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Author Topic: [BEWARE!] - [WHALECLUB] - Stole 107 DASH ($60k) from Me! (PROOF)  (Read 1370 times)
bradynapier
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November 12, 2017, 01:39:28 PM
 #1

Hello Everyone!

UPDATE: I have begun to compile all the bad experiences that I have seen on a website in an attempt to expose the behavior of this cmopany.  The URL is https://www.whaleclub-scam.com - it is under construction at the moment.

UPDATE:  I updated the topic to $46,000 as the value of the 107 DASH that Whaleclub scam website is now worth $430.94 totaling $46,010.

UPDATE: Now the value is $49,500 with the DASH Rally going on.

UPDATE: : Please help expose this fraud upvoting the post in reddit https://www.reddit.com/r/Bitcoin/comments/7cf9xm/beware_this_popular_bitcoin_trading_website_just/

This is my first time posting here.  A friend of mine who got me into Bitcoin originally and is an active user here told me I should register and post this situation with everyone.  Obviously we are at a point that scams and frauds have the potential to become a bigger and bigger problem as Bitcoin and Cryptocurrency in general enter the mainstream spotlight.  This is a fairly extreme example of this going on.

The website in question is called Whaleclub.  I had been using the site for a few months by tonight and had truthfully lost about $6,000 on the website in the past few months but hey, can't win them all!  So tonight I saw a huge opportunity to short Bitcoin as the price was clearly going to drop below $7,000.  I moved some money into my Whaleclub account and started trading.  I was able to amass a profit of $38,000 before deciding to call it a night.

Shortly after requesting the withdrawal of my profits from the website, my balance suddenly shrank to minus some odd number of thousand dollars (screenshots coming up).  I was notified that they would not pay me because I was doing "abusive trading".  I was not using any kind of automated bots or systems what-so-ever.  I have multiple people who I have emailed with about this since I got banned and the user here who I will have reply to vouche for this -- hopefully he has some posts/repuation on this site to validate my claims are not baseless.

Obviously this just made my night go from absolutely amazing to terrible.  I would appreciate any assistance from this community in exposing this fraud.   If they can get away with simply banning and erasing the trades of anyone that profits then they will obviously continue to do this to people, or worse - simply go offline and steal everyones money when they decide they no longer want to pay peoples profits.

I will put more information together once i wake up - been up 24 hours.  But here are a few screenshots for proof:


Now they have erased any trace that I made the trades shown above with history.  My trade list now shows i never made those trades even though I can show that I did.  Obviously in an attempt to cover up the facts so I could not report them and had no recourse:

https://www.dropbox.com/s/jy43v3k9fmt2x73/Screenshot%202017-11-12%2004.03.41.png?dl=0
https://www.dropbox.com/s/oz3ct5nr25kl3c0/Screenshot%202017-11-12%2004.03.34.png?dl=0
https://www.dropbox.com/s/vlthvreiwr1v7l7/Screenshot%202017-11-12%2004.03.27.png?dl=0

A few users did try to speak out for me in the chat.  You can actually see that the admin made it so that I could not see any of his posts but other users were talking to him:

https://www.dropbox.com/s/zhb7luxjy90g044/Screenshot%202017-11-12%2003.57.44.png?dl=0

Here is a screenshot of me sending updates to my friend who was sleeping as I was trading to establish a timeline:

https://www.dropbox.com/s/0agyyju0b8pyqgc/Screenshot%202017-11-12%2003.55.20.png?dl=0



I ask for your help in exposing this site for the scam that it is.  It is fairly clear at this point they have no intention of honoring the legitimate trades that were made at this point.  I have about 500 screenshots showing them deleting my trades that made huge returns from my history as well as banning multiple users from the chat when they simply said "I was watching, he definitely was making those trades and talking the whole time".  I am happy to have them sign up here to vouche for that as I luckily broadcast my email out to them right before getting banned.



I am obviously in disbelief and I know this whole article is a jumbled rant right now.  It is almost 6 AM but wanted to get this out as quickly as possible!  I will try to edit everything and add a bunch more information tomorrow.  I truly appreciate anyone willing to aid in exposing what appears to be a huge huge scam!!


It does look like they post on this forum from time-to-time as well:

https://bitcointalk.org/index.php?action=profile;u=655978
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November 12, 2017, 02:25:58 PM
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To the moderator:  I accidentally posted this in the scammer accusation subforum but this is more of a general trading post.  Can you please move it there so that other users can see it ?  I don't want to spam the forum and post it multiple times right after signing up!
You can move this thread by yourself. Click "move" (beside "lock") on bottom left this thread, then move to the place you want.

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[]
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November 12, 2017, 03:26:31 PM
 #3

Cool thanks!  Didn't see that.
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November 12, 2017, 04:42:13 PM
 #4

What a horrible story dude. What are they calling abusing trading, bots, or about any kind of supposed limits? Did they explain to you a bit more?
I suppose you asked them more about this so-called abusing trading, what is their reply?
Keep harassing them, at least make an agreement to get your funds back even if without the profits. At least you will have this back.

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November 12, 2017, 06:36:04 PM
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Their reply is as follows

Quote
Hi Braden,

Our system detected unusual and abusive trading on your account, which it then automatically suspended. This was a violation of our terms of service, unfortunately. There is not much we can do at this time.

Please let me know if you have further questions or concerns.

Best regards,

Jeffrey Sacks
Customer Support, Whaleclub

Essentially the are saying "oh you actually made money on the site which is unusual - we don't allow you to make money so we can't pay you actually".  I did not trade in any other way than simply doing standard orders on the Whaleclub website.  The fact they are using that as their excuse goes to show they can do this at any time to anyone just for doing well.

"Oh yeah you deposited $50,000 and made $2,000 which is very abusive.  You are banned goodnight".

Unbelievable in every sense of the word.  

Let me repeat, I did not use any automated trading or do anything unusual other than trade normally on their platform.  

To put this simply, Whaleclub.com is a scam and stole all my money and their only answer is "your trading was abusive". 
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November 12, 2017, 07:46:13 PM
 #6

Another update from them after sending 10 more emails with information and screenshots.  Apparently they have the right to steal all your money if you simply trade too much.  This, of course, is not defined anywhere on the site or in the terms of use.  There is no given limit to the trading you can do or warnings if you are opening too many trades.  They simply let you go on trading so that if you lose all your money naturally they don't have to worry about it.

It's literally just a way for them to steal all your money and claim they have a right not to pay you when you earn on their site!

Quote
Hi Braden,

I fully understand how this can be frustrating. The system has built-in risk management to prevent abusive trading and automatically lock accounts that engage in abuse. Abusive trading can either be:

- high frequency trading or scalping
- front-running (access to a faster price feed than Whaleclub's and placing trades based on that)
- UI scripting

These measures are put in place to protect the platform and its users from abuse.
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November 12, 2017, 09:05:22 PM
 #7

Another update.  After reading all their terms on everythign posted publicly on their website, there is no indication of anything that they specified.  Nothing about trade frequency being limited.  Nothing about "abusive trading" even. 

I can 100% understand them restricting bots that aren't their API.   Totally understandable - but that was not the case here.

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November 12, 2017, 09:25:39 PM
 #8

Wow, this absolutely insane. Having deposited 107 dash, I would think that you be a valued customer and at least given a warning... but I guess they were just looking for an easy way to scam. I will spread the news about the scam that is Whale Club.

Good luck and I sincerely hope this works out for you! Sad

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───────     FACEBOOK     TWITTER     TELEGRAM     ───────
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November 12, 2017, 10:01:55 PM
 #9

I did not deposit 107 DASH - that was my balance after trading with them. I earned 107 DASH through trading throughout the night at 20x margins which they did not honor and set my balance to 0.  But thanks, I appreciate it!  I am still holding out hope their support team will come to their senses but that hope is diminishing quickly Sad
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November 13, 2017, 10:22:12 AM
 #10

Unfortunately, there appears to be little one can do when scammed by these kinds of companies.  While I am in the process of drafting articles and I am in contact with several of the largest blogs and websites in the community, most people do not seem very interested - which makes sense, it didn't affect them at all.

That being said, for anyone that comes across this, the latest update is that I am still waiting for their "security review" of the situation and they said it would take a few days for whatever reason (delaying things trying to buy time would be my best guess and/or just plan to start ignoring me... we will see, they have been responsive so far although it has jsut been things like the post given below).

Another problem is that since Whaleclub pays referrals of 50%, anyone who does try to reveal the scam gets aggressively attacked and insulted from all angles.  You can see on bittrust (http://bittrust.org/service/whaleclub) that my posted review was instantly met with some guy making up a lie about me trying to make me look stupid or something.  Although it had literally nothing to do with my review or my post and also was not even remotely about me as far as I can tell.

I will continue to journal my experience with this website here as I receive updates.  As said in the posted review, I am holding out the silghtest of hope their "security review" will reveal the truth, that I traded within their rules and did nothing wrong.  I look forward to posting the update where they credited me the missing 107 DASH they had taken and prove it really has just been a stress-inducing, hair-puller-outer, nail-ripping of a experience that I hope none of you ever go through.


My latest response that was received from their team is as follows (1 hour ago):

Quote
Braden I'm following up with security. They are reviewing your case manually. Should have something within a couple of days. Thanks for your patience.
Best regards,

Jeffrey Sacks
Customer Support, Whaleclub





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November 16, 2017, 10:32:13 AM
 #11

Hello I experienced their scam technique a couple of weeks before you got scammed, did you by any chance read my post? Here it is:

https://bitcointalk.org/index.php?topic=2288852
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November 17, 2017, 06:56:44 AM
 #12

It is official folks,
  As expected they accused me of "cheating" even though I simply used their trading platform and made trades normally.  Do not use this service.  They will steal your earnings the second you do well.  I promise you that.  As you can see from @Thiery71's post this story is not new.  It appears to be part of their general practice to mitigate their risks.  I mean why not just ban a user when they make a bunch of money -- not like they can do anything about it - not unless the community stands up to this behavior once and for all.

  My money is gone, I accept that.  However, if I can warn even a few users to stay away and they listen -- saving their money... I will be happy enough.

  It is unbelievable they can simply claim that I did things that is absolutely false and use that as a basis to not pay out.  I signed onto their platform and made trades like I did for months at a time when the price of Bitcoin was moving so quickly and strongly that literally anyone could have made profits.  I just happened to be betting with a lot of money... so yes... I made a lot of money.  Can I use an excuse if I lose $38,000 on their platform and get my money back as well?  Absolutely ridiculous.

  These tactics must not be tolerated by the community.  Now that I am researching it, I see that it happens often across the entire community.  WE MUST STAND UP TO THIS BEHAVIOR!  

Quote

Our security folks have reviewed your case extensively and concluded that there was extended front running and abusive trading, including scalping using a faster price feed. The violation detected by our automated system still stands at this time.


Best regards,

Jeffrey Sacks
Customer Support, Whaleclub

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November 17, 2017, 08:45:34 AM
 #13

Wow just look at http://bittrust.org/service/whaleclub - being threatened, lied about, insulted... try to speak out about something and you get attacked.  This is straight up Bitcoin Rape Culture.
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November 18, 2017, 02:14:22 AM
 #14

I have an account there, but I haven't tried to use it for trading since they only support a limited asset, which I think is kinda lacking for a trading site.

But anyways, I think this post should be moved to the scam accusation section and not here, so if others have a bad experience with this exchange, they can post and discuss it in this thread there as well.

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November 18, 2017, 07:11:13 AM
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If it's true that you have broken no terms and conditions then it seems like that they are a straight up lying piece of shit. The reasoning for abusive trading is simply not good enough in my opinion, they name themselves "whaleclub" and doesn't let anyone with more than $10k go on with their business without any type of restrictions? Roll Eyes

Pretty untrustworthy behaviour, unless they have solid proof that you did something wrong.

Otherwise i'm siding with you on this.

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November 18, 2017, 08:57:00 AM
 #16

Why do you people use unknown websites to trade you crypto. If it s not globaly recognisable, I d never put my money there. Binance is my primary choice cause they re the cheapest. If not Binance then Bittrex. After that..... well, nothing else.

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November 18, 2017, 09:01:19 AM
 #17

Bittrex has disabled tons of account withoun any reason, so stay away from them.
Binace? No, thank.

Before move coin on a broker\exchanger, is always better to take a look aroun scam board of this forum.


Why do you people use unknown websites to trade you crypto. If it s not globaly recognisable, I d never put my money there. Binance is my primary choice cause they re the cheapest. If not Binance then Bittrex. After that..... well, nothing else.
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November 18, 2017, 09:06:00 AM
 #18

Also, a trading platform that ban Scalping in 2017 is just a Fuck'n scam!

I'm a scalper since 1999, when i trade tick by tick on stck using my old 64k internet connection! (yes, 64 kb internet connection...  Shocked Shocked Shocked Shocked )



Another update from them after sending 10 more emails with information and screenshots.  Apparently they have the right to steal all your money if you simply trade too much.  This, of course, is not defined anywhere on the site or in the terms of use.  There is no given limit to the trading you can do or warnings if you are opening too many trades.  They simply let you go on trading so that if you lose all your money naturally they don't have to worry about it.

It's literally just a way for them to steal all your money and claim they have a right not to pay you when you earn on their site!

Quote
Hi Braden,

I fully understand how this can be frustrating. The system has built-in risk management to prevent abusive trading and automatically lock accounts that engage in abuse. Abusive trading can either be:

- high frequency trading or scalping
- front-running (access to a faster price feed than Whaleclub's and placing trades based on that)
- UI scripting

These measures are put in place to protect the platform and its users from abuse.
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November 19, 2017, 06:50:29 PM
 #19

Also, a trading platform that ban Scalping in 2017 is just a Fuck'n scam!

I'm a scalper since 1999, when i trade tick by tick on stck using my old 64k internet connection! (yes, 64 kb internet connection...  Shocked Shocked Shocked Shocked )



Another update from them after sending 10 more emails with information and screenshots.  Apparently they have the right to steal all your money if you simply trade too much.  This, of course, is not defined anywhere on the site or in the terms of use.  There is no given limit to the trading you can do or warnings if you are opening too many trades.  They simply let you go on trading so that if you lose all your money naturally they don't have to worry about it.

It's literally just a way for them to steal all your money and claim they have a right not to pay you when you earn on their site!

Quote
Hi Braden,

I fully understand how this can be frustrating. The system has built-in risk management to prevent abusive trading and automatically lock accounts that engage in abuse. Abusive trading can either be:

- high frequency trading or scalping
- front-running (access to a faster price feed than Whaleclub's and placing trades based on that)
- UI scripting

These measures are put in place to protect the platform and its users from abuse.
This thread got me looking around and it does appear this is not just a lone voice crying fowl! One can see that the so called "abusive trading" became an issue only after op ended up winning some handsome amount. If it had ended otherwise, in a loss as in most cases, would they've said same and returned his losses? I think traders should not overlook or downplay this, because any trader patronizing them can end up the next victim.

Sorry about your loss Bradynapier, but it's a huge amount, so don't take it smiling, keep fighting them with all you got and let the authorities into it.

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November 19, 2017, 10:31:50 PM
 #20

OP: Edit the thread name to add Whaleclub to the name. This way, it'll get better Google results.

People have been complaining about Whaleclub's abusive/scammy ways for years now. They are known for reversing profitable trades based on dubious reasoning that is not within their TOS. They are also known for refusing to answer for this behavior on Reddit. People should definitely avoid them like the plague.

This thread got me looking around and it does appear this is not just a lone voice crying fowl! One can see that the so called "abusive trading" became an issue only after op ended up winning some handsome amount. If it had ended otherwise, in a loss as in most cases, would they've said same and returned his losses? I think traders should not overlook or downplay this, because any trader patronizing them can end up the next victim.

Sorry about your loss Bradynapier, but it's a huge amount, so don't take it smiling, keep fighting them with all you got and let the authorities into it.

I wouldn't waste too much time on it. At least, by his account, these profits were an overnight windfall made on a highly volatile market. There are chances like this everyday in crypto; the best advice I can think of is to move on and start making money on a more reputable site. Consider Bitmex: they offer high leverage bitcoin/altcoin futures and they are much more reputable than Whaleclub. I've never seen such complaints against them.


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