There are many ways that fraudsters use to steal cryptocurrencies from people. One of these is through scam exchanges like Quanqiuguoji. These exchanges lure people who may be experienced investors or new crypto enthusiasts through several means. Some of these are social media such as Facebook and Twitter, messaging apps such as Telegram and WhatsApp and paid ads such as Facebook and Google ads.

Social Media

On social media and messaging apps, the fraudsters randomly send messages to potential investors. These messages are usually proposals that promise the recipients quick profits, if they use the fake exchange such as Quanqiuguoji.

Some fraudsters may even process some trades and withdrawals to gain the trust of the investor. Their targets are usually high volume deposits. If the investor sends such high volume transactions to the exchange, they are blocked from withdrawing them.

Paid Ads

In paid ads, scam exchange operators take advantage of search engines and SEO to confuse the investor by buying domains that are similar to reputable exchanges. For example, a fraudster could buy a domain similar to Kucoin and use paid ads to make their scam exchange appear in ads by Google.

About Quanqiuguoji

Quanqiuguoji is a scam exchange that sends random messages to people promising them quick returns from investment opportunities. Some of the messages that our reporter received from the entity behind this exchange are:

“Sir, I need to tell you good news. Our company is working with Tronlink wallet to advertise Tronlink wallet. If you are a new user of Tronlink wallet, you download and create a Tronlink wallet and you will get 20 TRX for free”

Another was:

“You can go to Binance Exchange to buy 100 USDT and trade with our company three times a day, you will earn $30, which will be a very good opportunity to make money”

It was obvious that this is a fraudster trying hard to make people sign up with their scam exchange. Days later, when they didn’t get a response, they send yet another:

“Do you have USDT to sell today? The company will give you 10% to 25% tax today. If you have a friend who wants to sell, you recommend it to me, and the company will give you 2% tax”

Even though it made little sense, it is obvious that less savvy investors may be interested in making some quick gains via cryptocurrencies. These are the targets of this class of scams. The operator’s next message was:

“The company urgently needs USDT, you can make money if you can buy it. If you cooperate with 10 USDT, the company will give you double the profit for the acquisition. If you need cooperation, please contact us at any time”

A Background Check

A background check of Quanqiuguoji Global International website shows that it is written in Chinese. The user can translate to English by clicking on the US flag on the top right corner.

The site claims that it has offices in Hong Kong, New York and mainland China. On the site, they claim that:

“Global International is a foreign currency exchange agency certified by the Hong Kong, European and American financial regulatory authorities. Since its establishment in 2012 …”

False Declaration of Domain Age

Since there’s no way a site that was set up in 2012 as an exchange would be so obscure, we ran a Whois search on the domain and found that it was registered on May 31, 2022.

At the footer of the website, it further claimed that the site was built in 2020. It became even more obvious that the fraudster behind it is not consistent.

Other claims that the owners of this scam exchange uses to deceive people are a certificate or registration and licensing. Experienced investors are aware that anyone can register a company and still use them to defraud people.

Conclusion

A final word from the Securities and Exchange Commission (SEC):

Some of the signs to look out for in determining if an investment offer is fraudulent, according to SEC are:

• “Guaranteed” high investment returns. If it is really too good and you’re assure that the high profit is guaranteed, you’re probably dealing with a scam as in the case of Quanqiuguoji Global International Exchange.
• Unsolicited offers. Just as the entity behind Quanqiuguoji Global International randomly message people to pitch the sales for the exchange, it is a sure sign of a fraudulent investment site.
• Unlicensed sellers. Federal and state securities laws require that companies offering securities are registered, but the crypto space is largely unregulated and fraudsters could operate from jurisdictions that do not have strong enforcement policies. This is why investors should be careful with any exchanges that they decide to invest, buy or sell cryptocurrencies.

For a reputable exchange where your funds are safe, check our recommendation.