Type of Scam: Investment
Calculated Amount Loss: $16,280.00

Victim Description:
The victim was initially contacted by an individual on Instagram, who introduced herself and persuaded the victim to participate in cryptocurrency trading. The victim was directed to a trading platform called “IGMT” (which was an imitation of a legitimate trading platform) and used the MT5 app to trade, although it was not the official MT5 platform. After a successful small investment of 500 euros, the victim was convinced to invest a larger sum (9999 euros), which was used to buy Bitcoin via Bitpanda. The victim’s account balance increased significantly, reaching 23,838 USD. However, when the victim attempted to withdraw the funds back to Bitpanda, the withdrawal function on the platform stopped working, indicating a fraudulent scheme. The wallet addresses provided by the victim are associated with the scam platform.

Open-Source Intelligence Analysis: Preliminary Findings on Fraudulent Activities Associated with the IGMT Trading Platform

Current Website & Platform Details:
The victim was lured into using a trading platform called “IGMT” via a fake Instagram connection. The platform employed a fraudulent MT5 interface, which appeared legitimate but was actually designed to mislead users. This imitation platform allowed the victim to trade successfully initially, building trust. However, after sending larger sums of money, the victim could no longer withdraw the funds, confirming the fraudulent nature of the platform.

Domain and Hosting Information:
No specific domain or platform hosting information is provided for the IGMT platform, but the key indicators include:

The victim was instructed to use a fake version of the popular MT5 trading platform.
The platform could be a copycat trading site, mimicking legitimate services like Bitpanda or MT5 but hiding the true identity of the operators.

Wallet Addresses:

Bitcoin Address: 1i4Lvu7PMdjCH42fWwUng8yLn5sD9Sr24
Ethereum Address: 0x1ccccbc53bd3fcb45a47d20b73c91843cc8a5813
These wallet addresses are linked to the scam operation, and all funds were transferred to these addresses without the possibility of withdrawal.

Key Observations:

The victim’s funds were first used to purchase Bitcoin, but once the victim was convinced to transfer funds to the platform’s wallet, the withdrawal function ceased to work.
The usage of MT5 is a critical detail, as it is often leveraged by legitimate trading platforms. Fraudulent entities use fake versions to appear credible while ultimately preventing any real transactions or withdrawals.
The platform operated as a “bait-and-switch” scam: initially showing small gains to build trust, then locking funds once a larger investment was made.

Recommendations:
Blockchain Forensics: Investigate the Bitcoin and Ethereum wallet addresses to track the movement of funds and identify any other victims or potential connections to other fraudulent schemes.
Financial Authority Action: Report this incident to local financial regulatory bodies and cryptocurrency exchanges (e.g., Bitpanda), as they may be able to flag the fraudulent platform and assist in investigations.
Social Media Investigation: Investigate the Instagram account used by the scammer to see if other victims have been contacted by the same individual, potentially leading to a broader network of scammers operating under similar tactics.
Warning: Investors should avoid using non-official MT5 platforms or trusting unverified sources from social media platforms like Instagram.

Conclusion:
This scam revolves around a fraudulent trading platform, “IGMT,” disguised as a legitimate cryptocurrency investment opportunity. The victim was lured into using the platform through Instagram and initially saw small profits, but once a significant amount of money was invested, the withdrawal function was disabled, trapping the funds. The use of fake MT5 software and wallet addresses linked to the scam suggests that this is a well-planned investment fraud. Unfortunately, since the withdrawal function has been disabled and the funds have been transferred to untraceable wallets, recovering the lost money may be challenging.