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Beware of the XchangeBTC.online scammers! Cybertrace is issuing an urgent alert about another cryptocurrency scam that is duping honest Australians out of thousands of dollars. The XchangeBTC.online scam is part of a wider trend towards cryptocurrency scams that was accelerated by the pandemic. In 2021, Australians lost a record $177 million to investment scams, with more than half involving crypto. For 2022, we are already on track to exceed this number, with $49 million lost in the first quarter alone.

While these particular fraudsters use a sophisticated website, fake news articles and convincing sales tactics, they are just another dodgy scam outfit. Holding out empty promises, all they will do is lie to you, steal your money, and leave you for broke. In fact, Cybertrace holds vital intelligence that directly connects XchangeBTC.online to another scam that we uncovered last year: OneBTC.online. Do not invest your hard-earned money with these scammers! And if they have already deceived you, don’t despair – contact Cybertrace today to see how we can help. But first, let’s look at how these con artists operate and what you can do to protect yourself.

How does the XChangeBTC.online scam work?

Like so many other cryptocurrency scams Cybertrace has exposed, the XchangeBTC.online scam follows a depressingly familiar pattern. First, the scammers will lure potential targets to their website via social media ads, emails or affiliate marketing. Alternatively, they will contact them directly via phone. Making all kinds of fantastical promises, the fraudsters’ aim is to get victims to sign up and make an initial small deposit. After the account shows an early (fake) windfall gain, the scammers use highly persuasive over-the-phone sales tactics to pressure victims to plough in even more money. While targets watch their “investment” grow on an online dashboard, they have no idea that everything they see is fake. In the meantime, the fraudsters are laughing all the way to the bank! Unfortunately, the story doesn’t even end there.


Wait, there’s more?

When victims want to cash out their “wins”, the scammers not only leave them stranded but try to extract even more money. Couched as “taxes” or “fees”, these are simply further attempts to fleece people desperate to access their money. Once they sense the well is dry and no more money available, the scammers simply cease all communication. Victims are left with thousands of dollars stolen and feelings of frustration, embarrassment and self-blame. It’s a terrible situation and, to top it all off, pernicious recovery scammers are circling like sharks smelling blood. Enough! Cybertrace has the expertise and capability to unmask the XchangeBTC.online scammers and help you get justice.

But how do you know XchangeBTC.online is a scam?

While our experienced investigators have multiple analytical tools at their disposal, here is a list of red flags anyone can use. Forex, stock and cryptocurrency scams such as XchangeBTC.online often exhibit these tell-tale signs:

Unclear registration

The first thing to look out for with online trading platforms is where they’re registered. The XchangeBTC.online scam website claims to have offices in the UK, the United Arab Emirates and the Netherlands. However, its contact page provides a Cyprus-based WhatsApp number. Interestingly, company register databases show that XchangeBTC.online does not appear to be registered in any of these countries. However, the website’s legal fine print finally reveals that The Republic of Seychelles is its place of registration. While the Seychelles are a beautiful group of islands in the Indian Ocean, their track record regarding company registration is less stunning. Anyone can open their own company in the Seychelles, usually within 24 hours, and they don’t even need to set foot in the country. There is minimal oversight, no taxation and business can be conducted anywhere in the world, except in the Seychelles! In other words: perfect for cryptocurrency scammers.


No regulation

Although the XchangeBTC.online scam website is registered in the Seychelles, it is not regulated by the country’s Financial Services Authority. And despite the scammers’ supposed presence in the UK, its Financial Conduct Authority (FCA) hasn’t heard of the platform, either. As this cryptocurrency scam doesn’t fall under the jurisdiction of any regulator, there’s no oversight, regulatory framework or consumer protection. Even if it wasn’t a scam (which it is), the risk it carries for investors is way too high. For example, while the FCA allows a maximum leverage of 1:20, the XchangeBTC.online scammers go twenty times as high – crazy! Without a “cop on the beat”, the fraudsters feel they can get away with just about anything.


Another common red flag for cryptocurrency scams is the lack of information on who runs or works for the platform. The XchangeBTC.online scam website does not mention the names of any of its directors or executives. Furthermore, its social media presence consists of one or two obviously fake accounts with no professional network. Additionally, each profile’s posts were all made in a single day. If they won’t say who they are, don’t give these cryptocurrency scammers your hard-earned money!


Is there an easier way to find out about cryptocurrency scams?

While some insight into our approach regarding the XchangeBTC.online scam is helpful, who has the time to do all this themselves? Luckily, you don’t have to! For your convenience, Cybertrace has developed ScamSleuth, a free, easy-to-use public scam detector tool. Simply run any potential investment website through ScamSleuth and, within seconds, you will have the result with a clear traffic-light warning. In this way, you will always know whether something is an investment opportunity or a cryptocurrency scam. It couldn’t be easier, so make sure to bookmark ScamSleuth and share it with your friends and family!

What can I do if the XchangeBTC.online  scammers already got me?

If the XchangeBTC.online scammers already got to you, don’t feel ashamed – reach out for help! Contact Cybertrace today to see how we can help you. As Australia’s pre-eminent cryptocurrency tracers, we can trace stolen cryptocurrencies, forensically analyse websites and identify offenders via sophisticated tracking tools. Cryptocurrency scammers beware: your game is up!

If you are a current or former staff member of the syndicate and would like to speak with us, you can contact us anonymously via [email protected]. We have successfully worked with conscientious insiders when investigating previous scams, thus bringing justice and relief to long-suffering victims. Your help can make a real difference!


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