Ethtrader23423 (OP)
Newbie
 Offline
Activity: 2
Merit: 0
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October 13, 2017, 01:39:39 PM |
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In short: I exchanged 11,711 Ethereum (worth $3,888,000 at the time of correspondence) for 7,265 BCH (worth $4,352,000 at the time of correspondence) with Changelly on the 30th of August (more detailed description below), which they failed to deliver. Which at the end of the line costed me €1.000.000,-
We have had contact with the staff from Changelly for a settlement; they have yet to respond properly.
First of all, I am an experienced and high volume day trader. I take risks where I see opportunities. These are my own risks, although the following loss is and will never be my risk/fault. Changelly states to give a cheap and secure way of trading. The story below will proof the opposite.
The first contact resulting in the loss of trust was on the 30th of August. I tried to exchange my (11,711) Ethereum Coins (ETH) for (7,265) Bitcoin Cash coins (BCH) as per the rate of Changelly. After Changelly received my 11,711 ETH, I received an email where Changelly cancelled the deal, without me receiving back my ETH. (First time they break an agreement)
As this is a huge amount of money I expected them to contact me. When this didn’t happen I decided to do this myself (all of this happened in 10 minutes after the deal was set up and Changelly received my ETH). They replied with me asking to confirm the first deal that they already cancelled and I replied instantly with a side-note if they could hurry up, as ETH was dropping in price and BCH was skyrocketing.
They once again cancelled the deal and offered me a new deal; 11711 ETH for 6217 BCH. This calculates to a loss of 1048 BCH in this second deal. Unacceptable. Sadly, it’s not over yet. (Second time they break an agreement)
I did not accept this deal and followed up with an email where I asked Changelly to return my 11,711 ETH, with immediate effect (sent at 14:07). This email got ignored. I followed up this email by sending the same mail again (sent at 18:45).
The next day (August 31th) they told me that they couldn’t refund the 11,711 ETH, as 54% (6,324 ETH) of the funds got exchanged on other exchanges. I once again replied that I insist on getting my ETH back. (Exchanged while not having any agreement)
The next day, 1st of September I received a reply.
Changelly 06:16: “The amount sent to us has been partially exchanged on one of our trading partners. Considering that, we can only complete the transaction. We are ready to fully compensate you the loss caused by technical issues and send the whole amount stated in the quotation.” (Offering compensation that never arrived)
Changelly 14:52: “Regardless of the technical error occurred, we are ready to send you full amount of 7,265 BCH"
(Third time they break an agreement)
At this point I just wanted some value back in my control as they kept breaking promises and agreements so I accepted the BCH. I got an email where it stated that the 7,265 BCH got manually sent to my wallet address.
I did not receive any of the BCH until 70 hours later. Not only that, but I only received 1,200 BCH, what happened with the other 6,065 BCH? According to Changelly they were going to be sent in batches, and it would take another 24 hours.
24 hours later: Only received a total of 2,800 BCH. I emailed them.
130 hours after accepting the BCH (where I received just 1,200 BCH for 11,711 ETH) they cancelled the fourth deal (Fourth time they break an agreement) as well with the following E-mail:
Changelly canceled the second deal: “Based on quotation you were offered 7,265 BCH. By now we have paid 2,800 BCH (approx. 38,54%) and 4465 BCH to be paid. BCH funds are in a turnover and it takes quite a long time to accumulate for payout. Exchanges has recently released our ETH liquidity and we are ready to refund you all the amount in one go 7,198 ETH (approx. 61,46%).”
Following by a payment of 7,198 ETH, the matter was solved for them.
Conclusion:
Changelly held my 11,711 ETH (nearly worth 4 million dollar) for seven days and refunded me the ETH at the lowest price possible; the same goes for the BCH.
11,711 ETH was worth €3.888.000 (September 1st)
7,265 BCH was worth €4.352.000 (September 7th)
After an apology E-mail where no compensation was offered I managed to sell the coins I got back for €3.167.000, which concludes a loss anywhere from €721.000,- €1.185.000,- All of this because they kept breaking agreements and deals…
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imteaz
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October 13, 2017, 01:47:14 PM |
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Really sad to see, you lost a big amount there, but those big company always steal people money, that's how they make money. Hope someone here can help you with the situation. But now you learned your lesson, be careful next time who you deal with.
BTW, you put it in wrong section, hope mod move to the right category.
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P2Pfinder
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October 13, 2017, 01:52:51 PM |
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Damn! This is a bad story  In short: I exchanged 11,711 Ethereum (worth $3,888,000 at the time of correspondence) for 7,265 BCH (worth $4,352,000 at the time of correspondence) with Changelly on the 30th of August (more detailed description below), which they failed to deliver. Which at the end of the line costed me €1.000.000,-
We have had contact with the staff from Changelly for a settlement; they have yet to respond properly.
First of all, I am an experienced and high volume day trader. I take risks where I see opportunities. These are my own risks, although the following loss is and will never be my risk/fault. Changelly states to give a cheap and secure way of trading. The story below will proof the opposite.
The first contact resulting in the loss of trust was on the 30th of August. I tried to exchange my (11,711) Ethereum Coins (ETH) for (7,265) Bitcoin Cash coins (BCH) as per the rate of Changelly. After Changelly received my 11,711 ETH, I received an email where Changelly cancelled the deal, without me receiving back my ETH. (First time they break an agreement)
As this is a huge amount of money I expected them to contact me. When this didn’t happen I decided to do this myself (all of this happened in 10 minutes after the deal was set up and Changelly received my ETH). They replied with me asking to confirm the first deal that they already cancelled and I replied instantly with a side-note if they could hurry up, as ETH was dropping in price and BCH was skyrocketing.
They once again cancelled the deal and offered me a new deal; 11711 ETH for 6217 BCH. This calculates to a loss of 1048 BCH in this second deal. Unacceptable. Sadly, it’s not over yet. (Second time they break an agreement)
I did not accept this deal and followed up with an email where I asked Changelly to return my 11,711 ETH, with immediate effect (sent at 14:07). This email got ignored. I followed up this email by sending the same mail again (sent at 18:45).
The next day (August 31th) they told me that they couldn’t refund the 11,711 ETH, as 54% (6,324 ETH) of the funds got exchanged on other exchanges. I once again replied that I insist on getting my ETH back. (Exchanged while not having any agreement)
The next day, 1st of September I received a reply.
Changelly 06:16: “The amount sent to us has been partially exchanged on one of our trading partners. Considering that, we can only complete the transaction. We are ready to fully compensate you the loss caused by technical issues and send the whole amount stated in the quotation.” (Offering compensation that never arrived)
Changelly 14:52: “Regardless of the technical error occurred, we are ready to send you full amount of 7,265 BCH"
(Third time they break an agreement)
At this point I just wanted some value back in my control as they kept breaking promises and agreements so I accepted the BCH. I got an email where it stated that the 7,265 BCH got manually sent to my wallet address.
I did not receive any of the BCH until 70 hours later. Not only that, but I only received 1,200 BCH, what happened with the other 6,065 BCH? According to Changelly they were going to be sent in batches, and it would take another 24 hours.
24 hours later: Only received a total of 2,800 BCH. I emailed them.
130 hours after accepting the BCH (where I received just 1,200 BCH for 11,711 ETH) they cancelled the fourth deal (Fourth time they break an agreement) as well with the following E-mail:
Changelly canceled the second deal: “Based on quotation you were offered 7,265 BCH. By now we have paid 2,800 BCH (approx. 38,54%) and 4465 BCH to be paid. BCH funds are in a turnover and it takes quite a long time to accumulate for payout. Exchanges has recently released our ETH liquidity and we are ready to refund you all the amount in one go 7,198 ETH (approx. 61,46%).”
Following by a payment of 7,198 ETH, the matter was solved for them.
Conclusion:
Changelly held my 11,711 ETH (nearly worth 4 million dollar) for seven days and refunded me the ETH at the lowest price possible; the same goes for the BCH.
11,711 ETH was worth €3.888.000 (September 1st)
7,265 BCH was worth €4.352.000 (September 7th)
After an apology E-mail where no compensation was offered I managed to sell the coins I got back for €3.167.000, which concludes a loss anywhere from €721.000,- €1.185.000,- All of this because they kept breaking agreements and deals…
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wilberthh
Member
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Activity: 462
Merit: 12
Indonesian Translator, #1 Quality is prioritized.
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October 13, 2017, 02:00:17 PM |
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Holy crap that loss. I hope you'll get it back in the near future bro!  |
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AdolfinWolf
Legendary
Offline
Activity: 1946
Merit: 1427
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October 13, 2017, 03:09:30 PM |
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In short: I exchanged 11,711 Ethereum (worth $3,888,000 at the time of correspondence) for 7,265 BCH (worth $4,352,000 at the time of correspondence) with Changelly on the 30th of August (more detailed description below), which they failed to deliver. Which at the end of the line costed me €1.000.000,-
We have had contact with the staff from Changelly for a settlement; they have yet to respond properly.
First of all, I am an experienced and high volume day trader. I take risks where I see opportunities. These are my own risks, although the following loss is and will never be my risk/fault. Changelly states to give a cheap and secure way of trading. The story below will proof the opposite.
The first contact resulting in the loss of trust was on the 30th of August. I tried to exchange my (11,711) Ethereum Coins (ETH) for (7,265) Bitcoin Cash coins (BCH) as per the rate of Changelly. After Changelly received my 11,711 ETH, I received an email where Changelly cancelled the deal, without me receiving back my ETH. (First time they break an agreement)
As this is a huge amount of money I expected them to contact me. When this didn’t happen I decided to do this myself (all of this happened in 10 minutes after the deal was set up and Changelly received my ETH). They replied with me asking to confirm the first deal that they already cancelled and I replied instantly with a side-note if they could hurry up, as ETH was dropping in price and BCH was skyrocketing.
They once again cancelled the deal and offered me a new deal; 11711 ETH for 6217 BCH. This calculates to a loss of 1048 BCH in this second deal. Unacceptable. Sadly, it’s not over yet. (Second time they break an agreement)
I did not accept this deal and followed up with an email where I asked Changelly to return my 11,711 ETH, with immediate effect (sent at 14:07). This email got ignored. I followed up this email by sending the same mail again (sent at 18:45).
The next day (August 31th) they told me that they couldn’t refund the 11,711 ETH, as 54% (6,324 ETH) of the funds got exchanged on other exchanges. I once again replied that I insist on getting my ETH back. (Exchanged while not having any agreement)
The next day, 1st of September I received a reply.
Changelly 06:16: “The amount sent to us has been partially exchanged on one of our trading partners. Considering that, we can only complete the transaction. We are ready to fully compensate you the loss caused by technical issues and send the whole amount stated in the quotation.” (Offering compensation that never arrived)
Changelly 14:52: “Regardless of the technical error occurred, we are ready to send you full amount of 7,265 BCH"
(Third time they break an agreement)
At this point I just wanted some value back in my control as they kept breaking promises and agreements so I accepted the BCH. I got an email where it stated that the 7,265 BCH got manually sent to my wallet address.
I did not receive any of the BCH until 70 hours later. Not only that, but I only received 1,200 BCH, what happened with the other 6,065 BCH? According to Changelly they were going to be sent in batches, and it would take another 24 hours.
24 hours later: Only received a total of 2,800 BCH. I emailed them.
130 hours after accepting the BCH (where I received just 1,200 BCH for 11,711 ETH) they cancelled the fourth deal (Fourth time they break an agreement) as well with the following E-mail:
Changelly canceled the second deal: “Based on quotation you were offered 7,265 BCH. By now we have paid 2,800 BCH (approx. 38,54%) and 4465 BCH to be paid. BCH funds are in a turnover and it takes quite a long time to accumulate for payout. Exchanges has recently released our ETH liquidity and we are ready to refund you all the amount in one go 7,198 ETH (approx. 61,46%).”
Following by a payment of 7,198 ETH, the matter was solved for them.
Conclusion:
Changelly held my 11,711 ETH (nearly worth 4 million dollar) for seven days and refunded me the ETH at the lowest price possible; the same goes for the BCH.
11,711 ETH was worth €3.888.000 (September 1st)
7,265 BCH was worth €4.352.000 (September 7th)
After an apology E-mail where no compensation was offered I managed to sell the coins I got back for €3.167.000, which concludes a loss anywhere from €721.000,- €1.185.000,- All of this because they kept breaking agreements and deals…
Have you thought about sueing them? If you have timestamps and more evidence of this, I'm pretty sure it could hold up in a court case aswell. - Offering compensation you never received? - Seems extremely sketchy. - Them breaking a deal without paying you back? -  ? Too bad you accepted the 7.625 BCH at the time, i think that by accepting that you agreed to some sort of TOS that you hereby "solved" the matter. |
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The Sceptical Chymist
Legendary
Offline
Activity: 3514
Merit: 6985
Top Crypto Casino
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October 13, 2017, 03:15:50 PM |
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Got any blockchain proof of this? Claims by noobs aren't held in high regard around here, and you're making one hell of a scam accusation. This is also in the wrong section.
It's kinda crazy that anyone would trust an exchange with that amount of money these days. I think changelly is legit, but I'd trust a regulated US business over them any day.
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moore100
Member
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Activity: 66
Merit: 10
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October 13, 2017, 07:21:35 PM |
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Bro why did you even send that much in a exchange like Changelly , you should split the exchange to 10x times
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Ethtrader23423 (OP)
Newbie
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Activity: 2
Merit: 0
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October 14, 2017, 08:22:46 AM
Last edit: October 14, 2017, 08:42:11 AM by Ethtrader23423 |
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Got any blockchain proof of this? Claims by noobs aren't held in high regard around here, and you're making one hell of a scam accusation. This is also in the wrong section.
It's kinda crazy that anyone would trust an exchange with that amount of money these days. I think changelly is legit, but I'd trust a regulated US business over them any day.
Yes. https://etherscan.io/tx/0x000cb29844d4f672f1d8613af9d9281f4bccbc5704651f342d0fcbd5cfcedaa6 is my transaction to Changelly and it also shows the ETH they transferred back https:// blockchair. com/bitcoin-cash/address/1BbMW954ReXeA5e2MNg4jmzh7pPWyQXEce is the receivewallet for the BCH I also have all the original emails. Regarding using Changelly for this transaction. Changelly is owned by (one of) the biggest crypto mining companies and I could not contact my usual broker that handles big transactions for me. I'm therefore assuming Changelly is not run by some guys working out of a garage that have no means of doing these kind of transactions. If they are not able to do transactions like this, they can (and definitely should) easily limit the amount you can exchange with them by putting a block on inputting high amounts in their trading forms. |
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xypos
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October 14, 2017, 09:01:57 AM |
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Man, first of all you are one of these rare whales that actually bother to post on the forum to warn others - so i definitely respect you for that.
Changelly is pretty shady, to say the least. I'm not sure how they are even able to exchange so much coin at a set price without crashing the markets of ETH and pumping up BCH drastically and offer you competitive exchange rates.
The fact that they did not go through with their end of the deal 3 times is completely disgusting. I'm sorry for your million dollar loss, it's very unprofessional of them and i would not use them at all.
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warningsigns
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October 14, 2017, 09:08:13 AM |
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Horrible experience. I would get a heart attack if this happened to me. This is wealth I can only dream of.
I wish I could have seen today's bitcoin price back in 2013. I wouldn't have panic-sold all my bitcoins back when prices were diving after Liberty Reserve was seized. Looking back at what could or might have been if I acted and decided otherwise makes me depressed.
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