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Author Topic: Bitfinex scam and fraud  (Read 2799 times)
Diaz (OP)
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June 23, 2016, 03:56:57 PM
 #1

The site is a total scam and a fraud.
They actually pulled the same stunt last July of 2015.
On monday June 20th @9:18 pm EST i place a margin buy order, the order was never executed nor did it register at the according time. I even logged back in 3 hors later after the site came back online after the 2nd round of "maintenance" (cough.....cough) and my order was still not executed, or even on the books. Well hold and behold, the site goes under maintenance AGAIN! and locks everyone out.
Well the following morning when it cones back on line, and a 10% price decline, guess what!!!.......you get the picture.
contacted support and told them they need to cancel that order, because the order i that i placed @9:18 EST
was never executed, the order did not even register giving me no option to cancel it. Long story short, they stole $1200 USD
http://imgur.com/Sf5waYj
http://imgur.com/Vq7UZnj
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BitcoinPC
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June 23, 2016, 04:08:59 PM
 #2

Making site offline and online and skipping payments is surely a sign of scam. Every time we see an increase in the price of bitcoins we come across such scams more and more each time. It the greed which cause such sites to get quick profits from such attempts. We should be careful while investing these days on bitfinex or any other bitcoin site.
Diaz (OP)
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June 23, 2016, 04:20:57 PM
 #3

I do belive this tactic is called "insider trading" Martha Stuart and Pete Rose are good examples of essentially what Bitfinex is doing. When an exchange executes orders at their own leisure, and locks you out for hours,  it's time to go, i would not recommend them to anyone.
mobnepal
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June 23, 2016, 05:44:02 PM
 #4

Its time for now to have atleast one working decentralized trading platform for crypto, have heard about bitsquare and tried them but still couldn't make any trade there but if they are really a decentralized platform than it could be our option for future without all this drama from centralized exchangers.

Any other projects or software like bitsquare out there? have anybody tried bitsquare or any similar platform?
Diaz (OP)
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June 23, 2016, 07:02:54 PM
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LOL, wasent this what ETH was meant to do? Decentralized network/contracts without downtime. Someone needs to program a side chain and run an exchange on it.
techgeek
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June 23, 2016, 08:35:26 PM
 #6

Making site offline and online and skipping payments is surely a sign of scam. Every time we see an increase in the price of bitcoins we come across such scams more and more each time. It the greed which cause such sites to get quick profits from such attempts. We should be careful while investing these days on bitfinex or any other bitcoin site.

I think this is one of the reasons for the recent price drop.

But as for the service here for bitfinex since they are known to people - should be noted not to use them at all is the only way to shut them down.


Mr P. Enis
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June 27, 2016, 10:50:33 AM
 #7

Making site offline and online and skipping payments is surely a sign of scam. Every time we see an increase in the price of bitcoins we come across such scams more and more each time. It the greed which cause such sites to get quick profits from such attempts. We should be careful while investing these days on bitfinex or any other bitcoin site.

I think this is one of the reasons for the recent price drop.

But as for the service here for bitfinex since they are known to people - should be noted not to use them at all is the only way to shut them down.



Most people only use them because they are the biggest exchange that trades BTC/USD with leverage. Eventually another exchange providing a better service will take Bitfinex's place as the biggest. The more downtime Bitfinex has, the faster another exchange will take Bitfinex's place.
Diaz (OP)
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June 27, 2016, 04:18:45 PM
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Little update, 6 days and 4 more emails, and still no response.
Vikingr
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June 30, 2016, 03:58:59 PM
 #9

We should have to remain away from sites like that, because of that site the price of bitcoin dropped to a lower value and now the value is stuck at a certain value.

The better choice is that we join only established and top exchanges and services.
freakying99
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June 30, 2016, 04:42:42 PM
 #10

The better choice is that we join only established and top exchanges and services.

what makes you think bitfinex is not well established exchange ? even cryptsy was at some point.This is just part of unregulated currency.
techgeek
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June 30, 2016, 09:41:20 PM
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The better choice is that we join only established and top exchanges and services.

what makes you think bitfinex is not well established exchange ? even cryptsy was at some point.This is just part of unregulated currency.

This should be pointed out over and over again.

Looking at cryptsy is a prime example of how bad exchanges can be despite it being an alt exchange. But just for a moment similar to bitcoin it can happen the same way which can be very likely.

Diaz (OP)
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July 01, 2016, 01:27:47 PM
 #12

Well, today i finally received a reply. Their argument is that after 4 UTC all trading "resumed" after being previously "SUSPENDED" due to "MAINTENANCE". Yet i clearly pointed out that i placed my order hours prior, roughly around 9-10 PM EST. Not only my orders were not "executed" for hours, (mind you that they executed my order hours later after a 10% decline in BTC/USD) my order should have never been executed in the first place due to the fact of, all trading was "SUSPENDED" @ the time i placed them. Any way, they fucked me for $1200.....
Diaz (OP)
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July 14, 2016, 01:38:59 PM
 #13

UPDATE: after 20 emails and weeks of poor communication, i provided proof (WITH SCREEN SHOOTS) that my orders were never placed, nor were they even registered on the books when i placed them, they are officially refusing to refund my sum. The execuse that they are shoving @ me, that the orders were registerd and placed "5 minutes" after i submitted them, (ACCORDING TO THEIR LOGG SHEETS) this was past midnight by the way. So basically they registered my orders when it was convenient for them, and are using minipulated logg sheets as an excusem. Any way, they fucked me for $1200 USD.
Fisiodes
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November 08, 2017, 11:14:12 PM
 #14

They scammed me too. BITFINEX IS A SCAM! My withdrawal STUCK IN PROCESSING FOREVER! I have open a Ticket #188102 , i have open a post on reddit  and send a message on facebook  and twitter and no answers.  I have accounts on kraken poloniex bittrex binance etc. and no problems. This exchange is a SCAM. DO NOT DEPOSIT FUNDS!
Screenshot: https://ibb.co/csKRQw
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