Cryptex, cryptex.net, or cryptex.one, according to the US Office of Foreign Assets Control, was a cryptocurrency exchange notorious for supporting cybercriminals. The exchange facilitated their dubious activities by allowing them to utilize its services anonymously. That way, they were able to register for accounts without know-your-customer compliance requirements. The exchange even advertised itself directly to cybercriminals, further demonstrating its ill core intentions.
Cryptex Background
According to sources, Cryptex is directly linked to a Russian citizen called Sergey Ivanov, also known online as “Taleon.” Its trading name was something like “CRYPTEX INTERNATIONAL PAYMENT SERVICE PROVIDER LLC”. The entity was physically based in Kingstown, Saint Vincent and the Grenadines. The enterprise owned the following digital wallets, where its payments were sent to:
- 13JtX4h7G5ZuNK5mFudKGq9DHLvvMFuNuz
- 0x0931cA4D13BB4ba75D9B7132AB690265D749a5E7
- M8yFL6SFC6TreATegTyuSYkDfDRbisdpT3
- TTUDyVhhpCC1xJoPmWzdjLAzeoPwbSABdr
Platform Shutdown
This entity was shut down in September 2024 by Russian authorities in collaboration with their US and Dutch counterparts. A month later, the key mastermind, Sergey Ivanov, was arrested by Russian authorities. The arrest was not only in connection with the scam but also for other fraudulent online activities.
The alleged operator of the scam is currently believed to be held in a Russian prison pending further legal proceedings. Given the scale of the investigation and international interest, his case is under close scrutiny by Russian and foreign authorities.
The Cryptex Scam Resurgence
Ever since the shutdown, the name “Cryptex” has been used by many third-party entities suspiciously for shady practices. For example;
1. Cryptex.to
This website became very popular after the taking down of the original Cryptex’s domains.
According to this domain lookup tool, cryptex.to was registered in 2023. This was just a year before the original exchange was taken down.
Cryptex.to claimed to offer online trading, staking contracts, crypto indices, and safe investment options. However, one of the biggest red flags was that the website was not regulated by any credible regulatory body. What’s more, it was reported on Trustpilot for declining withdrawals and failing to address support requests. These are typical characteristics of fraudulent brokers or trading platforms.
2. Cryptex-vip.com
Another similar domain that became popular at that time was cryptex-vip.com. It claimed to offer DeFi staking, allowing you to lock digital assets in exchange for rewards. However, multiple regulators, including Germany’s BaFin, flagged it as a potential scam.
3. Cryptex.uno
There’s also cryptex.uno, which similarly appears to mimic the original platform. The term “uno” means “one” in both Spanish and Italian. This suggests that this imitation site deliberately replaced “.one” with “.uno” to look similar to the original domain. By registering a domain that replaces “.one” with “.uno”, the operators of cryptex.uno are likely attempting to create a visual and linguistic resemblance to the original Cryptex brand.
This deceptive tactic is widely common. Scammers often register domains that look or sound similar to well-known ones, hoping to deceive users who may not notice the subtle differences. Such imitation sites typically use familiar branding, logos, and even copied content to appear trustworthy, then lure unsuspecting users into depositing funds or sharing personal data.
In this case, cryptex.uno appears to be leveraging the reputation of the defunct Cryptex exchange to give its operation a false sense of legitimacy. It was probably created before the original exchange was seized and pulled down.
It’s highly likely that scammers are exploiting the Cryptex name, either by mimicking the original laundering platform or by launching similarly named sites to lure victims.
If you receive any unsolicited message, especially on WhatsApp, inviting you to try a trading platform called “Cryptex”, be very cautious. Chances are, you are being targeted by scammers. After all, no legitimate organization would want to be confused with a fraudulent operation that has since been closed down by authorities.
Will Victims Recover Money?
The chances of recovery depend on which platform the victims dealt with: the original exchange (cryptex.net or cryptex.one) or one of the third-party imitation sites.
Victims who lost money through the original Cryptex platform have a reasonable chance of recovering their funds, as the mastermind behind it has been apprehended and his financial assets seized. If that applies to you, you can begin the recovery process by visiting this page.
Russian authorities have not publicly released a full, itemized list of the assets seized from Sergey Ivanov and other founders of this scam exchange. However, based on official sources and investigative reports, here’s what’s known so far:
Several Cryptex-linked cryptocurrency wallets holding several million dollars in cryptocurrency assets are under the custody of Russian police. These wallet addresses include:
- 13JtX4h7G5ZuNK5mFudKGq9DHLvvMFuNuz
- 0x0931cA4D13BB4ba75D9B7132AB690265D749a5E7
- M8yFL6SFC6TreATegTyuSYkDfDRbisdpT3
- TTUDyVhhpCC1xJoPmWzdjLAzeoPwbSABdr
In 2023 alone, the platform’s services processed over $1.1 billion USD. The individuals behind this entity made approximately $36 million USD.
As for those who fell victim to third-party sites imitating Cryptex, the chances of recovery are slim. After all, the individuals behind these fraudulent third-party domains that mimic the dubious platform have not yet been caught by authorities.
Final Thoughts
According to the United States Attorney’s Office, Cryptex was an illegal cryptocurrency exchange that directly supported online criminal enterprises. The platform was eventually shut down, and Russian authorities arrested its mastermind, Sergey Ivanov, also known as “Taleon,” seizing his financial assets in the process.
Despite the entity’s notorious reputation, it’s alarming to see new fraudulent operations adopting the same name to deceive unsuspecting victims. The emergence of copycat domains shows how scammers continue to exploit the entity’s name and legacy for personal gain.
This trend is a strong reminder of how quickly cybercriminals can adapt, repurpose, and weaponize a defunct brand to carry out new scams, even one already exposed and dismantled.
While the original scam exchange has been taken down and its operator brought to justice, the name persists through imitation platforms that continue to target vulnerable users.
If you come across any trading platform bearing the Cryptex name or receive unsolicited investment offers on WhatsApp, Telegram, or social media, treat them as potential scams.
Victims of the original exchange may still have a chance to recover their funds through ongoing international investigations and asset seizures. However, those who lost money to copycat platforms face a more difficult road ahead, as the individuals behind these newer schemes remain unidentified.