IotxCoin is a scam crypto trading and cloud mining platform with a domain name designed to imitate a legitimate token.
This fake site is not in any way related to the cryptocurrency of a very similar name which is widely used in the DAPP sector.
However, victims are falling for the scam and sending large sums of crypto to the fraudsters in the hope of a quick profit.
They’re either contacted out of the blue via social media platforms, or directed to the site through fake social media endorsements.
How the IotxCoin scam works
Many victims are first directed to a legitimate crypto exchange where they’re instructed to convert cash into coins such as Ethereum and USDT.
It initially appears that the investment is doing well and ‘profits’ quickly accumulate in the victim’s trading account, which is managed by an IotxCoin ‘trader’.
However, when they come to withdraw their funds, they find their account is blocked and the ‘trader’ then demands huge fees to release their money.
Any fees they subsequently pay are stolen, with the ‘trader’ continuing to demand further sums to release the cash, often pestering the victim on a daily basis.
However, at no point are any funds sent back to the victims and all money deposited or paid is stolen.
How to tell IotxCoin is scam
Here are some of the red flags which reveal IotxCoin to be a scam:
- The domain name was only registered recently.
- The site has virtually no content on it.
- The majority of the links on the site redirect to a sign-up page.
- There are no official apps or social media channels connected to the site.
- Direct app downloads appear to exist, but these are likely to contain viruses or are exploits.
- No information about the platform, where it’s located or support appears on the site.
- It features a very basic design, including pixelated landing image.
- The logo doesn’t match the name of the website.
- Irrelevant and grammatically incorrect information on the homepage.
- A demo trading screen image featuring a different platform name.
IotxCoin, like other scam platforms, will likely be shut down in the near future and the scammers, along with the money that’s been stolen, will disappear.
However, 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.