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JamesCole
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Joined: Sat Mar 20, 2021 8:09 pm

Bitfynex (not bitfinex) - is it legitimate?

Sat Mar 20, 2021 8:19 pm

I received a direct message on Discord from @Landon8300#9797 today at 16:09 GMT declaring that I'd won a cash prize draw from the Bitfynex (not Bitfinex) cryptocurrency exchange, a portion of an amount totaling $255,000. Instructions were given for me to register to bitfynex with a .com internet code (can't post web links here, apparently) and to enter a 12 letter promo code.

The code was alleged to have delivered $5255.58 in bitcoin to a wallet in my name on that site. I was unable to withdraw the value to my Bitcoin Wallet because a minimum of 0.1 BTC is required, the site declares, for withdrawal.

Is this a legitimate site? By googling, I can't find much of a digital footprint. And I'm quite new to cryptocurrency.

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WalletInvestor
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Re: Bitfynex (not bitfinex) - is it legitimate?

Mon Mar 22, 2021 11:11 am

I don't know this site but there are several red flags that tell me it is probably a scam:
1. The fact that they have a similar name to an existing company - many scammers do this in the hopes that people will mistake them with the "original", legit company.
2. Telling people they are the lucky winner of a bunch of money or an expensive gadget is a very common tactic used for scamming, phishing, etc.
3. Them not having a digital footprint tells me that - besides being a very new entity - they are looking for a way to get their hands on some money and get out, instead of taking the legit route of marketing themselves officially, showing the people behind the project and earning people's trust.
4. They make withdrawal too difficult. Legit companies can have withdrawal limits too, usually because of fees, but 0.1 BTC is way too high.

So I think it's safe to say this is probably not legit. Be careful in the future if you see signs like this. And if they ask you something like you have to pay x amount to be able to withdraw, or to earn more BTC, or anything like that, which is another common thing scammers do, don't give them any money or payment details.
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