UK-based scammer stole $650k in 12 months

Crypto detective ZachXBT has exposed a UK-based fraudster responsible for $650,000 worth of crypto theft last year.

As the adoption of blockchain and cryptocurrency expands globally, more users have entered the space in search of profits and quick returns on investment.

Scammers have many times taken advantage of this influx of new entrants to defraud investors of their capital. According to blockchain researcher ZachXBT, one of these criminals is using a demo trading account to sell fake trading information.

The bad actor known as @ape_31/@60711 tricked more than 250 people with fake wallet screenshots, questionable over-the-counter deals, and proxy investment scams, among other tactics. ZachXBT said the attacker sometimes stole up to $40,000 from individual investors using blackmail and scare tactics after their initial deposit from eager investors.

5/ Example 2: Another victim, who sent 3 thousand dollars to Ape 31, shared his conversation with me.

It was a similar story where he claimed it was risk free and he could get his balance from 10k-100k in a few days.

After sending money, the victim became a ghost.

Theft address… pic.twitter.com/Z6t4CRJjhp

— ZachXBT (@zachxbt) September 30, 2024

Several victims saw the façade and obtained information that helped locate the scammer. A TradingView account revealed that @ape_31 uses a UK Telecom provider and is likely based in the UK. Other victims were also able to verify ZachXBT’s voice, which he made public in hopes of identifying the scammer.

A separate ZachXBT investigation conducted on September 19 helped arrest two Miami-based hackers who stole $243 million worth of Bitcoin (BTC) from a single Genesis creditor. The US Department of Justice also indicted the duo on the same day.

Amid a slew of responses confirming ZachXBT’s research and sharing stories about the same, one user criticized crypto exchange Bybit for its demo trading dashboard. The fake account said Bybit’s demo page was too similar to the real trading platform, allowing scammers to use it for criminal activities.

This has been going on for a while and they are not doing anything about it.

User criticizes Bybit for demo trading page