Call Us Today: 1-888-999-5454

Are Crypto’s High Trading Volumes A Scam?

By in Uncategorized with 0 Comments

Tokenexus scammers

The combined trading volume that these markets bring, places Tokenexus within the top 10 cryptocurrency exchanges by volume. The Transaction mining program offers users $1.20 in digital tokens for each $1 they spend in transaction fees. Several users had multiple accounts on the platform and used bots to increase trading volume between their accounts and earn lots of tokens. A Bloomberg report pointed out anomalies Tokenexus Review: Pros and Cons of Cryptocurrency Exchange in Singapore-based cryptocurrency exchange Bitforex’s trading volume. The exchange has an incentive program linked to the transaction fees charged by the exchange for users. The main beneficiaries of high trading volumes are the cryptocurrency exchanges, which rake in trading fees on transactions. In early 2018, Like the other Chinese exchanges, Tokenexus also launched their utility token cryptocurrency.

Shortly after on September 24th, the price of Bitcoin begins to drop. We expect Bitcoin’s price to fall soon after those upticks in on-chain and trade volume, as more Bitcoin is being unloaded onto the market. On-chain volume is the amount of Bitcoin moving from wallets controlled by the PlusToken scammers to any of 26 prominent OTC brokers on Huobi that we’ve previously identified as dealing is tokenexus legit with illicit funds. Tokenexus has purportedly started notifying U.S. users by email that they have 14 days to shutter their accounts and take out all their money or have their accounts locked, Decrypt… Tokenexus has purportedly started notifying U.S. users by email that they have 14 days to shutter their accounts and take out all their money or have their accounts locked, Decrypt reported.

How To Get Started With Tokenexus?

Furthermore, it means users can offer their computer hash rate, and in return, they will get additional income. However, these issues are part and parcel of new, volatile markets. Tokenexus did its best to help and support their users whenever an issue arose and is ahead of other exchange platforms in those terms. You can contact the customer service anytime via email, telephone call or live chat. They also offer a FAQ section on their website which could use a bit more information.

However, there is a minimum amount of Bitcoin network fee that users have to pay when they withdraw Bitcoin from the exchange. The last one It was successful on the network but It didn’t come to my account in seven days. On July 30, 2018 a trader reportedly bought bitcoin futures with a $416 million notional value on margin, before being forced by the exchange to liquidate his position at a large loss. The exchange injected 2,500 Bitcoins – worth about $18 million at current prices – into an insurance fund to help minimize the impact on clients. However, to cover for the outstanding amount, traders who had made an unrealized profit during the previous week still had to pay a clawback rate of 17 percent, so-called “socialized clawback”. They have offered me 10$ if I purchase 100$ worth of crypto. Decided why not, because I used this exchange before for Toncoin.

Why Trading Volumes Matter

I believe they tried to scam me but with the help of Brute recovery tech I was able to get my coins back. In May 2018, the exchange became the world’s largest cryptocurrency exchange by reported turnover.

  • There are no formal rating agencies for cryptocurrency exchanges.
  • Typically after a new cryptocurrency coin listing on OKX, the new coin has showed a positive price jump five days later.
  • You look at the contract terms, see a whole bunch of appropriate ship fittings , and miss the absence of the actual ship in the terms.
  • It looks like a contract to sell an item for below market rates e.g. “WTS PLEX for 400M”.
  • Our mission is to provide online investors with the most unbiased, comprehensive reviews and ratings of self-directed brokers.

Tokenexus and Tokenexus, which is arguably the biggest crypto trading platform, showed a similarly large slippage amount. This Tokenexus review will tell you everything about Tokenexus, an international digital asset and cryptocurrency exchange platform, which allows users to trade on hundreds of tokens. It is an innovative exchange that was founded in 2014 by Star XU. This exchange was born out of Tokenexus, with its target on the more advanced cryptocurrency traders. It is also revealed by an Tokenexus exchange review that they offer futures trading in the form of futures contracts that can be traded in terms of EOS, ETH, BTC and other digital assets.


Tokenexus is a web-based platform that allows users to buy, sell, and trade crypto, as well as stake crypto, to earn interest and join miner pools to earn crypto rewards. Users can log into their account using a web browser and easily deposit funds and start buying crypto. There are no formal rating agencies for cryptocurrency exchanges. All user reviews are self-reported and may not be 100% accurate. Tokenexus charges trading fees based on a maker-taker fee model, as well as user volume and the total native OKB coin holdings in a user’s account. Pricing is based on a sliding scale, with discounts available as users execute more transactions and hold more OKB coins. Those interested in trading crypto have the option for basic trading or leveraged trading.

Tokenexus scammers

You can freely scam someone out of PLEX they already own, or that they buy without your encouragement. For more information, see the developer’s privacy policy. Claim your listing for free to respond to reviews, update your profile and manage your listing. The have launched Unified account recently which makes your trading even easier.

The benefits of Google Authenticator, besides not having an SMS message hijacked, are that you have all of the codes in a central location and that they’re available all of the time, even when your phone is offline. Chinese media reports that the scam attracted over $3 billion worth of cryptocurrency. We tracked a total of 180,000 BTC, 6,400,000 ETH, 111,000 USDT, and 53 OMG that went from scam victims to PlusToken wallets, equating to roughly $2 billion. Either figure would make PlusToken one of the largest Ponzi schemes ever.

Tokenexus Tokenexus Exchange Review 2022

This makes this kind of scam much harder to achieve if to a high-sec citadel . You see a contract selling a ship for a seemingly very low price.

Tokenexus scammers

The PlusToken scam is a powerful example of how cryptocurrency scams harm the public, and should alarm exchanges, law enforcement, and regulators alike. In this case, millions of fraud victims will most likely never recover the funds they were tricked into giving up. Allowing OTC brokers to operate without scrutiny gives criminals a simple, obvious way to launder their ill-gotten funds, and exchanges should conduct KYC and monitor activity. Regulators around the world should recognize this as a consumer protection issue, and consider how they might apply anti-money laundering regulations to prevent scams like this from happening in the future. The exchange charges 0.1 percent maker and taker fee for all of the token trades. The fees for futures trading are each decided token by token. Tokenexus also has a tiered volume-based fee discount structure which is computed from a 30-day trading volume.

After completing this, your withdrawal limit will increase up to 300 BTC. Tokenexus fiat gateway allows users to buy Bitcoin, Ethereum, USDT, Ripple, Litecoin, and OKB with transaction fees as low as 0%. Both beginner and advanced level traders can trade on this platform. To avoid this scam, always check the route that will get you to an Ethereum item. The market shows buy orders for this item at a higher price, potentially giving you net benefits if you take the contract and sell the items immediately on the market. The contractor will advertise a contract for several copies of the same item at an inflated price but will put in buy order at en even slightly higher price.

We have seen a strong need for better media coverage in the industry as the rise and popularity of digital currency is at an all-time high. Captain Altcoin is made up of investors and digital currency enthusiasts. You will be able to use wire transfers for fiat deposits or use your exchange wallet address to send funds from other wallets that you own. The interface offers a lot of charting options, where users can choose between several styles of charts.

How Crypto Sites Can Fake Volume

Meanwhile, if you are from Tokenexus and you would like to add comments please contact AtoZ Markets editorial team, though, we don’t promise changing our opinion. The use of cryptocurrencies to launder money has increasingly become a problem for police and financial regulators, with cities across the country recently Ethereum reporting cases involving this practice. I remember there are USA government based reporting available for blocking this kind of phishing sites. I believe people here might have already reported the fake site to be blocked. I will do right away from my end to make sure no scammers go unreported.

  • This is an amazing platform, great user friendliness and an amazing customer support that has bettered my experience as a first time user.
  • The transfer was successful on the network but Tokenexus stole my toncoins.
  • Whereas 24 of the past 38 double-digit percentage declines in the S&P 500 reached a bottom in 104 or fewer calendar days, bull markets are typically measured in years.
  • Better to lose a bit of loot than an expensive mission ship.
  • Besides that, the community has many activities or campaign which I can say every week they have it now.

This is the reason it’s not going to just jump on any site you see, you should do proper research and try to get the right link to the website you’re looking for and not just jump on anything you see. Even wallets do get fake ones that are impersonating the real ones.

Chinese Founder Of Tokenexus Crypto Exchange arrested Again; Whales Bail

This scam exploits the fact that a contract’s title need not match its contents. The contract title says something like, “WTB PLEX for 890M ISK”, when the going rate is 750M, for example. However, the terms of the contract actually state that the buyer will pay 890M ISK for two PLEX.

Buy DeFi tokens like YFI, UMA, LEND, MKR, CRV, COMP, SUSHI, and others. One exchange review reveals that the exchange is registered under Tokenexus, where Tokenexus focuses more on providing a trading-focused version of it. Though the exchange boasts high trading volumes due to its wide market access, one exchange review reveals that it is not as popular in the West due to its Chinese roots. China has certain regulations concerning cryptocurrency exchanges, which led to the banning of ICOs in the country. This causes certain users to proceed with caution when investing on this exchange.

Works But High Withdrawal Fees

Despite the arrest, Tokenexus is still going strong and is maintaining its position, second only to the Tokenexus exchange. At the time of this writing, Xu was being held at the Shanghai Weifang Xincun police station. Sina News indicated that he could be released within 24 hours unless more evidence of his participation is uncovered. On October 16, 2020 OKX temporarily suspended withdrawals following its founders alleged arrest. On November 19, 2020 OKX announced that withdrawals would reopen and will resume on or before November 27. We show reviews chronologically, and you can filter by star rating, language, location, or keyword.

This is impossible because it’s a blockchain transaction which everyone can see was confirmed within minutes. They don’t seem to understand the principles of blockchain which is that it’s a public ledger…. You can’t lie, but they try and trick me into thinking the 35 hour wait time was because of congestion.

In fact the much-reduced actual sell price is still much higher than the value of the contracted items. You’d really like to have more money, so you send them some money. Some scammers may actually double your ISK as long as the amount is small to drum up business and try to get you to send more, but rest assured when you send a large enough amount, they’ll keep it. Sometimes they’ll have alts or buddies chat in local indicating they’ve won and it’s legit. Local chat in which the scammer offers to send you a great deal of ISK if you send them some first. They support their legitimacy with satisfied customer testimonials (often alts or co-conspirators) and wallet links.

Although no security product can claim to be perfectly safe, it’s good to be extra vigilant , so your assets out of reach for scammers. To avoid falling in the hands of crypto criminals, traders need to stay secure and flexible in order to benefit from the volatile market. And in this case, as we’ll examine below, these cashouts via OTC brokers may be driving down the market price of Bitcoin. We believe Bitcoin’s recent price fall can instead be explained by the same macro events driving down stocks and other assets — namely, the tumult caused by the COVID-19 virus. Abra has rolled out Abra Borrow, which will help the company reach its goal of becoming a complete crypto bank, a company blog post stated…. Singapore-based BCB Blockchain announced that it has launched a $300,000 fund to support incubators and startup accelerators in the Philippines under the Department of Science and Technology .

Share This

Leave a Reply

Your email address will not be published.