Cryptocurrency Scam –

Beware of Cryptocurrency Scams – Australian Family Loses $20,000 in Scam scam

It has been reported in the Australian news this week that an Australian family has lost their savings in a cryptocurrency scam. The company was called (not to be confused with confused with 

The family had come across the scheme via Facebook.

The family had initially made only a small investment in the scheme in case it was a scam. When they received the payout they were told they would, they invested a bit more. The scheme continued to pay out funds just as it said it would, and the family grew more confident with the scheme. So confident in fact that they introduced a family member to the scheme because it was working out so well for them. Larger amounts were being invested.

The family even gave up their job because the scheme was paying them so consistently. They said they had no reason to doubt the scheme, and restructured their finances around They were in regular contact with people that worked at, and everything seemed to be on track. The family said that we’re investing time in them, and were there for them. The family saw no red flags, and had no concerns about the legitimacy of the company once they’d started to see returns. They said they saw no signs that this was a scam. The company was delivering what they said it would, when they said they would. scam
A snapshot of the website.

Things started to go wrong …

Then, things started to go wrong. The red flags started out small. The family were asked to pay a withdrawal fee “to comply with regulations”. The family did so, by taking out a loan to cover the fee, expecting that it would repaid as soon as they got their payments from

This was the first of many excuses they received from, and the first of the requests for more money. The requests started to escalate. The family did oblige several more times, still not sure that they weren being scammed. They still believed because they had been with the scheme for such a long period of time, and because they had paid consistently up to that point, that they could still recover their money. They believed that the company would release their funds.

After desperately requesting that their funds be returned to them, the family received a message via What’s app, explaining that they’d been scammed:

“Let me save you the stress cus you’ve been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Don’t bother about trying to get your money. Adam, myself, Claudia, even the customer service is scam. Just focus on money to take care of your family.”

By this time, the family taken out small loans, and had sold some of their possessions. They were unemployed, behind in bills and rent, and were in a dire situation.

Cryptocurrency scam

So how did this happen?

On the face of it, it seems that was operating as a high yield investment program, which is similar to a Ponzi scheme.

The company were most likely paying people with the investments made by the others, rather than by actually investing the money and getting a genuine return on it, and paying that return back to all of their investors. Trust was built over time because the company had been keeping their word, and had regular communication with their investors.

The scheme encouraged members to reach out to their families and friends to join too, to generate more dollars in to pay others were already in and due to see a return.

How to avoid a scam

There are often some fairly obvious signs of scams. I’ve written before about how so spot an online scam. To summarise, some warning signs might include:

  • pictures of loads of cash and/or exotic lifestyles such as yachts and lamborghinis
  • claims of fast money for little or no effort
  • being asked to spam your friends and family to do sign them up
  • when it is unclear about how you are actually going to be making the money being claimed
  • websites that lack clear information and only provide sketchy details
  • being told that you need to hurry to sign up or you’ll miss out

Cryptocurrency scam - hurry up limited offer!

In the case of, some of the tell tale signs weren’t there. Some were there, but may not have been obvious. There were some grammatical issues with the website, and whilst that would be a red flag to me, this may not even be noticed by most people. In my mind, a company that is claiming to invest tens of thousands of dollars and paying pack huge returns should have their copyrighting and marketing looking 100% professional. 

It is SO important that you do your homework when it comes to making money online. Scams can be very sophisticated, like the one, dragging out for long periods of time so that the scam can continue and others can be lured in.

One of the ways you know you won’t be scammed, is if you do it yourself. Not relying on someone else to make you money, but you learning how to do it, and implementing it yourself. “How do you do that?” I hear you ask. And how do I know that whoever is going to teach me how to do it isn’t a scam? 

The platform that I chose to help me build my own online career is legitimate, and is backed up by:

  • A track record of integrity and business success, having been established for 14 years
  • A membership base of over a million people worldwide
  • The ability to sign up for a free membership so you can thoroughly research and look around the platform without paying a thing
  • Conisistenly rolling out new updates to support their members achieve their business goals
  • Extensive training with the ability to ask questions and get quick responses, together with the ability to log support calls
  • No over the top claims, just a platform that equips you with the skills that you need to create your own online business

If you are interested in a genuine way to make real money online, that is not a get rich scheme, I highly recommend the platform I’ve been with since 2017. I personally use this platform and it is a genuine way to learn how to make money online the right way, using legitimate techniques and methods. This platform allows people to sign up for free to have a look around and see if it’s for them. You even get two free websites, and the first ten modules of training for free. You will be taught how to implement the affiliate marketing model:

Wealthy Affiliate 4 step model mode

Remember that once you have built your own niche website and learnt how to attract visitors (using free methods), you can repeat this with as many of your own websites as you like.

The platform is perfect for ANYBODY who wants to find a way to earn money online. You don’t need experience, and you don’t need to be technical.

You have nothing to lose, and everything to gain. Having an online career from home really does give you the freedom to balance work and life.

Explore the platform and get your free account today. It might be one of the best decisions you’ll make.

If you have any questions for me please ask and I'm always happy to help.

8 thoughts on “Cryptocurrency Scam –”

  1. Crypto currency is not really easy to understand and the earning percentage is always high. And because it is not clearly set up for anyone to understand, scammers are taking advantage of it.

    I think it should be made legal as any financial transaction giving banks and financial institution the obligation to teach people and let them invest safely.

    I am very sorry that this family lost much money.


    • Hi Adyns68, it’s a sad story. Scammers will always take advantage in my view whether crypto is more regulated or not. Everyone just needs to be really aware of what they are getting in to.

      All the best,

  2. What a very pathetic story and I felt really sorry for the family that got scammed by this scammers under the facade of coinexx. Seriously, being scammed such an amount of money is really outrageous and that is the more reason I don’t invest my cash anyhow again. I’ve been a victim of scams on countless occasions but experiences have taught me overtime to learn the red flags the hard way. But surely, this is a lesson for everyone who wants to make money without working. 

    • Hi RoDarrick,
      Sorry to hear that you have also been victim to scammers. I felt sorry for this family too. In many ways you can see how they’d keep giving money when initially they were getting the returns that were promised. It’s a really sad story and not uncommon.
      All the very best to you.

  3. Hello Melissa, 

    Thank you for pointing out this scam. There are so many on the internet it is often very hard to pick them out.

    I am always wary of any high yield scheme as more often than not they turn out to be scams.

    Your method of earning money looks far better to me.


    • Hi Derek,
      It’s good to be wary of high yield schemes. Affiliate marketing is certainly a legitimate way to build your own online business, I highly recommend it 🙂

  4. I felt so sorry for the family that lost so much money on the scam fake “coinexx” site. These kinds of stories are what make me very leery about cryptocurrency in general, as the thieves know how to hit the popular niches and cheat people that really do not know what they are doing.

    It is all too easy to fall for this kind of a scam too, as even people that are educated and maybe have experience in cryptocurrency can get duped. The thieves are getting that good. You are right to recommend a better solution for people looking for a solid way to invest their money and time.

    The tips that you have added are good indications that a “deal” may not be all that you are being sold, and I would definitely do some research prior to investing so much money into something I knew little about. The option that you have of building a business using the Wealthy Affiliate platform is a good one, as that is a reputable platform with many success stories of members. 

    • Hi Dave,
      I felt so bad for them too. Especially so because they’d convinced someone else to join too, they must feel dreadful about that. Research is so important. Wealthy Affiliate certainly is a good option, and they have a long and consistent track record. With them, what you see is what you get.
      Thanks very much for stopping by Dave, all the best.


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