Fraudulent investment platforms continue to exploit unsuspecting victims, and Gzyaxf.com has emerged as another deceptive website targeting cryptocurrency investors. In this case, the victim lost substantial amounts of USDC in three separate transactions, totaling over $96,000 USD, with the funds traced to wallet address 0xbbf7f40b0d0915838f37a9B947bf5ca9d306e320.

Details of the Loss

Cryptocurrency: USDC

• Amount: 19,696.4
  Wallet Address: 0xbbf7f40b0d0915838f37a9B947bf5ca9d306e320
• Cryptocurrency: USDC
  Amount: 34,472.75
  Wallet Address: 0xbbf7f40b0d0915838f37a9B947bf5ca9d306e320
• Cryptocurrency: USDC
  Amount: 42,354.54
  Wallet Address: 0xbbf7f40b0d0915838f37a9B947bf5ca9d306e320 

Total Loss: $96,523.69 USD

Domain Information: Gzyaxf.com

• Domain: gzyaxf.com
• Registrar: Gname.com Pte. Ltd.
• Registration Date: March 1, 2021
• Expiration Date: March 1, 2025
• Updated On: June 6, 2024
• Status: clientTransferProhibited

The longevity and “protected” status of the domain may make it appear legitimate to victims, but upon closer scrutiny, the platform operates with deceptive practices designed to steal funds from users.

How the Scam Unfolded

The victim was lured into believing Gzyaxf.com was a legitimate platform for cryptocurrency trading. Over the past three months, they conducted several international wire transfers, which were supposedly deposited into their account on the platform.

• Initial Transactions: The victim’s account displayed the transferred funds and profits growing significantly over time, reinforcing their trust in the platform.
• Withdrawal Request Denied: When the victim attempted to withdraw their funds, they were informed that taxes on the profits had to be paid upfront—a common tactic employed by scammers to extract additional payments.
• Ongoing Deception: Despite suspecting foul play, the victim remained in contact with a representative from the platform, who continued to provide electronic assistance. The scammer’s ability to maintain communication and provide personal phone calls created an illusion of legitimacy.

Investigation Findings

Our investigation revealed three traces of the stolen funds being cashed out through Blofin/ChainUp Exchange, platforms often exploited by scammers to launder stolen cryptocurrency. These traces highlight how fraudulent actors utilize reputable exchanges for illicit activities.

Red Flags to Watch For

• Upfront Payment Requests: Legitimate platforms do not require users to pay taxes or fees upfront to withdraw funds.
• Unverifiable Contacts: Limited or unverifiable information about the platform and its representatives is a clear warning sign.
• Extended Communication: Scammers often maintain prolonged communication to gain trust and prevent victims from suspecting fraud.
• Fake Profit Growth: Displaying artificial growth in account balances is a tactic used to encourage additional deposits.

Gzyaxf.com Conclusion

The case involving Gzyaxf.com illustrates how sophisticated scams can deceive even cautious investors. With over $96,000 USD lost and funds traced to Blofin/ChainUp Exchange, this incident emphasizes the importance of due diligence and skepticism when dealing with online investment platforms. Victims are urged to act swiftly and report such scams to prevent further losses.