Trusted trading signal groups with 100K+ subscribers now promote fake platforms that lock funds behind bogus verification fees.
Reddit users have warned that multiple Telegram trading signal channels, some with over 100,000 subscribers, are promoting fraudulent cryptocurrency arbitrage platforms.
The scam follows the classic pig butchering model: build trust with legitimate trades, then direct followers to fake platforms that steal their funds.
Victims report that platforms like ChimpySwap.io, Binexi.com, and Renibit.com allow small withdrawals at first.
When users try to withdraw larger amounts, the platforms demand a “verification fee,” typically around $5,000 in Bitcoin, that goes directly to the scammers.
The California Department of Financial Protection and Innovation describes this tactic as standard for pig butchering scams: “The victim is never able to withdraw their funds from the site. Or they may be asked to transfer even more funds before anything can be withdrawn through a variety of excuses, such as service fees, IRS taxes, etc.”
One Reddit user, Other-Passenger9572, described losing money to ChimpySwap.io after finding it through a channel called Henry’s Trades, which has approximately 142,000 Telegram subscribers.
“The arbitrage worked 3 times and then locked my funds for verification,” the user wrote. “Which requires sending them BTC.”
According to WHOIS data shared in the Reddit thread, the domain Renibit.com was registered on January 16, 2026, just five days before users started reporting the scam.
ChimpySwap.io was created roughly four days before the warnings appeared online.
The Scale of Telegram Crypto Fraud
The warnings come as crypto scams on Telegram reach record levels. Chainalysis reported that an estimated $17 billion was stolen through crypto scams and fraud in 2025.
The average scam payment jumped from $782 in 2024 to $2,764 in 2025, a 253% increase.
Telegram has become the primary infrastructure for these operations. According to Wired, Chinese-language crypto scam markets on Telegram now process close to $2 billion monthly in money laundering transactions, sales of scam tools, and stolen data.
The FBI has documented the damage.
As of December 2025, the agency’s Operation Level Up has notified over 8,100 victims of cryptocurrency investment fraud, with estimated savings to victims totaling $511 million. The agency also reported that Bitcoin ATM fraud alone hit $333 million in losses during 2025.
How These Scams Operate
The arbitrage scam described by Reddit users follows a specific pattern.
- First, the channel operator builds credibility by posting accurate trading signals over weeks or months. Users see real profits from following the advice.
“Before this everything was legit and he was releasing good crypto trade alerts,” one victim wrote about Henry’s Trades.
- Second, the operator introduces an “exclusive” arbitrage opportunity, directing followers to a newly created platform. The pitch typically involves exploiting price differences between exchanges.
- Third, small initial transactions succeed. Users deposit funds, execute trades, and withdraw profits. This builds confidence.
- Fourth, when users deposit larger amounts, the platform blocks withdrawals. Users receive messages demanding verification fees, tax payments, or other charges before they can access their money.
(Ed. note: Legitimate exchanges never require additional Bitcoin deposits to release your own funds.)
- Fifth, victims who pay the “verification fee” never receive their funds. The platform eventually disappears, and the channel either goes silent or blocks users who complain.
Warning Signs and Prevention
Several Reddit users identified red flags that others should watch for.
The domain age matters. A trading platform registered days before being promoted should raise immediate concerns. Users can check domain registration dates through WHOIS lookup services.
Legitimate arbitrage opportunities rarely exist for retail traders. Institutional players with sophisticated technology and direct exchange connections exploit price differences in milliseconds. A Telegram channel cannot provide everyday users with genuine arbitrage access.
Any platform that requires additional deposits to process withdrawals is almost certainly fraudulent. The California DFPI specifically warns that requests for “service fees, IRS taxes, etc.” before withdrawals are classic scam tactics.
One Reddit commenter summarized the situation bluntly: “All financial groups on Telegram, Whatsapp, Facebook, etc. are scams. There is no such thing as ‘signals’, except to signal scams.”
The Broader Scam Infrastructure
These Telegram scams do not operate in isolation. Chainalysis research shows that modern scam operations have become industrialized, with different actors specializing in distinct parts of the fraud supply chain.
- Developer groups create phishing software and fake platform templates.
- Data brokers provide targeted lists of potential victims.
- Spammer groups offer tools to send fraudulent messages at scale.
- Money laundering networks convert stolen crypto into cash or assets.
The infrastructure is remarkably cheap. According to Google’s lawsuit against one phishing operation, some scam kits cost under $500, yet a single campaign can reach hundreds of thousands of victims.
Chainalysis found that scams using purchased phishing kits are 688 times more effective in dollar terms than regular scams. Those buying bulk social media accounts are 238 times more effective.
What Victims Should Do
Anyone who has sent funds to ChimpySwap.io, Binexi.com, Renibit.com, or similar platforms should take immediate action.
Stop all communication with the platform and do not send additional funds under any circumstances. Scammers often target previous victims with “recovery” scams, claiming they can retrieve lost money for a fee.
Report the scam to the FBI’s Internet Crime Complaint Center at ic3.gov. Include all transaction details: dates, amounts, wallet addresses, and transaction hashes.
File a complaint with your state’s financial regulator. The California DFPI maintains a Crypto Scam Tracker where consumers can search for reported scams and submit their own reports.
Document everything. Take screenshots of conversations, platform interfaces, and transaction records. This information helps investigators trace funds and build cases against scam operators.
Contact your cryptocurrency exchange if you sent funds through a platform like Coinbase or Binance. While recovery is unlikely, exchanges may be able to flag the receiving addresses.
The Continuing Threat
The Reddit thread continues to grow as more users share their experiences. Additional platforms mentioned include Esthen Exchange.
One commenter warned that these scams are not new, just evolving: “These groups form and explode by the hundreds on a daily basis. The names continually change, but the behaviors evolve slowly.”
For now, cryptocurrency users should treat any unsolicited trading opportunity with extreme skepticism.
If a Telegram channel with thousands of followers suddenly promotes a brand-new trading platform promising guaranteed profits, the safest response is to walk away.
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