Cryptocurrency scams are becoming increasingly sophisticated, and two platforms, Gzyaxf.com and Stocli.com, have been linked to a major fraud scheme targeting investors. Victims have reported losing substantial amounts of USDC, with the stolen funds traced to wallet address 0xbbf7f40b0d0915838f37a9B947bf5ca9d306e320 and evidence of cashouts at Blofin/ChainUp Exchange.

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

Domain Information: Stocli.com

• Domain: stocli.com
• Registrar: Gname.com Pte. Ltd.
• Registered On : 2022-04-07
• Expires On : 2025-04-07
• Status: Linked with Gzyaxf.com in perpetrating cryptocurrency scams.

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 and Stocli.com were legitimate platforms for cryptocurrency trading. Over a span of three months, they transferred funds via international wires to accounts displayed on these platforms. Here’s how the scam unfolded:

• 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 coordinated scams involving Gzyaxf.com and Stocli.com demonstrate the lengths fraudsters will go to exploit cryptocurrency investors. With over $96,000 USD stolen and traces leading to Blofin/ChainUp Exchange, these scams highlight the importance of due diligence and caution. Always verify investment opportunities and stay alert to red flags to avoid falling victim.