We recently received a troubling complaint regarding a cryptocurrency investment scam involving the platform AMGEX, which operates through the website amgexbry.com.
AMGEX Scam: Case Study
The victim of this scam invested a significant amount—$152,580.50—believing they were participating in legitimate cryptocurrency trading.
The platform enticed the victim with promises of impressive returns, and over time, the account value allegedly grew to around $300,000.
However, when they attempted to withdraw any of these funds, the platform locked their account under the pretense of being “under audit.”
This is a classic scam tactic we’ve seen before.
Fraudulent platforms often allow investors to see their balances grow on paper, creating a false sense of security and success.
They’ll let you trade for weeks or even months without any issues.
But once you try to take your money out, they throw up roadblocks.
In this case, AMGEX claimed that the victim’s account was being audited, which prevented them from accessing their funds.
This supposed audit is just an excuse to delay withdrawals. Scammers often use it to pressure victims into investing even more money or providing additional personal information.
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Despite multiple attempts by the victim to contact the platform and withdraw funds, the platform has provided no legitimate explanation and continues to block the withdrawal process.
The platform itself—amgexbry.com—is particularly worrisome.
It is designed to look like a legitimate trading site, complete with real-time market data and user interfaces that seem professional.
However, as we’ve observed from many similar cases, this is often just a façade.
Once an investor deposits, the site may allow trading and display positive results.
However, the funds are either never truly invested or siphoned off to other accounts owned by the scammers.
The platform creates an illusion of success to encourage further investments, but once the victim requests a withdrawal, the scammers either disappear or come up with more reasons to delay.
Complaints from DFPI: Amgexbry.com, amgexali.com, and amgexohn.com
A complaint was filed with the Department of Financial Protection & Innovation about Amgex (OHN).
Victims were primarily targeted through WhatsApp by individuals using fake identities like “Caitlin” and “Ashley,” who lured them into investing significant sums of money into the Amgex platform, often after seeing initial small returns.
Victims deposited large amounts of cryptocurrency, such as Ethereum, onto Amgex through different sites, including amgexali.com, amgexbry.com, and amgexohn.com.
However, when they attempted to withdraw funds, they were blocked by various excuses, such as needing to resolve “financial problems” or paying a 30% withholding tax from an external wallet.
These tactics align with a “Pig Butchering” scam, in which scammers build trust over time before stealing large amounts of money.
The Amgex platform falsely presented the potential for significant returns, only to deny withdrawals with elaborate excuses, indicating a coordinated effort to defraud victims.
A California victim was scammed after being contacted on LinkedIn by “Mollie,” who claimed to work at a tech company. Mollie guided them through cryptocurrency investments on Amgex.
When their balance reached $241,000, Amgex froze withdrawals, demanding a 25% authentication fee.
Is Amgexbry.com a SCAM?
From what we’ve gathered in this case, AMGEX operates like many other fraudulent investment platforms.
The scam begins with a significant initial investment, followed by trades that appear to increase the account’s value.
But when it comes time to withdraw the money, victims are left with nothing.
The platform’s use of an “audit” to justify freezing withdrawals is a red flag commonly seen in crypto scams.
Despite repeated efforts by the victim to reach out and recover their funds, the platform remains unresponsive.
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