On January 17th, an 84 year old man reported to the police that he was scammed while investing on a platform called "DIGZAX" and lost 500000 ringgit (approximately 820000 RMB).

Investing in DIGZAX platform, lost 820000 yuan in 10 days

According to the elderly person's description, he joined an investment WhatsApp group in October last year and communicated with a person claiming to be "Dong Yuan". Due to the platform's promise of up to 100% return, out of curiosity, he was induced to download the "DIGZAX" application for investment.

Between January 6th and 15th, this 84 year old man wrote 12 checks to two different bank accounts, totaling RM500000 (approximately RMB 820000).

I saw on DIGZAX's fraudulent website (digzaxa. com) that his account had earned high profits. However, when he wanted to withdraw funds, he was required to pay additional fees to extract so-called high profit taxes. Even more shocking is that the website threatened him that if he refused to pay additional fees, his account income would be frozen.

It was not until his accountant informed him that the investment was illegal that he realized he had been defrauded of a huge amount of funds by scammers.

Regarding the DIGZAX platform

After investigation, it was found that there are two related domain names on the DIGZAX platform, namely digzax.com and digzaxa.com. It claims to offer a variety of investment options, including mainstream cryptocurrencies, emerging tokens, and various financial derivatives.

It is worth noting that the domain registration time for these two websites is relatively short, on January 19, 2024 and September 6, 2024 respectively, less than a year ago

Although the platform claims to provide "high return" investment opportunities, it is actually a carefully designed fraud platform that uses false return promises to induce investors to make large amounts of fund transfers.

On November 20, 2023, the Securities Commission of Malaysia (SC) added DIGZAX to its warning list, reminding the public that the platform is unauthorized and carries serious investment risks.

This case once again serves as a warning to investors, especially the elderly population, to remain highly vigilant when facing "high return" investments. Investors should make rational judgments and not be deceived by false high-yield temptations to avoid becoming victims of fraud. When facing unfamiliar platforms, one should conduct transactions through legitimate channels and compliant financial platforms to ensure the safety of their funds.