In the r/CryptoScams community, user BarHealthy5441 asked for help to verify the legitimacy of the GXMCoin crypto project. Their family had invested heavily in the platform, paying $1,000 to receive trading signals through the BonChat app. The relatives believed in the project because their acquaintances claimed to have successfully withdrawn $5,000 in profit from an initial $2,000 investment.

According to user BeringC, the platform is a classic scam. All the visible profits are just numbers on a screen, and small payouts may only be allowed to build trust. When the victim tries to withdraw a large amount, they will be hit with demands for endless additional deposits under the pretext of paying taxes or fees, but the money will never actually be transferred. According to user Jenn2895, the scammers are exploiting the name of a real cryptocurrency, GMX (instead of GXM), posing as brokers. They noted that the organizers operate like a large-scale criminal syndicate, using scripts, AI, and models to gain the victims trust.

According to user zamula, no legitimate investor will solicit clients through messengers or offer "secret signals" that can beat the market, and one should only use well-known, major exchanges. User AngelOfLight also attached a link to a similar discussion about this scheme, proving that the project is actively scamming people.