UK Scammer Stole $650K in Crypto Over 12 Months, Exposed

Crypto investigator ZachXBT has uncovered a British scammer responsible for the theft of $650,000 in cryptocurrency over the past year.

As the adoption of blockchain and cryptocurrency grows worldwide, an increasing number of individuals are entering the market in search of quick profits and investment returns.

Scammers have exploited this surge of newcomers to repeatedly swindle investors out of their funds. Blockchain analyst ZachXBT has identified one such criminal who utilizes a demo trading account to offer fraudulent copy trading information.

This wrongdoer, operating under the aliases @ape_31/@60711, has tricked over 250 victims by presenting fake wallet screenshots, participating in dubious over-the-counter transactions, and conducting proxy investing scams, among other schemes. According to ZachXBT, this scammer has at times managed to extract up to $40,000 from single investors, employing blackmail and intimidation tactics to extort additional funds following initial deposits from eager traders.

5/ Example 2: Another victim who sent Ape 31 $3K shared his conversation with me.

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

After sending funds the victim was ghosted.

Theft address… pic.twitter.com/Z6t4CRJjhp

— ZachXBT (@zachxbt) September 30, 2024

Some victims managed to see through the scam and gathered information that led to identifying the scammer’s location. A TradingView account indicated that @ape_31 utilized a U.K. telecom provider, suggesting he is likely based in Britain. Additionally, other victims confirmed his voice, which ZachXBT has made public in an effort to help identify the fraudster.

A different investigation by ZachXBT from Sept. 19 contributed to the arrest of two hackers in Miami who stole $243 million in Bitcoin (BTC) from a single Genesis creditor. On the same day, the U.S. Justice Department indicted the two individuals.

In a flurry of responses supporting ZachXBT’s findings and sharing related experiences, one user criticized the crypto exchange Bybit for its demo trading interface. This anonymous account claimed that Bybit’s demo page bore too close a resemblance to the actual trading platform, enabling scammers to misuse it for illicit activities.