WEG Bank is SCAM

[nimiqshitcoin]

I have been doing some research on the so-called "WEG Bank". Proven facts:

1. NO CUSTOMERS. They don't have any customers who is using the "WEG Bank AG" registered in Germany.
2. NO BRANCHES. There are no branches in Germany or worldwide.
3. NO PRODUCTS. They don't have any product to facilitate customers to interact with the bank. No Web Products, no software products, no mobile apps. Nothing.
4. NO REAL PARTNERS. They don't have any provable partner in place that is actually doing something except press releases.
5. NO BANK PARTNERSHIP They don't have any partnership with any other REAL bank world-wide. As you may know, it is mandatory for a bank to have partnerships with other banks to operate national and worldwide money transfers.
6. SHARES WORTHLESS. Their shares on this "bank" are so worthless, that they gave 10% of the bank shares to Litecoin Foundation (a non-profit organization). WTF. How could a bank donate 10% of its shares to a non-profit organization? Even so, it is so illegal that they donated 10% of their shares to a non-profit organization, in case they had any customer. But in reality, they don't have any customer.
7. LESS THAN 5 PEOPLE EMPLOYED. Most probably they have only 1 person hired (namely their CEO ). The website most probably was built by a paid freelance.
8. WEBSITE IS A CMS THEME. The website is a fucking CMS website. They use Contao Open Source CMS. WTF
9. RECENTLY CREATED - JUNE 2015. The company was recently created in June 2015.
10. NET INCOME: 0 EURO IN 2017. According to banking public information: the net income is 0 (ZERO) euro in 2017

WEG Bank AG is a scam. They are just a small company trying to deceive people into believing that they are a huge bank facilitating millions of new people crypto adoption into the banking system. Most probably they receive generous funds from crypto projects to create fake partnerships on press releases. For instance: tokenpay which definitely paid generous bonuses to make a press release that they have partnered up.

Worthless partnership fact:

About 9 months ago, the partnership with TokenPay was made. Nine months had passed and there is no product, no service made that came up of this worthless partnership. All these facts makes me believe that WEG Bank is a scam and a fraud company to deceive crypto investors.

Feel free to discuss other reports on the WEG Bank AG scam.

[sasha.new]

I saw the link on the Nimiq Discord channel. I knew that WEG Bank AG must be a shady bank since the time I saw that partnership with the scammy P&D shitcoin fork tokenpay . Why do I say so? Because TokenPay did a verbal deal in April 2018 https://medium.com/tokenpay/bank-deal-update-tokenpay-and-german-bank-reach-non-binding-verbal-commitment-on-partnership-5e17f2ec95c9 and a handshake deal in November 2018.

Next month will be almost a year since the verbal deal was made and half a year since the Official Handshake deal was made. Nothing came out of it. Neither a product nor a service, web, mobile or hardware to facilitate crypto users or regular users to access tokenpay coins via their bank. The entire movement, I believe it was a PUMP and DUMP scheme.

[robin.nimiq]

hahaha. you busted nimiq's fake partner. good finding. tokenpay is a scam too  used only in p&d schemes.

[andrewjaxx]

I have been doing some research on the so-called "WEG Bank". Proven facts:

1. NO CUSTOMERS. They don't have any customers who is using the "WEG Bank AG" registered in Germany.
2. NO BRANCHES. There are no branches in Germany or worldwide.
3. NO PRODUCTS. They don't have any product to facilitate customers to interact with the bank. No Web Products, no software products, no mobile apps. Nothing.
4. NO REAL PARTNERS. They don't have any provable partner in place that is actually doing something except press releases.
5. NO BANK PARTNERSHIP They don't have any partnership with any other REAL bank world-wide. As you may know, it is mandatory for a bank to have partnerships with other banks to operate national and worldwide money transfers.
6. SHARES WORTHLESS. Their shares on this "bank" are so worthless, that they gave 10% of the bank shares to Litecoin Foundation (a non-profit organization). WTF. How could a bank donate 10% of its shares to a non-profit organization? Even so, it is so illegal that they donated 10% of their shares to a non-profit organization, in case they had any customer. But in reality, they don't have any customer.
7. LESS THAN 5 PEOPLE EMPLOYED. Most probably they have only 1 person hired (namely their CEO ). The website most probably was built by a paid freelance.
8. WEBSITE IS A CMS THEME. The website is a fucking CMS website. They use Contao Open Source CMS. WTF
9. RECENTLY CREATED - JUNE 2015. The company was recently created in June 2015.
10. NET INCOME: 0 EURO IN 2017. According to banking public information: the net income is 0 (ZERO) euro in 2017

WEG Bank AG is a scam. They are just a small company trying to deceive people into believing that they are a huge bank facilitating millions of new people crypto adoption into the banking system. Most probably they receive generous funds from crypto projects to create fake partnerships on press releases. For instance: tokenpay which definitely paid generous bonuses to make a press release that they have partnered up.

Worthless partnership fact:

About 9 months ago, the partnership with TokenPay was made. Nine months had passed and there is no product, no service made that came up of this worthless partnership. All these facts makes me believe that WEG Bank is a scam and a fraud company to deceive crypto investors.

Feel free to discuss other reports on the WEG Bank AG scam.

I knew something fishy must be behind. I would add also something interesting. Their CEO twitter was recently created like 2 days ago and he has 3 tweets. https://twitter.com/MatthiasHauff Matthias von Hauff is the dude and he looks fake as hell.

https://i.imgur.com/Czji5LB.png

Look at Matthias von Hauff title:

... bridging the gap between fiat banking and crypto mass adoption ...

WTF. What crypto mass adoption, what fiat banking for masses? when you don't have a product, a service or anything to sell.

His company sounds like Pixelon. And this guy Matthias von Hauff sounds like "techno Jesus" Michael Fenne, maybe a 2019 version involved into crypto scams....

[TheNewAnon135246]

Interesting topic. I'd love to see someone find more background information about the bank and/or its CEO.

A bank without an actual branch seems fishy. Their address is just some office in a building filled with other companies.

[matthewgpu]

Interesting topic. I'd love to see someone find more background information about the bank and/or its CEO.

A bank without an actual branch seems fishy. Their address is just some office in a building filled with other companies.

Wait. What??? Their office is a random office building in Germany. Probably it was mandatory for them to fill an address for the company registration. Unfortunately, google street view didn't go on that street so we could see their "big bank logo" from the street which probably doesn't exist also. The strangest thing is that their Google Maps recommendation are all fake. They have about 100 recommendation all fake with TokenPay, not even one real user who said something in German or English like: "Good bank. I used it". NOT EVEN ONE SINGLE PERSON HAD USED THIS BANK!

Total scam. WEG Bank AG is a scam and fraud bank. TokenPay is a scam. Nimiq is a scam when they associated with these scammers.

[IconFirm]

Anyone who thinks Crypto needs a bank doesn't understand Crypto. Crypto was specifically designed to eliminate the need for banks & all forms of centralized control - your wallet that you control is the only "bank" needed. Therefore, any project containing the word "bank" in it is a scam, always has been & always will be.

[hta]

Almost all crypto ICO-branded projects are scam (99.9%), I have not seen any projects that are successful and growing.

[nimiqshitcoin]

Anyone who thinks Crypto needs a bank doesn't understand Crypto. Crypto was specifically designed to eliminate the need for banks & all forms of centralized control - your wallet that you control is the only "bank" needed. Therefore, any project containing the word "bank" in it is a scam, always has been & always will be.

I do share the same vision with you. Bitcoin was created with the purpose to create the first unbanked financial system and unregulated with no KYC and shit. All these banking projects are just scams made by smart ass entrepreneurs.  The biggest issue I see with this "WEG Bank" is that they are lying deceiving people that they are a real and operational bank, while they don't share a product, a service, they don't have customers and don't have branches in Germany or worldwide. So, this bank is a scam itself.

[FRFC]

None of your allegations have any proof (and you sure are not delivering any). You just shout out red texts without facts.

Fact is, WEG is one of many modern online-only banks which Germany now allows and registers as regular banks, meaning they can do everything that a traditional bank can do, too. These online banks still have to adhere to regulatory oversight, have a board, and do regular reports on their activity. Other reputable online-only banks in Germany include N26 and DKB, among others.

Fact is, WEG lists their products on their website. Right there on the homepage. Yes, it's a small local bank, but they do mostly financing, investments and consulting (as stated on their website), which is usually not general-population-facing, but rather targeted towards institutions. Thus no big fancy website, as most business is handled face-to-face anyway.

Fact is, as pointed out earlier in the source thread, their yearly reports actually specify an increase in capital, thus implying a healthy profit.

Fact is, they are partnered with real, registered and law-abiding organizations such as Litecoin, agora.trade and Nimiq.

Fact is, at least some partners bought their share in the bank, it was not 'given away'. Again, no proof for your claim. (yes, this is actually insider info, sue me.)

Fact is, lots of companies have '0-net-income' for tax purposes. It's usual business and within the regulatory tax framework. Regular people are not too happy about it, but the government made it so.

The bank might have been registered in 2015, which still makes it over 3.5 years old. Nothing special to see here I think.

---

That's what I could find now with a few Googles. Like I said, until you provide proof for any of your points made, they remain baseless accusations and should be deleted from this forum.

And yes, I created this account just now to speak up.

---

FRFC stands for FUD Refuter & Fact Checker.

[The Cryptovator]

Therefore, any project containing the word "bank" in it is a scam, always has been & always will be.

I second that, exactly this is the truth. I have seen many projects promised with Debit card or bank partnership but eventually all promise become false. They actually not yet meet with blockchain technology, their intention is just raise fund. In my opinion 98% project are not following their own roadmap. They never care about investors fund. So better option is stay away from this kind of dubious projects.   

[yohananaomi]

I appreciate your news about Weg Bank, but what I understand so far is that the Bank is a form where there are many people available to be able to serve several real transactions, meetings between those who serve and need banking services.
Is this urgent and crypto needs it?
I feel it's not necessary because crypto really eliminates the need for these services. So it can be said that Weg Bank is a scam, very certain.

[F2b]

Indeed, banks and cryptos seems not to be compatible.
However, and because their goal (by definition) is making more money, they can try integrating cryptos to their services (as it is trendy). It doesn't mean the bank is a scam, otherwise a lot of banks would be scams (those who are using Ripple). It's just a bank; again, if we're on this forum it's logical that we don't trust banks, but saying they are scams is a little bit too much IMHO.

Note: I know, I didn't do any research, but it seems like I'm not the only one.
Remind that: without research, a post (including mine) is just pure speculation.

[TheNewAnon135246]

Therefore, any project containing the word "bank" in it is a scam, always has been & always will be.

I second that, exactly this is the truth. I have seen many projects promised with Debit card or bank partnership but eventually all promise become false. They actually not yet meet with blockchain technology, their intention is just raise fund. In my opinion 98% project are not following their own roadmap. They never care about investors fund. So better option is stay away from this kind of dubious projects.   

Wirex is one of the few companies that actually made it work. They never did an ICO or anything so that differs them from those dubious projects. While they try to provide a great service I still see plenty of people who have their own credit card blocked for trying to buy crypto through Wirex. I guess we'll never be able to truely break free from regulations etc. At least not until more merchants will accept crypto payments without the need to convert it to fiat.

[armaggedon]

then watch tokenpay and nimiq soar
DASH once also titled scam because one of their team dumped so many coins, LTC scam again becuase its ceo dumped. just because its not good to hear you will label it as scam? goodness. verge also scam? lol what else?

[nimiqshitcoin]

None of your allegations have any proof (and you sure are not delivering any). You just shout out red texts without facts.

Fact is, WEG is one of many modern online-only banks which Germany now allows and registers as regular banks, meaning they can do everything that a traditional bank can do, too. These online banks still have to adhere to regulatory oversight, have a board, and do regular reports on their activity. Other reputable online-only banks in Germany include N26 and DKB, among others.

Fact is, WEG lists their products on their website. Right there on the homepage. Yes, it's a small local bank, but they do mostly financing, investments and consulting (as stated on their website), which is usually not general-population-facing, but rather targeted towards institutions. Thus no big fancy website, as most business is handled face-to-face anyway.

Fact is, as pointed out earlier in the source thread, their yearly reports actually specify an increase in capital, thus implying a healthy profit.

Fact is, they are partnered with real, registered and law-abiding organizations such as Litecoin, agora.trade and Nimiq.

Fact is, at least some partners bought their share in the bank, it was not 'given away'. Again, no proof for your claim. (yes, this is actually insider info, sue me.)

Fact is, lots of companies have '0-net-income' for tax purposes. It's usual business and within the regulatory tax framework. Regular people are not too happy about it, but the government made it so.

The bank might have been registered in 2015, which still makes it over 3.5 years old. Nothing special to see here I think.

---

That's what I could find now with a few Googles. Like I said, until you provide proof for any of your points made, they remain baseless accusations and should be deleted from this forum.

And yes, I created this account just now to speak up.

---

FRFC stands for FUD Refuter & Fact Checker.

There is no product or online banking service. I have looked on the website, and I couldn't see a login page to check the status for a bank or something like that. The Bank doesn't offer internet banking. The WEG BANK AG scam it is just a simple web page showing some information in the German language. That's all. All the revisions from Google Maps are fake made by TokenPay bounty hunters.

The WEG bank is a scam as it has only 1 branch and one bank in the entire country Germany or worldwide. A bank with one branch is a scam after all.
The WEG bank is a scam as it started a partnership with another PROVED SCAM TokenPay that stole over 1 million dollars from Bounty Hunters https://bitcointalk.org/index.php?topic=2400499.0
The WEG Bank is a scam because 6 months ago it announced a partnership with TokenPay and by this day, no service and no product was prototyped, tested, developed, released or deployed neither in testing or production.

THE WEG BANK AG is a fucking lie and a fucking scam.

[terorie]

There is no product or online banking service. I have looked on the website, and I couldn't see a login page to check the status for a bank or something like that. The Bank doesn't offer internet banking. The WEG BANK AG scam it is just a simple web page showing some information in the German language. That's all. All the revisions from Google Maps are fake made by TokenPay bounty hunters.

>Hurr durr I can't read German so it must be a scam

First of all, please stop writing in a bold red font. It doesn't validate your claims.
Also, why are all of your 176 posts Nimiq FUD, sold too early?
FRFC summed it up pretty good.
WEG is a bank on the smaller side (had 6-10m€ capital) mostly focused on doing construction financing, loans and accounts.
They clearly don't offer online banking and their site is just presenting their services and contact.
Yes, the site is based on a template. Did you expect them to serve a WebGL + CSS3 Chrome experiment?
As common with smaller banks business is done directly over mail or phone and clients are mostly from the area.
Lastly, do you seriously expect a bank to disclose their clients?

So nothing out of the ordinary so far.
If you're that sceptical, just call the bank and ask them yourselves. I'm sure they speak English.
All the new crypto collaborations are still very much in-progress and there's little information available yet.
It's way too early to start a witch-hunt.

To all the people just reading through this FUD thread,
please educate yourselves through unbiased sources.
German AGs are public limited companies which means their financial statistics are open to the public.

https://www.northdata.de/WEG+Bank+AG,+Ottobrunn/Amtsgericht+München+HRB+215846

A Google translate of their business page should also be enough.

[nimiqshitcoin]

There is no product or online banking service. I have looked on the website, and I couldn't see a login page to check the status for a bank or something like that. The Bank doesn't offer internet banking. The WEG BANK AG scam it is just a simple web page showing some information in the German language. That's all. All the revisions from Google Maps are fake made by TokenPay bounty hunters.

>Hurr durr I can't read German so it must be a scam

First of all, please stop writing in a bold red font. It doesn't validate your claims.
Also, why are all of your 176 posts Nimiq FUD, sold too early?
FRFC summed it up pretty good.
WEG is a bank on the smaller side (had 6-10m€ capital) mostly focused on doing construction financing, loans and accounts.
They clearly don't offer online banking and their site is just presenting their services and contact.
Yes, the site is based on a template. Did you expect them to serve a WebGL + CSS3 Chrome experiment?
As common with smaller banks business is done directly over mail or phone and clients are mostly from the area.
Lastly, do you seriously expect a bank to disclose their clients?

So nothing out of the ordinary so far.
If you're that sceptical, just call the bank and ask them yourselves. I'm sure they speak English.
All the new crypto collaborations are still very much in-progress and there's little information available yet.
It's way too early to start a witch-hunt.

To all the people just reading through this FUD thread,
please educate yourselves through unbiased sources.
German AGs are public limited companies which means their financial statistics are open to the public.

https://www.northdata.de/WEG+Bank+AG,+Ottobrunn/Amtsgericht+München+HRB+215846

A Google translate of their business page should also be enough.

The bank simply doesn't exist. WEG Bank is just a ghost company with no employees, products, services or customers. The partnership with TokenPay (another  project that was proved by their community to be a scam) did it finalize with a service or product developed ?  7 Months have passed almost and nothing came out from the partnership.... nothing, just some buzz words and press releases deceiving newcomers to buy the dip.  This is exactly what nimiq also has done. They did a press release with Agora Trade hoping that stupid investors will buy their trash coin as well.

[armaggedon]

There is no product or online banking service. I have looked on the website, and I couldn't see a login page to check the status for a bank or something like that. The Bank doesn't offer internet banking. The WEG BANK AG scam it is just a simple web page showing some information in the German language. That's all. All the revisions from Google Maps are fake made by TokenPay bounty hunters.

>Hurr durr I can't read German so it must be a scam

First of all, please stop writing in a bold red font. It doesn't validate your claims.
Also, why are all of your 176 posts Nimiq FUD, sold too early?
FRFC summed it up pretty good.
WEG is a bank on the smaller side (had 6-10m€ capital) mostly focused on doing construction financing, loans and accounts.
They clearly don't offer online banking and their site is just presenting their services and contact.
Yes, the site is based on a template. Did you expect them to serve a WebGL + CSS3 Chrome experiment?
As common with smaller banks business is done directly over mail or phone and clients are mostly from the area.
Lastly, do you seriously expect a bank to disclose their clients?

So nothing out of the ordinary so far.
If you're that sceptical, just call the bank and ask them yourselves. I'm sure they speak English.
All the new crypto collaborations are still very much in-progress and there's little information available yet.
It's way too early to start a witch-hunt.

To all the people just reading through this FUD thread,
please educate yourselves through unbiased sources.
German AGs are public limited companies which means their financial statistics are open to the public.

https://www.northdata.de/WEG+Bank+AG,+Ottobrunn/Amtsgericht+München+HRB+215846

A Google translate of their business page should also be enough.

The bank simply doesn't exist. WEG Bank is just a ghost company with no employees, products, services or customers. The partnership with TokenPay (another  project that was proved by their community to be a scam) did it finalize with a service or product developed ?  7 Months have passed almost and nothing came out from the partnership.... nothing, just some buzz words and press releases deceiving newcomers to buy the dip.  This is exactly what nimiq also has done. They did a press release with Agora Trade hoping that stupid investors will buy their trash coin as well.

did you even go to the address of WEG bank to justify your accusation? when you said ghost bank, that means its not real, prove it with photos. when you google WEG bank its all legit. i think your one of the people who panic sold at low. yes buy high sell low haha in short got REKT

[nimiqshitcoin]

Lads and Gent, I just got another leak to prove the WEG Bank Scam and nimiq fake partnership. The "BIG" WEG Bank AG (which has no customers, no subsidiaries, no products, no services and no real partnerships with any other bank), decided to change its name to "Agorabank". What the fuck? They do this changing WEG Bank AG's name according to their most important partner, agora trade. The issue is that agoratrade has 0 customers, has 0 revenue, has 0 users on telegram, discord and reddit.

https://pbs.twimg.com/media/D2Q1doDUkAE9ezI.jpg:large

Why would a normal bank change its name to a partner with 0 users, 0 revenue and 0 customers? That partner announced only an ICO!
Why would a normal bank give for free 10% of its share to a non for profit ?

All these could have made by a bank only if the bank has 0 value or it is a scam with a special agenda.

So, be prepared. All these are made to facilitate agoratrade ways to launch a new ICO and raise millions of dollars from stupid ICO investors like us. I have personally invested over $100K into nimiq scam and my investment is -98.7%.


Prepare your pocket for a new ICO!!!