There’s a crypto exchange called Cryptex that still shows up in search results - even though it shut down years ago. If you’re reading this because you saw an ad promising 2363% returns or ‘institutional-grade security,’ stop. This isn’t a platform you invest in. It’s a warning sign.
What Happened to Cryptex?
Cryptex operated as a crypto exchange from 2017 until 2023. It claimed to offer fast trading, OTC deals for big investors, and KYC verification through a third party. It was registered in St. Vincent and the Grenadines - a jurisdiction known for having almost no oversight. That’s not a feature. It’s a red flag. By March 2023, multiple independent watchdogs confirmed Cryptex had stopped operations. Bestchange, a trusted currency exchange monitor, officially delisted it on September 25, 2024. That means no one can reliably use it anymore. Not for trading. Not for withdrawals. Not even for customer support.Why Was Cryptex Considered a Scam?
The biggest issue? No regulation. Not from the SEC. Not from the FCA. Not from ASIC or CySEC. Nothing. That’s not normal for any exchange that wants to last. Legit platforms like Coinbase or Kraken are regulated in multiple countries. Cryptex wasn’t regulated anywhere. User complaints piled up fast. On Trustpilot, it had a 1.2 out of 5 rating from 87 reviews. Nearly 80% of users reported they couldn’t withdraw their money. Reddit threads like “Deposited $5,000, can’t withdraw since March” had over 140 upvotes and dozens of similar stories. People lost thousands. Some lost everything. Promotional sites like SteveHodgkiss.net tried to paint Cryptex as a high-tech, eco-friendly platform with “green donations” and “blockchain security.” But there was zero proof. No public audits. No transparency reports. No verifiable environmental contributions. Just marketing fluff.The Withdrawal Nightmare
One of the clearest signs of a scam is when you can’t get your money out. Cryptex users reported exactly that. - Deposits went through instantly.- Withdrawals took weeks - if they worked at all.
- Customer service vanished after you sent more than $500.
- Some users said their accounts were frozen without explanation.
- KYC verification, which was supposed to take 72 hours, often took months - or never completed. BrokerChooser’s legal team called it “not a trusted broker.” Skyrecoups.tech documented over 120 verified cases of users being locked out. And here’s the kicker: Cryptex didn’t just disappear. It left behind a trail of angry investors who still can’t recover their funds.
How Cryptex Made Money (And Why You Lost)
Legit exchanges make money from small trading fees - usually 0.1% to 0.5% per trade. Cryptex? It didn’t rely on fees. It relied on your money. Its business model looked like a classic Ponzi scheme: - Promised unrealistic returns: up to 2363% by 2030.- Required long-term “Hybrid Contracts” with 3-7 year lock-ups.
- Used new deposits to pay early users - creating the illusion of profitability.
- No real trading volume. No liquidity. No transparent order books. The CTX token - supposedly the platform’s native coin - had no real market. TradingView showed almost zero volume. No major exchange listed it. That’s not a cryptocurrency. That’s a piece of paper with a name.
Why People Still Fall for It
You might wonder: if it’s so obviously a scam, why do people still get tricked? Because the promises are loud. Because the websites look professional. Because they use fake testimonials, stock photos of smiling investors, and buzzwords like “DeFi innovation” and “blockchain future.” They target people who don’t know how to spot red flags. People who see a 10x return and think, “Why not try?” The truth? If it sounds too good to be true, it is. Especially when: - No regulator is listed.- No physical address is given.
- Withdrawals are delayed or blocked.
- Customer service disappears after you deposit.
What to Do If You Used Cryptex
If you deposited money into Cryptex and can’t get it back, you’re not alone. But recovery is unlikely. Some companies claim they can help you recover funds - like Skyrecoups.tech. They offer “fund recovery services.” But be careful. Many of these are secondary scams. They’ll ask for an upfront fee. Then disappear. Your best move: - Stop sending more money.- Gather all records: transaction IDs, emails, screenshots.
- Report it to your local financial regulator.
- File a complaint with the FTC or IC3 (Internet Crime Complaint Center).
- Don’t pay anyone to “get your money back.” There’s no magic fix. The system failed you. Now you protect yourself from the next one.
Safe Alternatives to Cryptex
If you want to trade crypto safely, stick with platforms that are regulated, transparent, and have a track record. Here are three trusted options:- Coinbase: Regulated in the U.S. by the SEC and CFTC. Easy to use. Insurance on stored assets.
- Kraken: Based in the U.S. and Europe. Strong security. Transparent fee structure. No hidden terms.
- Binance: While its regulatory status varies by country, it’s the largest exchange globally and has strong liquidity and support.
- List withdrawal times clearly.
- Publish regular security audits.
- Have real customer support teams you can reach.
How to Spot a Crypto Scam Before It’s Too Late
Here’s a quick checklist before you deposit any money:- ✅ Is the platform regulated by a known authority? (SEC, FCA, ASIC, etc.)
- ✅ Can you find real user reviews on Trustpilot, Reddit, or independent forums?
- ✅ Are withdrawal times clearly stated - and do they match real user experiences?
- ✅ Is there a physical address or legal entity name you can verify?
- ✅ Are returns over 20% per month? If yes, walk away.
- ✅ Does the website promise “guaranteed profits” or “risk-free investing”?
The Bigger Picture: Why Unregulated Exchanges Fail
According to CipherTrace, unregulated crypto exchanges made up only 17% of all platforms in 2022 - but caused 63% of all crypto fraud cases. Messari’s 2023 report found that 92% of exchanges registered in St. Vincent and the Grenadines shut down within three years. Why? Because they’re not built to last. They’re built to take money and vanish. Cryptex wasn’t an exception. It was the rule.Final Verdict: Avoid Cryptex at All Costs
Cryptex is dead. Its website is offline. Its customers are out of luck. Its promises were lies. This isn’t a review of a flawed exchange. It’s a warning about a scam that cost people real money - and still lingers in search results, preying on the uninformed. If you’re looking to trade crypto, do it safely. Use regulated platforms. Do your own research. Don’t trust flashy ads. Don’t chase impossible returns. Your money is worth more than a dream.Is Cryptex still operating in 2026?
No, Cryptex ceased operations in 2023. It was officially delisted by Bestchange on September 25, 2024. Any website claiming to be Cryptex today is either a scam or a copycat site trying to steal your information or funds.
Can I get my money back from Cryptex?
Recovery is extremely unlikely. Cryptex shut down without returning funds, and there’s no legal recourse because it operated outside any regulated jurisdiction. Avoid companies that promise to recover your funds for a fee - they’re often scams themselves. Document everything and report the case to authorities like the FTC or IC3, but don’t expect a refund.
What’s the difference between Cryptex and Binance or Coinbase?
Coinbase and Binance are regulated by major financial authorities like the SEC and FCA. They have legal obligations to protect user funds, provide transparent fees, and allow withdrawals. Cryptex had no regulation, no legal accountability, and no verified security. It operated like a shell company designed to take money and disappear - unlike legitimate exchanges built to last.
Why did Cryptex promise such high returns?
High returns are a classic red flag. Cryptex promised up to 2363% ROI by 2030 - numbers that defy market logic. Legit crypto investments rarely exceed 10-20% annual returns over time. These unrealistic promises are used to attract new deposits, which are then used to pay earlier investors - the definition of a Ponzi scheme.
Is Cryptex to the same as Cryptex exchange?
No. Cryptex.to is a separate entity, also flagged as a potential scam by watchdogs like BrokerChooser and Skyrecoups.tech. Both sites used similar branding to confuse users, but neither was legitimate. Cryptex.exchange shut down in 2023; Cryptex.to remains active as a broker platform with no regulatory oversight.
What should I do if I clicked a Cryptex link and entered my details?
Immediately stop using the site. Change passwords for any related accounts (email, crypto wallets, banking). Run a malware scan on your device. If you deposited funds, report the incident to your bank and local financial regulator. Never give private keys or seed phrases to any exchange - especially unregulated ones.
Comments (3)
- Ryan Depew
- January 25, 2026 AT 08:55 AM
Man, I saw a Cryptex ad on YouTube last week - some guy in a suit standing in front of a blockchain graphic like it was the Holy Grail. I almost clicked. Then I remembered this post. Holy shit, we’re still falling for this shit in 2026? 🤦♂️
- Melissa Contreras López
- January 25, 2026 AT 18:59 PM
You know what breaks my heart? Not just that people lost money - but that so many of them still feel ashamed to talk about it. Like it’s their fault for being ‘too greedy.’ It’s not. It’s the predators who built those shiny websites with fake testimonials and whispered promises. You didn’t fail. They rigged the game. And you’re not alone. I’ve walked people through this before - you’re safe here. Take a breath. Gather your docs. Report it. You’re already doing better than most.
- Mike Stay
- January 26, 2026 AT 09:07 AM
It is worth noting, with considerable scholarly attention to historical precedent and systemic economic behavior, that the phenomenon under examination - namely, the proliferation of unregulated digital asset platforms masquerading as legitimate financial intermediaries - bears striking resemblance to the tulip mania of the 17th century, the South Sea Bubble of 1720, and, more recently, the pyramid schemes of the late 20th century. The psychological architecture of these frauds remains invariant: exploit cognitive biases, deploy aesthetic professionalism as a surrogate for institutional legitimacy, and leverage the human propensity to rationalize loss through sunk-cost fallacy. Cryptex, in this context, is not an anomaly; it is the predictable outcome of regulatory arbitrage, technological illiteracy, and the commodification of hope. One might argue that the true failure lies not with the victims, but with the institutions that permitted such entities to exist in the digital public square without accountability.
