Recently, a number of investors have reported meeting very "rich friends" through dating apps, who lured them to download an application called "SXFMGY" and deposit funds to trade. However, when these investors tried to withdraw their funds, they found that they were unable to do so and the SXFMGY application was no longer available.
Report 1：“I'm suspecting scam from the following platforms (app or website) : Bitsgapvip, Zooex, TokpieDex, Btcwex, MonetaryDS (the upgraded in Mtc5, and now SXFMGY), nad probably too Tradingvlp. Maybe some of them no longer exist now.
I put a large amount of money on the first one almost 2 years ago (it was the first time I went into this crypto market, I was naive), and only a few on the try of the other ones. As a result, they all allow small withdrawals at the begining, then they all finish to block your withdrawal capabilities, arguing for pretexts, each one more odd or eccentric than the other.”
Report 2：“Hi guys. So I met this guy on tinder. We have been speaking on text for about 2 months now. Apparently he is a millionaire who made his money trading currency. I’ve downloaded this app and put 2k US Into it. About 3200NZ. We do trades every week and it’s grown to almost double. Every time I ask him to meet up he declines saying these things should move slowly. He is a single dad with 2 girls and a business to run. He will never send me any photos of his actually life even though I do. Does anyone have any info on this app SXFMGY? He has no social media presence that I can find. I am trying to get the money out but know very little about all this. Apparently news to move it to my wallet first. I have a crypto wallet but the money is In USD. How do I work this? Any help appreciated.”
Report 3：“I was using SXFMGY AND AFTER LOGIN I USED DBG market where my money is stuck now this SXFMGY APP NOT ABLE TO OPEN AND I SEARCH THIS APP IS REMOVED AND NOW I AM UNABLE TO OPEN THE APP AND INSIDE DBG MARKET WHERE MY MONEY IS STUCK CAN ANYBODY HELP ME”
This is a classic Pig Butchering Scam, beware!
In response to this type of investment scam, we recommend that you remain vigilant to avoid becoming a victim and pay particular attention to the following points:
1. Always fully investigate the relevant trading platforms and applications before investing to ensure their legitimacy and reliability;
2. No legitimate companies/traders/investors contact people through dating sites or through "random" text messages;
3. Do not blindly believe and follow any investment opportunity that promises high returns, especially if the person is unwilling to provide real information, which is most likely a scam;
4. If you have already made a deposit at a fraudulent site, withdraw your funds from the fraudulent site as soon as possible if possible, cut off contact, and contact law enforcement. If you raise the issue of not being able to withdraw your funds with the scammer and they ask you to pay more for it, e.g. asking for money to cover "taxes", "deposits", etc., do not pay anything.
5. Don't delete your chats and transactions and keep evidence for law enforcement. If you are unable to recover your money, law enforcement is your only option. Even if they don't end up helping you, reporting the scam will at least alert them to the problem and keep them in the loop.
6. There are no online hacks to recover what you've lost. Beware of "recovery scams", which are follow-on scams after the victim has been caught in an earlier scam. As a form of upfront payment, victims trust the scammers to recover their money. This "help" usually comes in the form of fake hacking services or recovery companies.
Reminder 1: The trading market is full of uncertainty, do not blindly pursue high returns. And always be cautious when you come across investment opportunities that promise high returns with little or no risk. These are likely to be scams.
Reminder 2: Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam".
If you've been scammed, your best option is to gather evidence and report it to your local police and law enforcement as soon as possible.
In the meantime, you can also file a complaint on the FxGecko website or app, where staff will further expose the scam to alert others not to be scammed.
You can check the regulatory licenses, security scores, customer complaints and other information about global trading platforms at FxGecko to avoid any potential scams.
Click here to recognize common investment trading scams to avoid being scammed.
Click here to see how to check if a broker is safe and what to do if you encounter a scam broker.
