BybitcoinEx is a fake crypto trading platform that’s being used as part of an elaborate pig butchering scam.
Victims are being contacted at random via social media and befriended before being introduced to the platform as a way of making quick returns by investing in cryptocurrencies.
However, once they’ve been persuaded to invest and have parted with a significant amount of cash, their accounts are being are blocked.
The scammers then demand ‘fees’ to release the money, but at no point are any of the funds returned – this is simply a way of extracting more cash from the victims.
How to tell BybitcoinEx is a scam
Although the site is reasonably well designed on first viewing, when you scratch beneath the surface there are numerous issues that reveal it to be a scam.
They include:
- A very new domain name.
- Claims that the platform is ‘the world’s largest cryptocurrency exchange’ when clearly it’s not.
- A Domain Authority (DA) ranking of just 1 – the lowest possible.
- Content that’s riddled with spelling and grammatical errors.
- Numerous warnings online that it’s a scam.
- Apps that are direct downloads rather than being available from official stores. These files are dangerous and can contain malware and viruses.
- No regulatory or company information that you’d expect from a legitimate company.
- Pages of text that appear to have been scraped from other sites.
However, it doesn’t offer any functionality and should be avoided at all costs.
What can I do if I’ve been scammed by BybitcoinEx?
It’s important to report crypto scams to the authorities to help build up a picture of the fraudulent platforms that are operating.
It also helps others avoid being caught up in the same scam.
There are private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.