Harvard, Stanford, UC Berkeley, and Tsinghua. Bitvavo highlights its strengths in financial risk control and provides various trading services, such as intraday trading, contract trading, ICOs, and cloud mining.

The platform is designed for user convenience and security, offering an easy-to-use interface, intelligent hot and cold storage for digital assets, ERC20 digital wallets, and comprehensive account encryption technology. Bitvavo also boasts a robust customer service system, available 24/7, to assist users with any issues or questions.

Contact Details and Regulatory Information

• Legal Name: Bitvavo
• Founded: 2018
• Headquarters: Amsterdam, Netherlands
• Registration: Dutch Central Bank (DNB)
• Customer Support: Available via Telegram @Bitvavo001, working hours 10:00 am to 11:00 pm

Red Flags

Despite the professional appearance of Bitvavo’s website and the comprehensive range of services offered, several red flags could indicate potential issues:

1. Domain and Registration Concerns: The website’s domain (bitvavom11.xyz) differs from the commonly known and legitimate Bitvavo platform (bitvavo.com). This discrepancy is a significant red flag, as scammers often create similar-looking domains to deceive users.
2. Verification Issues: The claim that Bitvavom11.xyz is registered with the Dutch Central Bank (DNB) should be independently verified through official channels. Scammers frequently fabricate or exaggerate regulatory compliance to appear legitimate. A check of the public register on DNB.nl reveals details for Bitvavo B.V., a legitimate entity registered under the trade name Bitvavo B.V., with a statutory seat in Amsterdam. However, this registration pertains to Bitvavo.com, not Bitvavom11.xyz. This discrepancy highlights the importance of thorough verification to ensure the legitimacy of the website in question.
3. Anonymous or Misleading Contact Information: The contact details provided are minimal, with no direct phone numbers, email addresses, or physical addresses clearly stated on the webpage. The reliance on Telegram for customer support can be a tactic used by fraudulent entities to avoid traceability.
4. Inconsistent and Grandiose Claims: The website makes several grandiose claims about the team’s background and the platform’s capabilities. While these could be legitimate, the lack of verifiable details and the overly promotional tone can be indicative of a scam.
5. User Agreement and Legalese: While thorough, the extensive legal terms and conditions are often used by fraudulent sites to cover their tracks legally. They can create barriers for users seeking redress in case of disputes or issues.
6. Redirection and Usability Issues: The presence of multiple redirections, especially to and from Telegram, can be a tactic to lead users away from the main platform, making it harder to track and resolve issues.

MSB Document

An MSB (Money Services Business) registration status information certificate issued by the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury is provided. The certificate provides details about the business named “Coinfx” and confirms its registration as an MSB.

Date: 05/15/2022

MSB Registration Number: 31000215848319
Registration Type: Initial Registration
Legal Name: Coinfx

The certificate confirms that Coinfx is registered with FinCEN as an MSB, indicating that it is legally recognized and authorized to conduct money services activities in a wide range of states across the U.S. The registration covers several services, including foreign exchange dealing, money transmission, and issuing traveler’s checks. The provided address in Lakewood, Colorado, establishes a physical location for the business.

However, it is important to note that this certificate does not mention bitvavom11.xyz or Bitvavo at all.

The Bottom Line Regarding Bitvavom11.xyz

In reviewing the evidence and user feedback regarding bitvavom11.xyz, it becomes clear that the website raises significant concerns about its legitimacy. Multiple sources, including ScamAdviser, the Better Business Bureau, and ScamPulse, highlight the site’s association with potential scam activities, particularly in the realm of cryptocurrency. Reports of fraudulent behavior, coupled with the site’s questionable practices, such as lack of transparency and suspicious domain registration, strongly indicate that bitvavom11.xyz operates outside the bounds of a reputable business.

While the platform portrays itself as a global leader in cryptocurrency trading, the preponderance of negative reports and red flags cannot be ignored. The recurrence of user complaints and the identification of the site in scam databases reinforce the notion that bitvavom11.xyz should be approached with extreme caution. Individuals considering using this platform should prioritize verifying its legitimacy through official channels and consider the high risk of engaging with a potential scam. The prudent course of action would be to avoid any transactions on bitvavom11.xyz until there is clear, verifiable evidence of its credibility and trustworthiness.