Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

This crypto exchange (atcplus.top) is offering loss insurance up to 80%. I've never heard of anything like this before so I was wondering if this was a scam or legit. The message I received from the exchange reads as follows:

EXCHANGE - 80% guarantee for sending application accounts

ME - okay

Exchange - Dear customer: Hello, the 80% principal loss insurance you applied for has been successfully processed. Your total investment in the exchange is recognized as $####. If your account loses more than 20%, the exchange will compensate you for all losses over 20% and protect 80% of the funds in your account. Once the application is successful, it cannot be cancelled, and ATCPLUS will escort you for each transaction.