Exchanges Scams

Recent Report Reveals “Cryptocurrency Exchange” Goxtrade Scam

The self-billed ”cryptocurrency exchange” Goxtrade has just been accused of being fraudulent. Although the cryptocurrency exchange calls itself a ”trusted platform for trading Bitcoins”, a TechCrunch report has now revealed a series of irregularities with the exchange platform pointing to yet another scam.

Goxtrade has stolen social media photos for its staff page

Although the Goxtrade exchange platform claims to have been around since 2017, several indicators point to this not being the case. First and foremost, TechCrunch reports that the company’s website is only a little over one week old.

What’s more, the company’s website also appears to be severely misleading – if not an outright scam. Specifically, TechCrunch is accusing Goxtrade of arbitrarily using third-party photos retrieved from social media outlets, as well as from other companies not associated with Goxtrade.

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Goxtrade appears to have used these photos for its online staff listing. Perhaps most surprisingly, Goxtrade did not even change the names of some of the people whose photos were listed.

Goxtrade scam?

One of those who found themselves represented on Goxtrade’s website was Amber Baldet, a co-founder or Clovyr and listed in Fortune’s 40 Under 40 list. Baldet has since this warned others of Goxtrade via Twitter, highlighting that she is not associated with the cryptocurrency exchange in question.

”Fraud alert: I am not a developer at Goxtrade and probably their entire business is a lie.”

In addition to all of this, TechCrunch has also raised some concerns over whether the website even works. Although Goxtrade claims that it allows users to “receive, send and trade cryptocurrency” it is unclear whether this basic functionality even is available.

Even more worryingly, Goxtrade’s company details do not make any sense. Although the firm claims to be based in Heron Tower, one of the latest prominent skyscrapers in London, it is not part of the building’s tenant listing. However, there are even more warning signs pointing towards a Goxtrade scam.

The registered number found in Goxtrade’s Terms and Conditions point to a defunct clothing company in Birmingham. Moreover, the networking firm Cloudflare, which provides the Goxtrade site, has now stepped in and flagged it.

Specifically, Cloudflare writes that the Goxtrade site is a suspected phishing site. As such, it seems that everything currently points to Goxtrade being a scam site. This story serves as a useful reminder to always be cautious of unknown sites claiming to be cryptocurrency exchanges.