You might have noticed that P2PB2B logged in and completely failed to defend or provide an explanation for their actions which cost me severe financial damages?
Here is the short version: I recently purchased a large amount of Hempcoin from P2PB2B and after trying to withdraw from my fully verified account, I successfully sent a 600 Hempcoin test transaction, I then tried to withdraw my remaining balance.
The number of coins I tried to withdraw was 2.6 million (1% of the entire circulating supply)
This withdraw was delayed and showed a status of needing withdrawal from the cold wallet. This was on the 28th of June.
After waiting patiently for 3 days I contacted them through tickets, live help, and Telegram. They kept sending me the same reply on all channels "please wait". I waited another 24 hours and contacted them again, they reacted by blocking me on Telegram and disabling my ability to contact them through live help.
I reached out to Hempcoin developers, who I have known for years and work closely with, and I was informed that he was also facing a similar problem and could not withdraw his coins either.
P2PB2B then took the Hempcoin wallet offline and disabled deposits and withdrawals.
After waiting nearly two weeks I log in today to check my balance and 600k coins are missing from my balance and I receive an email saying "Hello. Due to the discovery of the sale of unauthorized coins, one of your purchase transactions in the pair THC_BTC was rolled back."
I have been a coin dev since 2014 and have had trading accounts with many of the most popular exchanges. I have never had a withdrawal delayed for 2 weeks and never had trades that I made rolled back by an exchange because they don't have the balance to cover their trades.
I am accusing this exchange of theft, wash trading, and selling assets that they do not even own. Has anyone else experienced issues with these guys?
After a more thorough investigation with other Hempcoin users, it appears that this may be a matter of technical incompetence that has put users funds at risk.
From what I have seen it appears that P2PB2B made a technical error with regards to the staking feature and have been sending free Hempcoins to users. Some of these users withdrew their free coins or sold them for BTC and now due to complete incompetence on their end they do not have the balance to cover legitimate pending withdrawals.
Instead of eating these losses due to their own incompetent tech team, they have decided to rollback legitimate trades from parties not involved in this tech error and canceling their orders from 2.5 weeks ago.
Additionally, instead of admitting their mistake, they have pretended that a fraudulent transaction took place. Here is their response to my support ticket.
"One of your buy orders from 2019-06-14 20:27:17 THC_BTC amounting to 565 343 THC was reverted in order to help you to avoid any financial losses. We discovered that THC`s, which the seller sold you during this deal, were obtained in a result of fraud. The amount of BTC you spent for this deal was credited to your account."
A quick check of any Hempcoin holders deposit history on P2PB2B will clearly show free coins being deposited over the last few months (appears to be from May 20th to June 2nd) and will look something like this.
Jun 2, 2019, 11:40:02
THC
6257.9
transactionStatuses.16
Jun 1, 2019, 15:05:02
THC
1568.4
transactionStatuses.16
Jun 1, 2019, 02:40:03
THC
1574.3
transactionStatuses.16
May 31, 2019, 13:50:02
THC
1568.9
transactionStatuses.16
May 31, 2019, 06:10:02
THC
1573
transactionStatuses.16
May 30, 2019, 22:35:03
THC
3134.8
transactionStatuses.16
May 30, 2019, 11:50:03
THC
1573.5
transactionStatuses.16
May 30, 2019, 05:35:02
THC
3136.9
transactionStatuses.16
May 30, 2019, 02:20:02
THC
1567
transactionStatuses.16
May 29, 2019, 21:05:02
THC
1572.2
transactionStatuses.16
May 28, 2019, 16:55:01
THC
3129.6
transactionStatuses.16
May 27, 2019, 18:15:02
THC
1570.5
transactionStatuses.16
May 27, 2019, 16:05:02
THC
790.4
transactionStatuses.16
May 27, 2019, 08:10:03
THC
1568.1
transactionStatuses.16
May 27, 2019, 01:20:02
THC
3135.8
transactionStatuses.16
May 27, 2019, 01:20:02
THC
3134.3
transactionStatuses.16
May 26, 2019, 22:40:02
THC
3133.3
transactionStatuses.16
May 26, 2019, 16:55:02
THC
3131.7
transactionStatuses.16
May 26, 2019, 13:45:02
THC
1567.3
transactionStatuses.16
May 25, 2019, 21:50:02
THC
6256.8
transactionStatuses.16
May 25, 2019, 17:25:03
THC
3130.1
transactionStatuses.16
May 25, 2019, 06:30:02
THC
6255.8
transactionStatuses.16
May 25, 2019, 00:30:02
THC
3132.2
transactionStatuses.16
May 24, 2019, 20:05:02
THC
6261
transactionStatuses.16
May 24, 2019, 19:20:02
THC
3136.4
transactionStatuses.16
May 24, 2019, 10:55:02
THC
6260
transactionStatuses.16
May 24, 2019, 02:15:02
THC
12507.1
transactionStatuses.16
May 23, 2019, 12:45:02
THC
6262
transactionStatuses.16
May 23, 2019, 11:40:02
THC
12509.2
transactionStatuses.16
May 23, 2019, 10:40:01
THC
6258.9
transactionStatuses.16
May 23, 2019, 07:40:02
THC
12511.2
transactionStatuses.16
May 22, 2019, 13:25:02
THC
12505
transactionStatuses.16
May 22, 2019, 12:10:03
THC
25009.6
transactionStatuses.16
May 20, 2019, 22:35:01
THC
25005.5
transactionStatuses.16
May 20, 2019, 11:15:03
THC
50006.4
transactionStatuses.16
Mar 29, 2019, 19:40:02
THC
20000
Successful
Jan 31, 2019, 11:30:03
THC
100000
Successful
Jan 31, 2019, 09:50:01
THC
50000
Successful
Jan 31, 2019, 09:25:02
THC
500
Successful
To display this level of technical incompetence is a massive issue itself for any exchange.
To then lie to your users and try to cover your mistake instead of taking responsibility for your actions is shameful and it is no wonder they are using a Belize and Seychelles setup for the incorporation of their business. Only companies looking to avoid lawsuits or legal action would set up this type of infrastructure.
P2PB2B are incompetent from a technical and security standpoint and also lack the integrity and business ethics to handle other peoples money in my opinion.
To clarify* My account was never sent any free Hempcoins and my trades and attempted withdrawal are 100% legitimate and accurate. I did not even create an account with P2PB2B until June 12th and have nothing to do with these technical issues.
Here is what this exchange had to say after leaving me waiting for 1.5 months without any sort of explanation except to "please wait we are working on it"
Good afternoon.
As Mr. Dopey mentioned in the topic-starting post, the withdrawal request was freezed due to divergence between the withdrawal amount and our financial records. P2PB2B Security Service has initiated an investigation on this matter - unfortunately, we found that amount of THC, which was sold to this user was acquired in a non-legal way by the seller. Therefore, we rolled back the first deal of Mr. Dopey with the seller on July 9, 2019 and today we performed the same procedure with the other deals. The assets, which Mr. Dopey spent during these deals were fully returned to the main balance and ready for withdrawal at any time.
We deeply regret that this incident occurred and acknowledge the difficulties that have been caused.
Here is my response and the truthThis is a complete lie and I am completely shocked that you would make this public statement.
I deposited btc onto your exchange and bought 2.6 million hempcoin over a month and a half ago. I was not allowed to withdraw these funds, and asked for support for over a month.
It was discovered that your team made a mistake and sent free hempcoins to users around 3-4 months ago (nothing to do with me) and were not able to cover legitimate trades like my own and your solution is to pretend that some sort of fraud took place? You instead fully lie and say that these coins were "acquired in a non-legal way" What are you talking about? You made a tech error, it was your mistake and fault, nothing illegal?
Your solution is to completely roll back all of my trades on p2p2b2 from over a month ago and just refund me my btc?? The price is already 3 times what I bought my coins for?
I lost tens of thousands of dollars because of these actions and your fraudulent behavior. Do not use P2PB2B, you will get scammed. They are technically incompetent and will steal your money and provide you with 0 support.
They are listing every garbage project as quickly as they possibly can and collecting BTC while offering "market-making" for new projects, which is wash trading and 100% illegal, how do I know? Because I was in discussion with them about listing our coin several months ago and was offered this service.
I challenge you P2PB2B to respond to these allegations and provide the community with a detailed account of your version of events. Lying and pretending that some sort of fraud took place instead of admitting that you had a tech error is 100% bogus and any attempt to continue along this narrative will be met with additional evidence.
I know you sent emails to people who received free Hempcoins because of your technical error demanding they return funds or you would block their account or take from existing balances, I also know about the conversations you had trying to buy 5 million coins on a side deal to fix your mistake. Now you're saying there was some sort of fraud?
This is your opportunity to come clean, admit your mistake, and make amends to the community.
Awaiting your response...And yes, you can block me on Telegram and Twitter for asking these questions and providing this evidence but you cannot block me here. This problem is not going away.This is obviously not the type of customer service you deserve and these thieves should not be trusted with your money.
Do not use this exchange. I have been around since 2014 and used most of the popular exchanges out there. I have never seen anything like this. They have no problem lying to the public and making false statements. Be very careful.
They are lying about their trade volume
They are lying to their customers
They are lying about technical issues
They are lying about their affiliation with Coinsbit
What else?
