Crypto is, unfortunately, full of scams. The technology is new and groundbreaking, but the lack of education surrounding the emerging tech also leaves users vulnerable.
Today we’ll talk about the GateEx scam and what steps you can take to avoid it.
What is the GateEx Scam?
The GateEx scam involves a series of fake cryptocurrency exchanges all with variations of the name GateEx. So far, we’ve encountered gateex-o.com, gateex-i.com, gateexpro.xyz, gateexpro.com, and gateexin.com. All of these domains are now inactive, and it’s likely that other domains have cropped up to take their place.
Here’s how the GateEx scam works. Users are lured to a fake exchange website and encouraged to deposit crypto. It’s possible that they may even believe they are successfully trading on the platform, as the screen may show that they have exchanged Bitcoin for Ethereum, for example, with real-time market rates.
However, it’s all a facade. No trading is taking place, and when the users try to withdraw their money, they cannot do so. They’ve simply sent money to a scammer’s wallet rather than to a real exchange.
GateEx Scam Details
Some online sources state that the GateEx cryptocurrency charges a 2% trading fee and that the exchange supports over 400 cryptocurrencies. Upon closer inspection, these online sources were written by ChatGPT, likely by someone simply trying to fill out a website with junk content.
Even if this information were sourced accurately, it’s important to remember that neither the exchange nor any native crypto it claims to use actually exist — this is purely a fake crypto website scam. Be wary of online sources claiming to report real information on GateEx — the scam is very much under the radar, with little verifiable information beyond reports on scam websites from affected users.
One such user claims that the GateEx scammers registered multiple domains from an Icelandic IP via the Namecheap domain registrar
How to Withdraw from GateEx Account
Unfortunately, there is no way to withdraw from a GateEx accounts. When someone transfers funds to GateEx, they hand over control of their private keys to another entity, the GateEx scammer. Cryptocurrency transactions are irreversible, and difficult to trace. While transactions are visible on the blockchain, it’s difficult to connect someone’s identity to their wallet, which is why Bitcoin (for example), is referred to as pseudonymous rather than anonymous.
If you send Bitcoin to a GateEx scam, you’ll be able to see which wallets your Bitcoin travels to next, but you won’t know who controls them, and it’s likely that anyone who realizes they cannot withdraw from GateEx will be unable to recover their lost funds.
The GateEx withdraw scam appears to have targeted many people from around the world over the last year.
GateEx Scam: What to Do
There are a few things you can and should do when you get scammed by an entity like GateEx.
GateEx Scam Step 1: Gather Info
Firstly, gather any information you may have on the scammers. This includes domains used, email addresses, and any contact details or info you have on anyone that you may have spoken with directly.
GateEx Scam Step 2: Go to the Authorities
Secondly, report the issue to the authorities. The process here will vary based on your area of residence, but a good place to start is the local police. You can find some resources on where to report a crypto scam in different countries here.
GateEx Scam Step 3: You May Be Insured
Thirdly, inform your bank or payment processor. It’s possible that you’re insured against your losses. While this isn’t guaranteed, some banks, payment service providers like PayPal, and card providers like American Express will insure users in the event of a scam such as this. Don’t be shy — let the relevant people know and see if there’s something to be done about the GateEx scam.
GateEx Scam Step 4: Monitor Your Bank and Crypto Wallets
Because your data may have been compromised, as we’ll discuss in the next section, it’s important to monitor your financial accounts and email account for the foreseeable future and check for suspicious activity. Any email account or crypto exchange logins from unknown browsers or devices, for example, could be the scammers trying to breach your other accounts and rob from them.
GateEx Risk to Personal Data
As well as losing money, GateEx victims should be aware that their personal data has also been compromised by the GateEx scam, and that the GateEx scammers may also attempt to exploit this data. Any password and email combinations used to log into GateEx should be considered vulnerable to attack and should be changed immediately.
In general, if you provided personal info like full name and birthday, social security/government ID numbers, bank details, emails, and passwords, this information has likely been stored by GateEx. In the interest of online safety and to prevent fraud, it may be a good idea to consult with a lawyer or a member of law enforcement to see if any particularly sensitive personal info has been shared.
You may be able to locate a crypto scam lawyer who specializes specifically in this kind of thing, although this may not be necessary unless the information you’ve shared could lead to identity theft or breach of other financial accounts.
Staying Safe With CryptoWallet.com
When buying, trading, or storing cryptocurrencies, it’s important to be very selective with who you’re doing business with. CryptoWallet.com is licensed and regulated by the Estonian FIU, a notoriously strict financial regulator responsible for issuing licenses to deal in digital currencies. Here’s our press release about our license from the Estonian government.
If you’re looking to buy and sell crypto, to store it securely in a custodial wallet that’s fully insured, or to spend crypto, you’re in the right place. Our buy/sell and wallet features are already live, and you can register here to get started.
Later this year, we’re also launching a crypto card with over 800 supported cryptocurrencies, the most out of any card on the market. You’ll also be able to tap and spend crypto directly! To preorder a card, join our whitelist, and above all, stay safe out there.
I cannot withdraw from GateEx, what do I do?
If you cannot withdraw from GateEx, the first thing you can do is contact the authorities. It’s possible that if the GateEx scammers are eventually caught, you’ll be able to recover some of your lost funds. The GateEx scam could be based in any country in the world, making investigations more difficult. The rate of crypto scam recovery s unfortunately very low worldwide. However, it’s also possible that you’re insured against your losses! Sites like PayPal and card providers like American Express sometimes insure their users against scams such as these, and the same is true for banks in some cases.
Who is behind the GateEx scam?
It’s unclear who is behind the GateEx scam. Some online sources suggest Russia, but CryptoWallet.com was unable to verify or lend credence to this statement one way or another, as little information is available about GateEx.
How to track down someone who scammed you?
In crypto, it’s difficult to track down someone who scammed you because crypto wallets do not require any connection to your personal ID. On-chain analytics software does exist to cluster and map patterns between scam wallets in order to track funds and reveal identities of scammers. This is best left to the experts, when wondering how to track down someone who scammed you, we must also ask whether doing so may be possible or even dangerous.