Bitnetdex – a Dangerous Chinese SCAM!

Welcome to our BitnetDex Review, where we investigate the website currently found at bitnetdexs.com.

Do you have any information about this website? Please let us know by commenting below.

In June 2023, we received the following complaint:

I had funds in Bitnetdex, but I lost them due to a loan I took on the site to engage in high-risk trading for potentially higher returns. Unfortunately, I am unable to repay the loan with the profits I made, so I need the assistance of a third party.

BitAi Fund is a website that claims to offer cryptocurrency and DeFi liquidity automated trading, promising high daily profits for investors. However, several red flags indicate that it may be a scam. The company behind the website, Bit AI Future Assets Management CO., LTD., is allegedly registered in London, England (Registration No.14165163). We can verify that and found their registered office address is Apartment 1804 55 Upper Ground, London, England, SE1 9EY. It is an active, private limited company, which was incorporated on 10 June 2022.

Two people are listed: YUNMA TIANLONG INTERNATIONAL CONSULTING CO., LIMITED – Secretary, with a correspondence address of 291 Brighton Road, South Croydon, England, CR2 6EQ. PEI, Chunxue – Director, with a correspondence address of No. 8, Row 6, Block 3, Dulin Village, Daxinzhuang Town, Fengnan District, Tangshan City, Hebei Province, China, 063300. Ms. Chunxue Pei is listed as an active person with significant control and the same address as the director. Interestingly, Chunxue has several other companies listed, including bitnetdex.com.

So is Bitnetdex a SCAM?

Bitnetdexs.com Review

An unknown entity registered the domain bitnetdexs.com on February 7, 2023, through GoDaddy. It is hosted by Cloudflare.

SimilarWeb ranks them at 14,914,103 globally and 4,216,256 in the USA, as of May 2023.

Semrush gives them a 2% Authority Score based on two referring domains.

BitnetDex is a digital asset trading platform that offers various financial services to its users. The homepage highlights some of the platform’s key offerings. These include participation in financial locking activities with an annual profit rate of up to 125%, inviting friends to register and share millions of USDT bonuses, and an anti-fraud treasure book to enhance the trading experience.

The website emphasizes its commitment to safety and reliability, mentioning its five years of experience in digital asset financial services. However, as we’ve seen, the website has only been around for four months, at least in this domain.

BitnetDex also claims it has a global presence and that it has established localized transaction service centers in many countries, intending to create a blockchain ecosystem that integrates multiple business forms.

Email: support@bitnetdexs.com

Telegram: @bitnetdex

There’s a live chat too, but strangely it is with “BitSmartex 1,” which we wonder if is another potential scam platform.

And indeed, a quick Google search reveals that BitSmartex, a website registered through GoDaddy.com on September 8, 2022, that claims to aggregate profitable products from the market and generate higher returns for investors, may be associated with scam activities. Websites like Scam Adviser and Scam Detector have flagged BitSmartex as potentially suspicious or linked to fraudulent practices.

About Bitnetdex

BitnetDex is a blockchain service provider that claims to have been in operation since 2015.

Even though we’re already in 2023, they explain how in 2022, BitnetDex plans to launch a new platform, V3.0, and establish a new joint-stock company, BitnetDex, to expand its business operations to more than 100 countries worldwide.

Pledge Loan

BitnetDex offers a feature called “Pledge Loan” that provides users with an opportunity to borrow coins and earn stable returns with zero risk.

A pledge loan, also known as a collateral loan or secured loan, is a type of loan where the borrower pledges an asset as collateral to obtain the loan. The lender holds the asset as security until the loan is repaid in full. If the borrower fails to repay the loan, the lender has the right to seize and sell the collateral to recover the outstanding amount.

Users can input the desired pledge amount and see the corresponding loanable amount available to them.

Mobile Apps

The BitnetDex apps are not available only on the App Store or Google Play Store; they must be downloaded and installed manually.

Downloading the BitnetDex app on an iPhone requires enabling the downloading of description files.

Keep in mind that allowing the downloading of description files on Safari can be risky because it involves granting permission for files to be downloaded onto your device. This can potentially expose you to various risks, such as:

1. Malicious files: Description files may contain harmful or malicious content, such as viruses or malware, which can harm your device or compromise your personal information.
2. Unauthorized access: Downloading files can provide an opportunity for attackers to gain unauthorized access to your device, potentially leading to data breaches or privacy violations.
3. Phishing attempts: Malicious actors may use description files as a means to trick users into revealing sensitive information, such as login credentials or personal details, through phishing attacks.

User Agreement

The agreement emphasizes that the digital assets offered on the website are not provided by any financial institution or corporation.

The following countries are not allowed on the platform:

• Bangladesh
• Bolivia
• Crimea (a region in Ukraine)
• Cuba
• Ecuador
• Iran
• Iraq
• Israel
• Kyrgyzstan
• North Korea
• Sevastopol (a city in Crimea, Ukraine)
• Sudan
• Syria
• Venezuela

www.bitnetdexs.com

Strangely, an entirely different website can be found on the subdomain www.bitnetdexs.com.

According to this version of the website, BitnetDex is a leading cryptocurrency index and contract transaction platform that offers safe and reliable trading services for users in over 100 countries and regions worldwide.

The platform supports a wide range of digital asset index contract transactions, with over 30 varieties available.

Who is behind this website?

The company operating www.bitnetdex.com is BitnetDex Digital Asset Investment Management Ltd, which is a London, England company.

The copyright line reads “2022 – bitnetdexs.com” even though it’s already 2023.

Their address:

Unit 1804, 55 Upper Ground, London, UK

We were able to verify with the UK Companies House website, which keeps a record of all registered companies in the UK, that a company by the name of “BITNETDEX DIGITAL ASSET INVESTMENT MANAGEMENT LTD” really exists. Here is its information:

• Company number: 14209364
• The company was incorporated on 1 July 2022 and is currently active.
• The registered office address is Apartment 1804 55 Upper Ground, London, England, SE1 9EY.
• The company type is a private limited company.
• The first accounts made up to 31 July 2023 are due by 1 April 2024.
• The first confirmation statement date is 30 June 2023 and is due by 14 July 2023.
• The nature of business includes web portals, activities of financial services holding companies, activities of open-ended investment companies, and financial management.

In terms of company officers:

• The secretary is “YUNMA TIANLONG INTERNATIONAL CONSULTING CO., LIMITED”, appointed on 1 July 2022, with a registration number of 09801282.
• The director is Chunxue Pei, a Chinese national residing in China, appointed on the same day.

Does this sound familiar?

They are the same details of Bit AI Future Assets Management CO., LTD., as we’ve seen at the beginning of this review.

Bitnetdex Reviews

According to a scamwatcher.org review,

1. Bitnetdexs is an unregulated investment platform, which raises questions about its reliability and adherence to regulations.
2. The lack of regulation means that Bitnetdexs is not legally authorized to provide investment services and cannot offer client protection.
3. The review emphasizes the risks associated with dealing with unregulated platforms, such as the potential loss of funds and the lack of accountability for criminal actions.
4. The customer support provided by Bitnetdexs is questionable, with limited contact information and uncertainty regarding their location.
5. The review warns about the unrealistic expectations created by Bitnetdexs, such as promising significant profits, which is considered a scam tactic.
6. The withdrawal process with Bitnetdexs is highlighted as a point where many clients realize they are dealing with a scam broker, as they may face difficulties or high fees when trying to withdraw funds.
7. The overall conclusion is that Bitnetdexs is an unregulated platform to avoid, and it advises traders and investors to only trade with regulated platforms.

The website Bitnetdexs.com also has a low score of 48.7 out of 100, indicating a medium-low level of trustworthiness. A review from Scam Detector highlights several factors contributing to this score, including a lack of information about the website, its association with suspicious websites, and potential risks such as phishing, malware, and spam.

On June 4, 2023, a Maine, USA person who reported losing $50,000 filed the following complaint with the Better Business Bureau (BBB) about this cryptocurrency scam:

I met a person through text messages who began to familiarize herself with me. She told me she was involved in cryptocurrency trading. I started with Defi Crypto, a legitimate site, then she persuaded me to switch to Bitnetdex, which isn’t legitimate. The site showed that I was making money from trades, with my balance reaching up to $338,000. She advised me to take out a $25,000 loan on the site to receive higher returns. I planned to repay it with my earnings. However, when I tried to do this, the site wouldn’t accept the payment and put a hold on my funds.

Initially, they told me that the loan was interest-free for 30 days, after which a 0.05% interest rate would be applied. I managed to raise most of the repayment amount, and the scammer offered to contribute $10,000 towards the loan. When I asked for the total repayment amount, they didn’t give me a straight answer until after the 30 days had passed. Then they imposed a $1,000 per day fine for late payment. So, my $25,000 loan became a $30,000 loan.

I decided to cut my losses and not repay this “loan”. I had initially invested at least $45,000. The scammer lent me up to $66,000 so I could reach a higher trading level.

The scammer goes by the name Achara Az and can be contacted on Telegram. Her user ID is @Acharzazz. She used the phone numbers 13307082275 and 17653576867. She sent me pictures and claims she is from Thailand. She says she’s been living in NYC for seven years with her daughter. She was married, but her husband divorced her and remarried. She claims to own a clothing company in NYC but didn’t give me its name.

She pretended to get to know me and expressed a desire to be with me, even discussing looking for high-end housing in Florida. Her tastes appear to be expensive, with most pictures showing her in restaurants or driving high-end cars. She even tried to talk me into buying a Porsche when I was looking for a new car. She also attempted to learn about all my financial accounts, but I never revealed my account balances or numbers to her. All transactions were conducted via wire transfers and Coinbase. I hope this information will be helpful.

Complaints Received by RYS

On June 18, 2023, we received a complaint from a user who was scammed by an individual they met on Instagram. They invested 250,000 Indian Rupees and managed to increase this to 1,450,000 Rupees (or 14,569 USDT) through trading. However, after borrowing about 1,450,000 Rupees (or 145,000 USDT) from the platform, they were informed that no transactions could be made.

Despite having funds in the account, they were told to repay the loan outside of the website’s platform. The user warns that this is a scam, having lost 2.5 lakh Rupees and a month’s worth of trading efforts. The scam website has a disclaimer stating it currently provides no services due to government controls and hacker attacks. The user cautions others to be aware of this scam.

Bitnetdex

We’ve been discussing bitnetdexs.com, but what about bitnetdex?

Bitnetdex.com and bitnetdex.org were also registered through GoDaddy, on December 15, 2022, and June 29, 2022, respectively.

Both sites have a 2% Semrush Authority Score with just a handful of backlinks.

Bitnetdex.org is reviewed on the ScamWatcher website, highlighting several concerning facts about the platform. Bitnetdex is described as an unregulated investment platform, which lacks transparency, providing limited information about its location and company details.

Bitnetdex.org has a very low trust score of 2/100 and has been reported as unsafe by Trend Micro. It is likely a scam. The website offers high-risk cryptocurrency services and uses anonymous payment methods. The owner of the website is hiding their identity and the website has received very negative reviews from users.

There are some press release-type articles promoting bitnetdex.com.

For example, on digitaljournal.com and thenewsuniverse.com we read that the BitnetDex exchange, a blockchain asset trading platform, has received a strategic investment from MVS Group, which will be used to expand the platform’s business scope, promote market growth, and enhance independent contract trading products.

Conclusion

In conclusion, our BitnetDex review has uncovered a range of concerns regarding the website’s legitimacy, transparency, and adherence to regulations.

Despite claims of offering high profits and secure trading, several red flags point toward potential scam activities.

While the company behind BitnetDex is indeed registered and active, the connections to other suspicious platforms, discrepancies in operation history, and the involvement of multiple domains tied to potentially fraudulent practices warrant a high degree of caution.

It appears that the websites discussed in this article are part of a Chinese ring of fraudulent investment websites. Here’s a timeline of just a very small fraction of this operation:

1. BitnetDex: Claims to have been in operation since 2015.
2. BillHunters.com: Registered on April 7, 2022.
3. BitAI.fund & BitAIFund.org: Registered on May 28, 2022.
4. Bitnetdex.org: Registered on June 29, 2022.
5. Bit AI Future Assets Management CO., LTD: Incorporated on June 10, 2022.
6. BitSmartex: Registered on September 8, 2022.
7. Bitnetdex.com: Registered on December 15, 2022.
8. BitnetDex Digital Asset Investment Management Ltd: Incorporated on July 1, 2022. (Not a website but relevant for the timeline)
9. Bitnetdexs.com: Registered on February 7, 2023.

We will keep track of their development in the future. Please share any information you have about them with us.

And remember, once you send them any money, don’t expect to get it back unless you use a cryptocurrency recovery service.

If you have been scammed by them, please report it to us and share your story by commenting below this review.