A fraudulent cryptocurrency investment scheme has been identified under the website coinwbiotc.com. The scammers behind this platform deceive victims by promoting cryptocurrency option trading opportunities. However, no actual cryptocurrency transactions or investments are made. Instead, victims are tricked into purchasing Tether USDT, which is then allegedly “invested” into a fake account on the platform, leading to a total loss of $345,379.00.

Overview of the Scam
The scam revolves around luring users into a false cryptocurrency option trading scheme. Victims are promised the opportunity to trade in cryptocurrency options, only to discover that no actual crypto assets are involved. The victims are instructed to purchase Tether USDT, which is then used to fund a fraudulent “coinw” account. All the transactions are carried out on the ERC20 blockchain, ensuring that funds are transferred in a seemingly legitimate manner. However, these funds are never converted into any real cryptocurrency or used for actual trading.

Rather than providing genuine trading opportunities, the perpetrators simply collect the USDT funds, leaving victims with no trace of their investments. The platform promotes itself with promises of high returns, but once the funds are invested, there is no further communication, and victims are unable to access or withdraw their funds.

Amount Lost and Scam Type: 
Victims of this scam have collectively lost an estimated $345,379.00. This amount was transferred in the form of Tether USDT to various wallet addresses controlled by the scammers. The scam falls under the Others category, as it does not specifically target traditional cryptocurrency investments but instead exploits the trust of users seeking quick profits through option trading in crypto markets.

Scam Website Details: 
The fraudulent platform is hosted under the URL coinwbiotc.com, and it masquerades as a legitimate crypto trading platform. Investigations reveal that this website is designed to deceive users by offering the illusion of trading activities while redirecting funds to the scammers. The platform’s operations appear to be built on the ERC20 token standard, which gives the scam a sense of legitimacy due to the widespread use of this token in the cryptocurrency community.

A screenshot of the website was taken on November 16, 2023, confirming that the site was actively promoting its scam tactics at that time.

Receiving Wallet Addresses:
The scam heavily utilizes multiple wallet addresses for receiving payments from victims. These addresses are associated with the fraudulent coinwbiotc.com platform. The following wallet addresses have been linked to the scam:

0xd7f0a04d4e89b18fc1643c8bb2b0219bffe1e84e
0x335a6989fc4c7541196e7ea0063a8b1c43778e77
0x5C02A3C3288A4EB405F974d01b73eeB45843ab04
0x2506c518e2fe6fe8e86e30678daa1b73e3ed2482

These addresses have been used to collect the Tether USDT funds, which were subsequently never returned to the victims. The same set of addresses appears multiple times in transaction histories, underscoring the organized nature of the operation.

Domain and Hosting Information: 
The domain coinwbiotc.com is registered with Name.com, Inc., a domain registrar that has been linked to multiple fraudulent and suspicious websites. The platform’s Nameservers are hosted by Cloudflare, a popular content delivery network that also provides web security services. This could suggest the scam operators are using Cloudflare to hide their true location and identities, making it more difficult to trace them.

Additionally, the domain has no MX (Mail Exchange) records, indicating that the scammers have likely disabled email communication to avoid direct contact with users once they’ve made their deposits. This is a common tactic to prevent users from reaching out for assistance or inquiries once they realize they’ve been scammed.

ISP and Hosting Infrastructure: 
The IP address for the domain coinwbiotc.com is also routed through Cloudflare, which further obscures the physical location of the servers hosting the scam website. This use of a reputable service like Cloudflare is another attempt by the scammers to add an air of legitimacy to their operation, as Cloudflare is typically used for high-profile and high-traffic websites.

What Investigators Should Focus On:
Transaction Analysis: Investigators should track the transactions involving the wallet addresses provided above. Since the transactions are conducted on the ERC20 blockchain, they can be traced using blockchain analysis tools. Any movement of funds related to these wallets could lead to further uncovering of the perpetrators behind this scam.
Domain Ownership: Investigating the ownership of the domain coinwbiotc.com and any related domains could yield valuable information. This includes reviewing the registration details and checking for links to other fraudulent platforms or activities.
Further Platform Investigations: Investigating other cryptocurrency platforms or websites that have used similar tactics—such as claiming to offer high-return trading options but only dealing in Tether USDT—could uncover a network of scams operated by the same individuals or group.

Call for Additional Information:
If you have encountered the coinwbiotc.com platform or have additional information regarding this fraudulent operation, we encourage you to come forward. Your insights could help expose the perpetrators and assist in preventing future victims from falling into the same trap. Sharing your experiences and findings could lead to valuable breakthroughs in this ongoing investigation.