A fraudulent cryptocurrency exchange operating on Gicb.bio has scammed investors by creating the illusion of a legitimate trading platform. Victims deposited funds, believing they were engaging in real cryptocurrency trading. Their account balances appeared to grow over time, reinforcing the impression of profitability. However, when they attempted to withdraw funds, the platform’s customer service team demanded a so-called “capital tax” before processing the transaction. Even after multiple payments, withdrawals were never granted, leaving victims unable to recover their money. The website is no longer operational, confirming its fraudulent nature.

One victim was guided through the process by an alleged account manager named Olivia, who provided instructions on how to buy and sell. Initially, the victim saw small profits and was able to withdraw a limited amount, which built trust. Encouraged by these early gains, they continued investing, eventually reaching an account balance of $574,827.60 on the platform. When they attempted to withdraw, the exchange refused, demanding additional capital taxes before releasing any funds. Despite sending a total of $65,400 in wire transfers through Crypto.com, no withdrawals were processed. The platform continued to ask for more money, ultimately leaving the victim with a total loss of $72,200.

Scammers operating under similar schemes often allow initial withdrawals to create a false sense of security. Once the victim is fully invested, they introduce additional fees or tax requirements, ensuring that withdrawals remain impossible. Gicb.bio follows this pattern, using fabricated account balances and withdrawal barriers to extract as much money as possible before disappearing.

Cryptocurrency investors should be cautious when dealing with unfamiliar trading platforms. Unregulated exchanges often promise high returns and easy withdrawals but ultimately manipulate victims into sending funds that can never be recovered. Anyone who encounters similar fraudulent platforms should report them to the relevant authorities and avoid engaging with websites that require additional payments before releasing funds.