Cybercrime Southeast Europe Newsletter No. 82

Another Crypto Scam: XUEX Platform Left a Large Number of Citizens Without Their Savings

Dear Clients,

Recently, a large number of citizens across the Balkans, including some from Bačka Palanka, have fallen victim to a crypto scam linked to the XUEX platform. The platform was promoted as a way to invest in cryptocurrencies and follow market trends, promising quick and secure profits. The minimum investment was around 110,000 RSD, while some individuals invested tens of thousands of euros.

Initially, users received small payouts, creating an illusion of legitimacy, but soon payments stopped, and the invested funds became inaccessible. Experts warn that this is a classic Ponzi scheme, where the money of new members is used to pay older members until the organizers disappear with the collected funds. The center of the scam is reportedly in Tirana, and investigative authorities in multiple countries in the region are already involved.

The platform informed users that it was under the supervision of financial institutions and that temporary payment delays were not a cause for concern. This is a tactic designed to buy time and discourage investors. Of particular concern is the use of personal data, which could be misused in other fraudulent activities. Scammers also maintain Telegram groups to show apparent concern for members, while simultaneously developing new similar platforms, such as SKLCOIN or 133EX, to lure victims again.

To protect yourself, it is important to be skeptical of projects promising fast and guaranteed returns, avoid sending money before verifying the platform’s legitimacy, keep all communications and documentation, and consult with a lawyer or financial expert before any investment. Any documentation could be crucial in a potential investigation or attempt to recover funds.

Caution, fact-checking, and maintaining composure are the best protection against the impulsive decisions that scammers exploit.

Kind regards,
Attorney Zoran Miljaković