2139 exchange: blacked out by Consob with allegations of being a Ponzi scheme

The Italian financial regulator Consob has taken action to block 2139 Exchange, a Ponzi-style platform suspected of defrauding hundreds of thousands of users globally, including tens of thousands in Italy alone.

Consob Takes Action Against Fraudulent Platforms

Consob has moved to shut down additional websites designed to deceive and extort money from unsuspecting victims. Among them is 2139 Exchange, a platform operating across multiple websites, which may have siphoned off over $420 million. Authorities issued a new warning, advising consumers to be cautious of platforms that promise unrealistically high returns. The golden rule remains: if it seems too good to be true, it probably is.

Consob Shuts Down Four New Crypto Platforms, Including 2139 Exchange

On September 25, Consob issued a statement detailing the blocking of several unauthorized financial platforms, including Bitmatic, Xmtoro.com, 2139 Exchange, and Cyber Capital. Since July 2019, Consob has shut down 1,140 websites that offered financial services without the required authorization.

The 2139 Exchange Scam: How It Unfolded

According to reports, 2139 Exchange lured in over 100,000 people worldwide, including tens of thousands in Italy. The scammers promised exceptionally high returns, far above market rates, within a very short time. Initial payouts were made to reinforce trust, a hallmark of Ponzi schemes, but soon after, the funds vanished along with the platform's anonymous founders.

Investigators have been able to trace at least $27 million deposited into accounts linked to 2139 Exchange, though estimates suggest the total stolen may be as high as $420 million from global investors. Some of the funds were traced to Binance accounts, a regulated financial intermediary, which could be compelled to collaborate with authorities to freeze the assets before they disappear.

For several days, the 2139 Exchange platform was inaccessible, and users could not withdraw their funds, triggering Consob's intervention to protect Italian investors. Since September 20, affected users were met with generic apology screens when trying to access their accounts, indicating the platform’s collapse. Over 200,000 users from Europe and the Middle East have reportedly fallen into this trap.

What 2139 Exchange Users Risk

Victims of this scam face significant risks beyond the immediate loss of their investments. There is a high likelihood that personal data shared during registration may have been stolen. Data theft is a common aspect of online scams, and the value of this data could exceed the value of the stolen funds. These personal details could be used to create fake profiles, which in turn might be employed in further scams or sold on the dark web, putting victims at even greater risk.

To protect themselves, users are advised to file a preventive report with the authorities, expressing concerns about possible identity theft. Doing so can shield them from legal complications should scammers use their stolen identities to commit crimes.