Bitcoin Forum

This is my experience with www.Lendexcoin.co:

About 24 hours ago I had a chat with LendexCoin support. First I asked them why they moved away my ETH from my web wallet (see point 1 below). I got no answer. He just asked for my user name. I tried to explain that the name does not matter and sent him the TXID, so he could check that, but again only questions about my name (I had thought that I would be traceable and preferred to remain anonymous). After a few minutes write and no answer to my question, I sent him the whole text below with my 13 questions. He did not answer anything and kicked me out of the chat (maybe banned my IP because I couldn’t reach the website with that IP address, after reconnect and new IP I could reach the website again). So I decided to send them an email to support address. I told them if I don’t get any answers within 24 hours, I have to post the text below to warn others. And now, after 24 hours and no answer from LendexCoin, here is my review:

First of all, please do your own research! I don’t say LendexCoin is SCAM (we will see in a few weeks), but there are many points which let me think that… I just report what I found out in my researches (after I already transferred money to the wallet *dumb*). Please, before transferring much money, just try to transfer 0.05ETH and you will see what happens to your money (wait ~30min and follow the outgoing transactions).
I registered for LendexCoin ICO and transferred some ETH to the online wallet. Before that I just watched some videos on youtube and wondered that most people talking about LendexCoin did not say that much about some interesting (negative) facts, which let me think that LendexCoin is not trustworthy. My researches and my thoughts:


1.   The most important fact: When you deposit some ETH in the web wallet to get 10% discount, they immediately move away the ETH! So your wallet is empty and you can’t get it back after deposit!!! They don’t just move away the ETH to one other wallet (for example to transfer it later to an exchange), they move it away every 5 minutes to a new wallet, so it is hard to follow the money. I checked my online wallet, after about 100 transactions I found a wallet with more than 100.000 $ (there are a few more addresses with that amount of ETH). 5 minutes later it was moved away again... In one transaction I saw some ETH were moved to a binance wallet (someone wants to sell it. If it turns out that is scam, maybe binance can help to find them)…
I followed some more transactions and noticed this behavior in the wallets: Always 2-3 IN with a big amount of ETH so there is a total of ~100ETH in the wallet. Then they split it in 2 big transactions ~20 to 70ETH (both together about 99ETH) and one smaller transaction < 1ETH. This small transaction goes in most cases to binance or some contracts or stays in a wallet. I have seen at least 10 wallets which does the same… I think there are many many more…
Let’s say LendexCoin ICO will be cancelled or nobody wants to buy LDX with the amount in the web wallet. How can all people get their ETH back? If LendexCoin team generates thousands of transactions, this will result in missing ETH from all the fees…
2.   Just check this transaction on etherscan.io to see it: 0x58e93E0c5954beF162c5d97c05b83DA1cF0f53AC (2 big OUTs, 1 small OUT and then OUTs to binance and a contract)
3.   There is no information about the team, I did not find any name…
4.   There is no „about us“. No address, no phone, just mail. The page „about us“ was commented out, why? (watch the page source code)
5.   They write about „why invest in LendexCoin?“ and mention bitcoin and davor (competitor!) and that people got rich when they invested in that coins. Which reputable provider does something like that? You have to tell people why Lendex is good and not just promise huge increases to get rich (25$ in March and 150$ end of the year, why?) 
6.   There are many spelling mistakes (not very professional, seems like the website has been created quickly)
7.   The domain was registered private, why? Just check whois entry…
8.   Why did they move the ico start date? Looks like they want to collect some more money in the online wallets (and move it away out of the wallets to pick up the money)…
9.   The previous facebook page (www.facebook.com/LendexCoins) was closed and a new one opened, why?
10.   There already is a Lendex ICO from Kazakhstan (just google it). Why they took the same name?
11.   There already is a token with the same name LDX (LondonCoin), why they took the same name?
12.   I can’t find anything about the coin on bitcointalk, maybe they don’t want the people to get to the bottom?
13.   Where can I find some information about the wallet (github, open source?) and the blockchain explorer?

Before I finally published this text, I had again a chat with the support and asked them to correct my review if something is not correct or does not correspond to the truth. And they kicked me out of the chat again, very bad behaviour…

Sorry for spelling or grammar mistakes, but I’m not a native speaker ;)

Okay, here's the thing. Even if they give you your Lendexcoin or whatever tokens, you're going to get scammed eventually. I'm not sure if you're dumb or just don't know about bitconnect which has recently just collapsed, but this is just a clone under a different name.

Lending platforms are just ponzi schemes in disguise. I would have thought that after Bitconnect, regalcoin, westerncoin et. al people will finally come to realise that. But no.

The best advice that i have for you is to distance yourself from this scam as soon as possible. They may not even be a ponzi scheme and may just run away with your money after a successful ICO. It's best to not take this risk.

The most important thing isn't even whether or not his concerns are legit or not. The most important thing is your promises on your site, and clearly it's "bitconnect-like" promises. And look at where bitconnect is right now.

- You promise up to 48% monthly returns from "lending" - where is this money coming from?
- On top of that, apparently you also earn money staking your coins...
- You estimate the price of your coin at $25 one month after your ICO. A fucking 2400% increase from your ICO price.

You're clearly delusional if you believe these terms. Nobody can deliver these terms, i promise. It's just another lending platform scam. I don't care if there are questions about your ICO, your entire project is worthless and you're trying to put a price on it.

bibisbob  hey buddy this is Glen from Lendex coin.  I have something to admit.   Turns out we are both wrong.  I think you may have deposited under the minimum amount of ethereum.   Doing so results in your money not showing in your wallet UNTIL the proper amount is finally entered.   Here is what it says on our site when you are on the DEPOSIT ETHEREUM PAGE.  :

The minimum amount for deposit is 0.05 ETH. Smaller deposits will be credited once they total this amount.

IMPORTANT: Send only Ether (ETH) to this deposit address.
Sending tokens or any other currency to this address will result in the permanent loss of your deposit.


Now i read your chat logs with our customer support and you mentioned using multiple accounts and adding small amounts to them.  But again that wouldnt help in this case.
I know we prohibit using multiple accounts but i understand why you may have tried that so we would not hold that against you.  

Now at the time our customer service rep didnt know what i just told you so they were as lost as you were.  Personally i think we might fix that problem by not allowing any deposit unless its 0.05, as opposed to allowing the small amount but not showing until full amount is finally added.   Anyway

If what im saying sounds like it may be you meaning, if you did infact deposit less than 0.05 then that is 100% the reason you never received the money in your eth wallet.
Please email me Glen and make the email as URGENT and i will help you either figure it out OR get back your money.  

Please understand we are a new site, Hence the ICO  initial coin offering.   So our customer service wasn't hip to the TECHNICAL stuff just yet.  

And being though you never gave us your name, i had to find you else where which led me here :)
Sorry for the scare and hope to hear from you soon.

Glen
Lendex coin

Yeah, I saw it too late with Bitconnect :-[ I already deposited ETH at that time... Now I have learned from it. First inform, then buy  :(

Hello Glen,
sorry but you talk the same nonsense as the other one from support chat.
I do not want to refer to your points but just show screenshots of everything, so you might understand it in contrast to your support:
I did some more researches yesterday. I visited a friend and told him about this all. He decided to register for your ICO too, so we could check everything in detail. He transferred 0.01ETH (yes it is not the min amount but that has nothing to do with what happened after deposit. The same thing happened with my much larger amount.) The wallet was emptied after a few minutes. So we started a chat with your support.
So please check the chat: https://ibb.co/da0NRw
As you can see in the chat, he told me "it is the etherum blockchain and not them\you" (what?...). In summary, he did not answer us what happens with the transactions.
The Lendex wallet address my friend transferred money to is this one: 0x8E4aEb0F4364b2e10E0e4c99C7b9bCF840A949b9 (just follow the transactions from that address...)
Here are some screenshots of the Lendex exchangewallet and of the transactions, so you can see everything is correct:
Lendex web-wallet: https://ibb.co/b3EP6w
etherscan before: https://ibb.co/b0mXtb
and after: https://ibb.co/hBOHRw
destination wallet address: https://ibb.co/b2xcRw

As you can see, the Lendex web-wallet shows 0.01ETH. So if we would not have checked the transaction, we coul believe that everything is fine...
BUT why was the 0.01 ETH transfered to the new destination address? And from there some big amounts to new wallets and then to binance and some contracts?
I am very curious about your great story about that...

Your all wrong,  and we will prove you wrong.  We have a lending plan that will be sustainable. Within a few days we will announce our idea.  There will be a cap on how much you can lend.  Meaning $100,000 loan is the max amount you can earn.  Once it reaches $100,000 the users can not reinvest any longer.  This is the answer to the flaws in all of the other lending platforms.  I do understand everyone's lack of faith after what bitconnect has done.   Only time will tell who is right.  But i would like to add one thing.
Mark my words...  Lendex will be the one that lasts.