Grayscalesbitcoins.com advertises a fraud scheme claiming high-yield
return opportunities through cryptocurrency investment. It is linked to a now-defunct UK-based
entity named Bit Elitum Ltd, of which the sole director and shareholder was an apparently
fictitious individual named ‘George Aguilar’.
Bit Elitum Ltd. and George Aguilar appear to be involved in a wide-scale fraud scheme
perpetrating similar ‘high-yield’ investment scams through numerous other websites.
Investigators identified numerous complaints on scam reporting forums linking these entities to
similar-sounding frauds; preliminary analysis of the website registration and contact details
displayed on the Grayscalesbitcoins.com site also identified over 50 other domains apparently
involved in similar fraudulent investment schemes. At least one of these domains appears to be
impersonating another Digital Currency Group portfolio company, Genesis.1 Preliminary
research identified two Bitcoin wallet addresses 2 associated with this scam.