At Wealth Recovery Solicitors, we continue to see a growing number of complex cryptocurrency scams targeting innocent individuals. Among the recent cases brought to our attention are troubling potential scams involving a platform known as SixDigitalExchange
TLDR | Key Takeaways
Many investors first encounter SixDigitalExchange after purchasing online financial educational packages – often advertised for beginners seeking to learn more about cryptocurrency and trading.
Following the purchase of these packages, investors are contacted by representatives from platforms such as SixDigitalExchange, encouraging them to begin investing. The investors are offered a dedicated trading manager to assist them, due to their inexperience.
Other investors have encountered the platform through online advertisements, often endorsed by trusted and credible public figures or celebrities, that adds a false sense of legitimacy.
SixDigitalExchange
Once investors are engaged with the platform, they will often be required to complete their KYC (Know Your Client) checks, including providing their personal documents to verify their legitimacy. This is the typical process expected by financial platforms and therefore adds to the air of legitimacy around the platform.
Some investors were able to withdraw their funds from the platform following their initial investments. This allows the scammers to build trust with the investors and build confidence in their investments. However, troubling patterns emerge when investors then invest larger funds and are unable to withdraw their funds and profits from the platform.
Clone scams
Clone scams are becoming significantly more common today, and involves scammers impersonating a legitimate firm, mirroring their branding, website and details. Clone firms are notoriously difficult to detect and can deceive experienced investors.
Always check the FCA Warning List of firms to avoid, as it is likely that the clone firm may have already been reported to the FCA.
What to do if you believe that you have fallen victim to this scam
Get in touch with us at Wealth Recovery Solicitors to receive a free consultation with our team to assess your case. We are a fully regulated law firm who have recovered over £50 million for our clients, on a no-win, no-fee basis.
We are here to support you through every step of the recovery process and maximise your chances or reclaiming your lost funds.