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1  Economy / Scam Accusations / TradeSatoshi EXIT SCAM on: February 22, 2020, 09:59:17 AM


This is how "exit scam" looks like:

https://twitter.com/RochBuch/status/1231116760302092288?s=20


https://twitter.com/IJsselTerror/status/1231006765933891590?s=20


https://twitter.com/sami_1555/status/1231004779272269824?s=20


https://twitter.com/Saphiretr/status/1230960381226573824?s=20


https://twitter.com/Rhett800cc/status/1230956182338252800?s=20


https://twitter.com/andreasedler2/status/1230912835988983809?s=20


https://twitter.com/LUIS_21x/status/1230913702079029248?s=20


https://twitter.com/Bhagchand3/status/1230861679208157190?s=20


https://twitter.com/dukeleto/status/1230845996378312705?s=20


https://twitter.com/paritforex/status/1230843590093336577?s=20



Check for details here: https://twitter.com/TradeSatoshi/status/1230509341142220800

My "best wishes" to all Tradesatoshi-defenders on Bitcointalk. There were only a few of them, but they also helped to scam people, bitches.
2  Economy / Scam Accusations / Tradesatoshi - BEWARE! Blocking without reasons. on: March 10, 2019, 11:33:07 AM
Hi.
Beware! They can block your account at any time without any reasons!

I was using Tradesatoshi for trading on one single coin pair for about 3-4 months. To be honest, my real trades were months ago. And last 2 months i had only orders for sale, because the price fall and i was waiting for the devs to launch MNs. So all i did - was checking from time to time the price on the trading pair.
And two days ago, i have logged into my account and got the message:

Quote
Dear user please update your KYC details here

    You can update your KYC by update following documents
        A scan of your photo ID
        A selfie of your holding the photo ID
    Your Account must be match with that Id.

All trading actions, balance, withdrawals were blocked. Even the link to the support from inside account! lol
I logged off the account and wrote the support request about this situation. Got a standard reply:
Quote
10.03.2019, 03:51, "Tradesatoshi" <donniediamante@tradesatoshi.com>:
> Dear user,
>
> We apply the KYC procedure when we detect suspicious transactions on a client's account to make sure the funds are safe and that it's not being used for fraudulent activity. It's a common practice for the financial institution.
>
> Kind regards,
> MOD Donnie

I replied them by mail and asked to provide the evidence of  fraudulent activity or suspicious transactions, or to return my balance. After that my mail address was blocked in their support service - was trying to send another support request and got this:
https://i.imgur.com/eZV1bAi.png
Quote
Something went wrong...
problem to surviving your request.
Tried with another mail address - the support request passed through! lol

KYC was not mandatory when i was creating my account months ago. If it was mandatory i wouldn't start trading there, cause i don't want to provide my personal data to every third-rate exchange.

Moreover, if you have registered previously with a not real name: Crypto Johnny, for example - you won't be able to edit it in your profile (fields are locked: https://i.imgur.com/djgfu8O.png), so even if you will provide KYC-info it won't match with your account. So they can still deny you because: "Your Account must be match with that Id" (see above).


Tradesatoshi is a typical third-rate exchange with unknown staff behind it and questionable origin (dissolved in UK). Giving them your ID info just to trade one shitcoin to another or to btc at best (cause they don't have fiat) is not smart.

So, you see now, that you can lose access to your funds at any time.
I'm posting all this to let users withdraw their funds prior blocking and not to end up hostages of the situation. But to decide freely whether they want to pass a KYC-check or not!
Wish you luck and good trades!


update: All this thing with the problems while creating support tickets happened due to the blatant lack of professionalism of the Tradesatoshi-staff, which along with the trading tools have blocked for users the ability to create support tickets from inside their accounts:


update: check this, peeps, it's a mass blocking of accounts: https://bitcointalk.org/index.php?topic=5118992.msg50219603#msg50219603

update: How does look the exchange, which is suddenly rising the BTC withdrawal fee to the insane amount - 400 000 sat? Yes, it is Traidsatoshi. Just prior to the KYC-check. Binance takes 50K sat, Traidsatoshi - 400K, lol. Did they want to force users leave more BTC on their balances to the time when KYC started? The more BTC on the frozen balance - the greater the incentive for users to accept the KYC. Or just greediness? https://bitcointalk.org/index.php?topic=5118992.msg50245384#msg50245384

update: Traidsatoshi got scared and changed the fees, trying to calm users.  Use it, may be it won't last long.

update: Traidsatoshi had never intended to make and had not made any notifications prior KYC-check started:  https://bitcointalk.org/index.php?topic=5118992.msg50312332#msg50312332

update Just one very illustrative dialog from Traidsatoshi discord-channel, which shows what problems users have now, and the lies of tradesatoshi staff. Read it:


update: Another scam-technic from Tradesatoshi! https://bitcointalk.org/index.php?topic=5118992.msg50347951#msg50347951

update: New Tradesatoshi "low withdrawal fees" for BTC are working amazing:





Be ready to pay more, than before, lol!

update: A very good point:
The main problems with this exchange have to do with the fact that they are not accountable to anybody for anything. They aren't a registered business, they don't have any sort of licensing, and nobody knows where the owners or operators are located.

They started demanding KYC from all users after their company was dissolved, which is beyond weird. If they're not a real company, why do they need KYC? They aren't reporting to any government, they're not paying taxes; they're just a rogue operation who depend on either the loyalty of their user base (rapidly dissipating) or the naivete of new users to keep them going.

TradeSatoshi is down to $46k in trading volume per 24 hours; at a 0.1% fee this means they are only making $46 per day on trading fees. As huge withdrawal fees wasn't working in their favor, I believe they had to resort to the sudden KYC-for-everybody manuver as means to generate additional revenue. Plus, as I mentioned before, reputable exchanges don't use this as an excuse to with-hold customer funds and block them out of their accounts, even if it says they could according to their terms and conditions.

Its just bad business all the way around and potential users need to be warned about their practices.


 
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