Cryptocurrency space or industry has seen multiple technological vulnerabilities or scams in the past, very unfortunate but a truth, this industry falls victim to cyberattacks now and then. Another major reason behind scams like the recent GatEx scam is the lack of education about emerging tech (cryptocurrencies).
The bad news, the recovery rate of crypto scams across the globe is very low. So, it’s important to better understand such scamming tricks and avoid them as much as possible. Today I am going to talk about the GateEx scam and what certain steps a crypto investor can take to avoid this scam.
What is the GateEx Scam?
You might have seen fake cryptocurrency exchanges with little difference in name to GateEx. To date, the variations reported include gateex-i.com, gateex-o.com, gateexpro.com, gateexpro.xyz, and gateexin.com.
It is also reported by a victim that there is a network of domains registered from an Icelandic IP via the Namecheap domain registrar who is actively doing all that bloody game.
GateEx cryptocurrency exchange charges a 2% trading fee and supports over 400 cryptocurrencies to trade in internationally. First, this information is wrong and even if sourced accurately, remember that none other than Binance, the world’s largest crypto exchange, actually exists.
Hence GateEx cryptocurrency is a pure crypto scamming website to loot the fresh or newcomers in the crypto space. You might encounter a scam on a scam trick; some sources are encouraging people to report the scam they have gone through to the official GateEx by providing real information. Be aware of any such attack or trick.
Once such online platforms trap newcomers and scam them, the site becomes inactive and users can no longer access them in any way. In the future, we may see some replicas or other domains launched for doing the same thing.
Let’s learn how exactly the scam (GateEx scam) works. The users who are unable to spot a scammer r to recognize such an effort, are lured to a series of fake exchanges ( scam websites) and forced to deposit their cryptocurrencies.
Users might think they are successfully trading, since the screen deceives them by showing that they have exchanged Ethereum for Bitcoin or inverse, with real-time crypto market prices. However, all this is happening to just scam the innocent crypto enthusiasts rather no trading ever happened.
The users could never withdraw their scammed money in the past and will not be able to recover it in the future. A user’s asset is gone to a scammer’s wallet, not to an officially working exchange. This is, unfortunately, how the ruthless scamming world runs.
What to Do After a GateEx Scam?
You can take the following measures if you become a victim of (no withdraw GateEx) scam.
1. The first step after GateEx Scam
Try to gather information on the scammers as much as you can. This could include the following:
- Domains used or Brand Name
- Email addresses
- Direct Contact details
These details may help to trace or identify a scammer.
2. The second step after the GateEx Scam
It is your responsibility to report the authorities about the scam you encountered. It is recommended to inform the local authorities. Also, look for some online resources to report a crypto scam.
3. The third step after the GateEx Scam
Once you realize you are scammed, urgently inform your payment processor or bank authorities. If you have insured your assets against such losses, visit your insurance firm and let them know about the scam.
This is not sure they will help but some banks, payment service facilities like PayPal, and card providers (American Express) will help out their users in such events. Report all the relevant people and see if they could take some strict action against the GateEx scam.
4. The fourth step after the GateEx Scam
There are chances that your personal information like email accounts or financial wallet data could have been compromised, it is essential to monitor your wallet login credentials and financial accounts to keep an eye on suspicious activity. Scammers may try to breach or rob your other digital assets.
FAQs
I cannot withdraw from GateEx account, what do I do?
If you face difficulty or cannot withdraw from GateEx, contact the authorities and report the issue. If they catch the scammers involved, you will be refunded your losses (some recovery of lost funds). However, if you get insured against such scams, you may recover your losses!
Who is behind the GateEx scam?
It is still unknown specifically who is behind all that GateEx scam. Some experts suggest it Russian-based cyberattack, but the authority sites like CryptoWallet.com cloud verify. As the GateEx crypto exchange was recently launched so very little information is found about GateEx.
What are the potential risks of investing in Gateex cryptocurrency?
No doubt, there are certain risks associated with Gateex cryptocurrency investment as in case of any investment. Potential risks include regulatory changes, market volatility, and technological threats or vulnerabilities. So, you must assess any associated risks before you make investment decisions.
