CryptoCurrency : /r/CryptoCurrency, I need your help. The exchange is selectively scamming users who deposit large amounts. DO NOT MOVE YOUR FUNDS THERE.

CryptoCurrency : /r/CryptoCurrency, I need your help. The exchange is selectively scamming users who deposit large amounts. DO NOT MOVE YOUR FUNDS THERE.

Hey /r/cryptocurrency,

I recently found out about []( recently and decided to make an account there. I decided I wanted to sell some tokens and tether up for a little during this bear market, and they had volume/buy orders for the token I wanted to sell. So I deposited almost my entire crypto stash of tokens onto their exchange (over $70,000 worth). I won’t state the coin/token I was trading. I apologize if this isn’t that coherent – I am still kind of freaking out about this.

The first odd thing I noticed were all the fake buy orders. When I tried to sell my tokens to the buyers, it just didn’t do anything. My account balance stayed the same, and the buy orders just “vanished.” Ok, whatever – lots of exchanges have fake volume and fake orders when they start out. So I placed some a bunch of open sell orders on the exchange and didn’t think much of it. My account balance was still valued at just over 10 BTC.

The next day when I logged into my account, I found that my account balance had randomly dropped from 10 BTC worth of tokens to 6 BTC worth of tokens. The exchange had removed all my open orders from my account and was now selling them on the market as their own. The tokens had completely vanished from my account.

I realized what could possibly be happening and cautiously decided to withdraw my remaining 6.5 BTC-worth of funds – about $50,000 USD worth. I had a feeling they would not want me doing this, so I took a TON of screenshots of everything I did just be on the safe side. Trying to withdraw my tokens at first caused an error – you could not add a withdrawal address at all. I contacted the token project founder, who contacted the exchange and had them fix this. I then carefully added my lone withdrawal address to my account and submitted a withdrawal. I got a message that my withdrawal would need to be “approved manually”. Figures.

Several hours later I see the withdrawal went through on the blockchain, but NOT to the withdrawal address on my account, of course. It went to some random address. I had been on the exchange all day waiting to see what they would do and watching for odd behavior. For the entire day after I submitted my withdrawal, I only had one withdrawal address listed on my account and took screenshots of this to be sure. I found they added a SECOND withdrawal address to my account right when the withdrawal was approved. I knew exactly what they were going to do – try to blame me as “accidentally” adding the wrong withdrawal address to my account, then claim there was nothing they could do as it was my mistake.

So now, they have 20k USD worth of tokens in their main exchange account that they will claim are theirs and never existed in my account (my open orders), and another 55k worth of tokens on an address that they will claim they have no access to. When I called them out by showing them all my screenshots of my withdrawal page and such, they immediately stopped answering me.

I have been in crypto for over 6 years and NEVER keep my funds on exchanges except to make trades – I always remove my coins/tokens as soon as I’m done. I’m extremely cautious. I saw Mt. Gox, Bitgrail, and tons of other exchanges go down but the difference is that there were hacks/they were insolvent. In this case, []( is straight up STEALING people’s funds just because they want to. This is something I did not anticipate would ever happen to me – I’ve always felt my funds were safe so long as I deposit, do my trades, and then immediately withdraw. Clearly this is not always the case.

Since this exchange is located in China I have no idea what to do or who to turn to to even have a chance of getting my funds back. I honestly just feel broken inside. This is a HUGE sum of money to me and essentially almost all of my savings. []( knows EXACTLY what they are doing, but will play it off like there were never any issues at all and all the mistakes were on the user’s part if you email them. It’s frustrating because everything takes place on their turf so the second you transfer funds there you have no say in what happens next. I’m all for decentralization, but this behavior is ridiculous, should be illegal, and needs to be dealt with if they continue to refuse to return my funds.

If anybody knows what legal entities I can contact to have the best chance of getting my tokens back from them, please let me know. Also, for your own safety please do not deposit any funds there – from the time I deposited on that exchange I felt as if they treated my funds as if they were their own, and just did whatever they could with them to prevent me from getting them back.

**TL;DR**: Used []( exchange, they scam me out of $75,000. They still hold my funds in 2 separate addresses, one of which is an official exchange address that they have proven they have control over, and refuse to return them to me.

**Edit: Yet another MAJOR victim as of a few hours ago:** The 8th Continent Project tried to launch trading there as their project’s first exchange listing, excited users deposited funds there to trade, and just kept them all: r/[]( . /r/cryptocurrency, WE NEED TO PUT A STOP TO THIS.

**Edit2:** Realize they are listing NEW COINS that are not on Binance, Bittrex, etc. This is why this scam is working so well. I didn’t have the option to deposit my tokens to a major exchange, because it’s not listed on any. Same with the 8th Continent scam that just happened today. This was the first exchange that listed them, so of course people will deposit there and try to use the exchange.

View the link


The official source for CryptoCurrency News, Discussion & Analysis.
Author: troyleroy76

Score: 238

Don’t forget to share the post if you love it !

Bitcoin : Any news about the person who sold his car and house to buy Bitcoin few months back. Hope he cashed out at right time.

Ethereum : Take a look at our new community web page. Thanks to our best members. They are collecting all informations in one page.