Capitalflex claims to be a Singapore-based crypto investment platform but is in fact a scam operation using Telegram to target unsuspecting investors.
The person who contacted me had been approached via the messaging app by a representative of the platform who claimed that if they invested 100-200 USDT (Tether) they would see a return of 1,000-2,000 USDT within 48 hours.
Obviously, this return is completely unrealistic and the recipient of the approach fortunately declined to invest in this scam platform.
What makes Capitalflex a scam crypto platform?
There are many things that make Capitalflex a fake trading site, despite the fact it has a more modern design than other scam crypto platforms at the moment.
Among the giveaways are:
- The domain name is less than a month old.
- The promised returns are completely unattainable.
- Most of the links on the site simply lead to a sign up page.
- There is no information about the company or the team behind the operation.
- Much of the content makes no sense, with some of it clearly scraped from other websites.
- There are no social media channels connected with the site.
- Poor English and grammar are used across the site.
- Some of the so-called info panels are simply images and are not clickable.
- There is a fake pop-up which constantly updates on people who’ve ‘invested’.
- The only mention of the site online lists it as a scam.
How does the Capitalflex scam work?
After depositing USDT in your account you’ll quickly see your alleged profits soar, but they’re not real.
When you come to withdraw your new found wealth from Capitalflex you’ll be asked to send more money in order to release you funds.
The scammers give various reasons for this, including local taxes, commissions and other spurious fees.
If you do pay this fee, you’ll be asked for further payments until you either run out of money or refuse to part with any more.
Either way, the scammers will eventually disappear, along with all your crypto.
I’ve been scammed by Capitalflex, can I get my money back?
It’s very difficult to trace where the scammers are operating from, and if you could it’s likely that they move around a lot under assumed names.
This, combined with the fact that crypto regulation is still in its infancy, make it extremely difficult to secure the return of your funds.
The local authorities in your country will be mostly powerless to help track down the scammers.
However, it’s certainly worth reporting the scam, especially if you have a dedicated fraud agency in your country, such as Action Fraud in the UK.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
