cryptex.net

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SCAM ALERT
FAKE CRYPTO EXCHANGE

This is the Scam Accusation thread link created by user PuyaMaster: https://bitcointalk.org/index.php?topic=5200216.0

This is the ANN thread link for Cryptex.net Exchange: https://bitcointalk.org/index.php?topic=2454750.0

When investigating cryptex.net by browsing their website and running a few basic background checks things become very clear that this exchange cannot be trusted for several very important reasons hence the red flags:

RED FLAG #1: The Accusation That Exposed The Scam

There is a scam accusation made against cryptex.net where crypto to the value of around $210,000 has been 'frozen' pending investigations. The cryptex.net representative here has posted to effectively confirm the amount in question and stated that amount has been frozen.

The reason given by cryptex.net was:

"clients account but will remain blocked Until the investigation is completed. This block was caused by requests from law enforcement agencies"

I asked the cryptex.net user to explain which law enforcement agency it was that made the alleged request but unsurprisingly he fell silent:

Quote from: JollyGood on November 10, 2019, 03:32:19 PM

Quote from: Cryptex.net on November 10, 2019, 03:10:08 PM

Hello!

Clients funds were blocked by our security service on November 8th 2019, funds are still kept on clients account but will remain blocked Until the investigation is completed. This block was caused by requests from law enforcement agencies which included particular TXIDs of the client operations held through accounts created on our platform on August 30th and October 22nd this year. This user performed large trade operations with funds of unexplained origin with a further request for deleting a personal account.
User created a third anonymous account on our platform on November 8th 2019 and deposited a large amount of funds of unexplained origin. Then this user contacted our manager through Telegram messenger (our official contact) and provided clients ID and told about the large amount of funds a client is going to deposit again. At the moment of that visit, several of our partners accounts were blocked on third-party trade platforms. Those blocks were caused by the requests from those platforms concerning those previous operations made though our platform by this client before.

Quote from: logfiles on November 10, 2019, 12:57:27 PM

My first time hearing about such an exchange. Why do you even trust such non reputable exchanges which such a large amount in the first place yet we have the likes of binance, kucoin etc?

Thats because this users funds are of an unknown origin and illegal, and a user tried to do a money laundering not though big trade platforms which you mentioned, but a client was hoping to put his dirty money into our platform with impunity.
The Exchange keeps in secret everything related to our clients' operations, including this case. However, the client himself chose to make the case public. Therefore, we publicly request to cover losses incurred as a result of using the exchange to launder criminally obtained funds, as well as to provide the necessary information to minimize the damage.

If what you say is correct kindly explain which law enforcement agencies you will send his $210,000 to and when will you be sending it.

Was it Interpol, Europol, FBI, CIA, UK Scotland Yard that contacted you?

It can be taken as a given that no request was made and this is a user being selective scammed to the tune of approximately $210,000. The Cryptex.net user will not provide any evidence whatsoever that any claim has been made.

RED FLAG #2: The Company Information and People Behind it

cryptex.net and its owners seem to be excellently placed to implement an almost perfect get away if they planned an exit strategy or have a date in mind and are counting the clock down.

The layer upon layer of secrecy using off-shore companies as part of their aim for secrecy is the sort of stuff multi-million making corporations usually do for minimising tax but has a dual purpose for those wanting to vanish in to thin-air but ensuring they cannot be traced easily.

Cryptex.net the fake crypto exchange is owned by a Limited Liability Partnership registered in Scotland, UK on 26th October 2017 under the name of: IPSP LP

It has one person registered as the controlling party (significant shareholder called Vitalii Zaderei from Ukraine who has given the address as: Apt. 14, Pr-T Geroev Stalingrada 4, Kiev, 04210, Ukraine).

The Scotland registered LLP company has two companies listed as partners (Damitra Group Ltd and Lamen Business Ltd). Both companies are registered in Seychelles and used London cheap mailing-address-for-hire as their UK address but are associated with over 100 companies past and present between them with their main function seeming to simply facilitate off-shore holding/ownership.

As for Vitalii Zaderei from Ukraine, he might be part of this scam or his ID might have been used to register the LLP in Scotland with or without his consent. That remains unknown at this time but what is clear is that they have no office in the UK. It seems like one or a couple of scammers working from home in the hope someone like the victim comes along and they can make money by stealing. They probably have not even visited Scotland before but the address given in Scotland is a cheap mailing address where too many companies are sharing the same address but can be seen in the images: Suite 1, 4 Queen Street, Edinburgh, United Kingdom, EH2 1JE

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RED FLAG #3: Social Media

They have 484 followers on Twitter and well not much going on at Facebook and both Telegram accounts either. You would expect more from an exchange claiming to be over 2 years old:

https://twitter.com/cryptex_net

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https://www.facebook.com/cryptex.net/

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SUMMARY

There are too many holes in the cryptex.net scam project and the team behind it but I have listed a handful, just enough to expose them as scammers.

Thousands of companies-on-paper-only have used the same address as the one that owns this exchange. All the issues of promoting the UK address trying to portray it as a real company with a real office and a real team when it is nothing but a cheap mailing address means that it cannot be trusted. On top of that there is no telephone number to contact and not even an About Us page on their website also means it cannot be trusted.

They never filed any accounts with the UK tax office, they did not register for UK VAT, they registered a LLP rather than a LTD incorporation because even if they get caught after exit scamming the LLP means they are not liable to pay any debts the company owes:

"Each member pays tax on their share of the profits, as in an ordinary business partnership, but isnt personally liable for any debts the business cant pay": https://www.gov.uk/guidance/set-up-and-run-a-limited-liability-partnership-llp

They have next to zero in social media followers and updates. Their website blog is dead too. The whole thing is fairly unprofessional but it is understandable why occasional victims would fall in to their trap. They selective scammed this victim (PuyaMaster) but did not expect him to make it public, now the ball is in their court.

It is sad the victim lost $210,000 in approximately 23.8 BTC to the scammers. It is a massive hit to take, I really feel sorry for him.

The manner is which the Cryptex.net user posted trying to justify the stealing of the victims funds was a clear indication that this had all the hallmarks of a scam and warranted further investigation.

It was the fact that Cryptex.net inadvertently alluded to getting revenge on the victim (PuyaMaster) that forced me to expedite the creation of this thread in the hope that others do not get scammed too.

As for the owners of the so-called Cryptex exchange, if they want to they can easily save face by saying their investigations are complete and they will allow the victim to withdraw the funds then the matter is closed. I doubt they will do this unless there is heavy pressure from the community.

Updated 11th November 2019:

The victim (PuyaMaster) was not familiar with the process so I advised him to create a flag against the cryptex.net scammers.

I request you all support this flag against them and their fake exchange:

Profile: https://bitcointalk.org/index.php?action=profile;u=1235755

Profile: https://bitcointalk.org/index.php?action=trust;u=1235755