Bitex Scam: How to Spot and Avoid Fake Crypto Exchanges

When people talk about the Bitex scam, a fraudulent crypto exchange that disappeared after taking users’ deposits without allowing withdrawals. Also known as Bitex.io, it claimed to offer high returns, low fees, and easy trading—but it had no real infrastructure, no licensed team, and no audit. This isn’t an isolated case. It’s part of a larger pattern of fake exchanges that prey on newcomers looking for quick gains.

These scams usually follow the same script: flashy websites, fake testimonials, and pressure to deposit fast. They often mimic real platforms like Binance or Coinbase, using similar logos and domain names. The Ponzi scheme crypto, a model where early investors are paid with money from new victims instead of real profits is their engine. Once the flow of new deposits slows, the operators vanish. The unregulated exchange, a platform operating without any government oversight or licensing is the perfect cover—it means no one’s watching, and no one’s coming to help you get your money back.

You’ll find these scams hiding in Reddit threads, Telegram groups, and YouTube ads promising "guaranteed" returns. They often ask you to send crypto to a wallet address before you can even start trading. Real exchanges don’t work that way. If a platform doesn’t list its team, doesn’t have public audits, and won’t tell you where it’s legally registered, walk away. The fake crypto exchange, a digital storefront built to steal, not to serve doesn’t need to be complex—it just needs to look convincing long enough to take your funds.

Below, you’ll find real case studies of platforms that vanished—like Oasis Swap, BCoin.sg, and Neblidex—each with the same warning signs as Bitex. You’ll also see how fake airdrops and cloned websites trick people into handing over private keys. These aren’t theoretical risks. People lost thousands. The goal here isn’t to scare you—it’s to arm you with the facts so you don’t become the next victim.