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Author Topic: Livecoin.net stealing clients ETH assets  (Read 28 times)
maetschix
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May 02, 2018, 07:07:42 PM
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Be careful livecoin.net uses lack of knowledge about contract addresses to steal their clients ETH.

On the basis of clearly illegal disclaimers they negate any claim to transferred ETH from contract addresses (most new users do not know whether their provider uses a regular address or a contract address). They state the total untrue fact, that they cannot process transactions from contract addresses and say that the deposit is lost even though the amount is clearly visible on etherscan.io. (fortunatly I only made a small deposit valued at around 150 USD https://etherscan.io/address/0xaa0ce64e90bdd03fcfd2abd0230c0a2f4dad0bcb)

Once the depositted amount is on the users wallet at livecoin.net it just does not show up online. After a couple of hours livecoin personnel accesses said wallet (which they shouldn't be able to do in the first place, as they state it's not possible) and transfers the ETH to their own wallet. This is their wallet, they seem to have stolen 1000s of ETH so far https://etherscan.io/address/0x243bec9256c9a3469da22103891465b47583d9f1

In the country of my domicile this way to conduct business is illegal and the company would be prosecuted for unjust enrichement and misleading clients. A report with the Belize regulator will be placed, but it is not clear if they are responsible for regulating Crypto trading firms.

I recommend strongly to refrain from doing any business with livecoin.net.

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