This was a Ponzi scheme that preyed on Bitcoin investors. It operated in the winter of 2020-2021.
How The Scam Worked
The con presented itself as a crypto trading platform. It required a minimum payment of $200, while it boasted a 20% return on the target’s investment. Victims could only collect their funds in Bitcoin. They had considerable withdrawal fees in order to dissuade the victims from claiming their money.
Bitfax stopped providing withdrawals as of mid-December 2020. However, the scam continued to work until January 2021, when the scam went into complete silence and bitfax.net went down.
If you or someone you know has lost money to the Bitfax Ponzi scheme, you should know that there are actions you can take. Contact us for a free consultation, and make a first step towards retrieving your money.