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Author Topic: Basefex.com (CEO Jesse Wu and HGO Randolf G) scam stole 3 BTC  (Read 455 times)
bertyar88
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July 02, 2019, 07:15:18 AM
Merited by Raja_MBZ (1)
 #1

TLTR: I made 3 BTC from 0.3 BTC, tried to withdraw 2.7 BTC, the withdrawal was rejected, account was banned and I was deleted from their telegram group, I spoke in telegram with CEO and another admin, they deleted all messages and blocked me. Also I know about one person with 7 BTC blocked.

you can see pretty version of the post in telegraph https://telegra.ph/Basefexcom-CEO-Jesse-Wu-and-HGO-Randolf-G-scam-stole-3-BTC-07-02


I traded few months on basefex.com, their linkedin profile https://www.linkedin.com/company/basefex (CEO Jesse Wu https://www.linkedin.com/in/iamjessewu and Head of Global Operations Randolf G https://www.linkedin.com/in/randolf-g-21128128), one day (29.06.2019) I made 3 BTC from 0.3 BTC, tried to withdraw 2.7 BTC. my request was rejected.

https://telegra.ph/file/01c4d2b8398236bcb6bea.png
The only answer I received to email was about "investigation"

I tried to log in the website but account was banned
https://telegra.ph/file/72325be34b964e31abafd.png

Then I asked in their telegram group a question about this situation. My message was deleted and account removed from their chat. Few hours later I tried to do this from another telegram account -- result was he same. OK. I decided to give them a day to think, because it was Sunday.


Next day I see messages in chat about another person in the same situation (with 7 btc banned), I joined with 3rd telegram acc and asked the same question about my 3 BTC. Questions were even answered (funds are safu) by Randolf Zhao. but 1 hour later everything was deleted.

https://telegra.ph/file/619d5b8d215f01b0722b8.png
Current chat history

Later I wrote to Randolf Zhao, he spoke with me and told me again about investigation. But few minutes later he stopped answering my questions and then deleted all messages and blocked me

https://telegra.ph/file/8d8c03ec457e397d03d8c.png

After that I wrote to the CEO Jesse Wu, he even didn't bother answering or deleting, just blocked me.
https://telegra.ph/file/c1e5736c3d641525b306e.png


So, all public persons blocked me, I think I have little chance to see my money, but i would be happy to hear any advices, coz in the end these scammers are public persons

another topic on bitcointalk about them https://bitcointalk.org/index.php?topic=5127951
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asche
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July 02, 2019, 12:30:15 PM
 #2

It would be nice if someone from BaseFEX would make a statement regarding this issue.

Better sooner than later.

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August 07, 2019, 07:15:52 PM
Last edit: August 07, 2019, 08:38:22 PM by RandolfZ
 #3

Hi All,

I am the dude whom the OP accused of being a scam and 'exposed' my LinkedIn account. To be frank I don't feel too good about it because we chose not to disclose the OP's name when we know it. We wanted to maintain the minimum respect for his privacy despite our unhappy past. But sadly, our friendly intention has not yet been well received.

For anyone who has any concern regarding BaseFEX's legitimacy, I can invite you to try BaseFEX risk-free. This is a legitimate business that I have been working for 3 months, in one of the major commercial hub areas of Beijing.

As for the described 'scam accusation', please our official statement below.

Link to our official announcement: https://blog.basefex.com/uncategorized/a-statement-on-malicious-activities/

On July 1st, 2019, suspicious activities concerning two BaseFEX accounts were detected and had consequently triggered security alerts. Automatic ban was initiated as a temporary measure to prevent such suspicious activities from harming the greater BaseFEX trading community.

Right after that, there had been some unusual surge of new accounts joining our Telegram group. Untrue claims were made by them. As they refuse to provide their BaseFEX IDs, we were not able to verify if they belong to real BaseFEX traders. To keep this group useful for real BaseFEX traders, we had to remove these accounts from the Telegram group.

These Telegram accounts also have made threats and personal offenses towards our employees and our employees had to block these accounts in private chat.

We also have received complaints from our Twitter followers concerning similar harassments.

After a two day investigation, our engineering team has concluded on the nature of this incident. It is detected that these two accounts had been engaging in long-time and extremely high-volume server attacks that had have a substantial impact on BaseFEX servers’ network conditions. As a result, the rest of BaseFEX traders’ ability to place order was severely undermined. This has generated considerable amount of unfair, if not illegal, earnings for these two accounts, at the expense of other BaseFEX traders. Among which, 11.7 BTC has already been withdrawn.

Malicious activities that benefit themselves at the expense of other traders, such as server attacks, are not only against the very spirit of our community, but also in direct violation of our Terms of Service item 1.2 (a) (b) (d) (e) :
1.2: When accessing and using the Service, You must:
a) not attempt to undermine the security or integrity of BaseFEX’s computing systems or networks or, where the Services are hosted by a third party, that third party’s computing systems and networks;
b) not use, or misuse, the Services in any way which may impair the functionality of the Services or Website, or other systems used to deliver the Services or impair the ability of any other user to use the Services or Website;
d) not transmit or input into the Website any files that may damage any other person’s computing devices or software; content that may be offensive; or material or Data in violation of any law (including Data or other material protected by copyright or trade secrets which you do not have the right to use);
e) not attempt to modify, copy, adapt, reproduce, disassemble, decompile or reverse engineer any computer programs used to deliver the Services or to operate the Website except as is strictly necessary to use either of them for normal operation.


Thus, we have zero tolerance for such activities. After careful consideration, it is decided that we will permanently discontinue our service with these two accounts and the person(s) who possess them.

BaseFEX reserves the right to press criminal charges against the person(s) responsible for the aforementioned malicious activities and slanders. We also reserve the right to pursue other legal actions including civil litigations, in order to recover BTC losses for our entire trader community.

BaseFEX will always strive to fight against all forms of malicious, prohibited activities to ensure fast order placement for legitimate traders.
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August 07, 2019, 08:10:32 PM
 #4

Thank you for coming here and adressing these concerns.

I don't see how it would be possible to prove either of the allegations tho.

However I don't see exactly how a DDos attack would enable them to make more winning trades vs the other users...

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August 07, 2019, 08:44:48 PM
 #5

There was a period of time that our server's capacity wasn't perfectly satisfactory. With that kind of capacity, extremely frequent requests, that can be no way generated by real trades, can easily overwhelm and slow down the server's ability to process other traders' order placements and deals.
This is a situation that you can take full advantage of with some 'specialized' trading strategies and trading automation.
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August 19, 2019, 12:33:37 PM
 #6

There was a period of time that our server's capacity wasn't perfectly satisfactory. With that kind of capacity, extremely frequent requests, that can be no way generated by real trades, can easily overwhelm and slow down the server's ability to process other traders' order placements and deals.
This is a situation that you can take full advantage of with some 'specialized' trading strategies and trading automation.



another lie. SHOW my orders and trades so everyone can see, that there were no 'specialized' trading strategies and trading automation.

all i used was this simple script, https://pastebin.com/hFSHMxcX
 that every FIVE seconds showed my positions, coz ur website didnt showed them on chart and i have to orientate in a this grid of orders.

You could say that this huge load(one request in 5 seconds lol) destroyed ur servers, but i wrote the script only after i saw i could make money buy  market making here




After a two day investigation, our engineering team has concluded on the nature of this incident. It is detected that these two accounts had been engaging in long-time and extremely high-volume server attacks that had have a substantial impact on BaseFEX servers’ network conditions.

lie lie lie, i did nothing you have written about.

1. one day i have seen a lot of market buys and sells on trx pair. it moves kinda slow, so i was able to place buy limit @ 250, sell limit 251 and all these orders were filled. So i placed orders on every price level near current price, acting like a market maker. I repeated this and collected spread and someone was dumb enough to place a lot of market orders.

2. then i tried to withdraw and after ur scam i understood. it was u, i mean your bots' market buys and sells. You were dumb enough to fake market activity in this way: in order to make it looks like the real one, you bought from urself and sell to urself with simple market orders.

Everything was fine for ur little fake show coz nobody traded on ur exchange. but then i started to trade with big leverage. and ur bots bought from me and after that sold to me.

3. after u found out it, you scammed me and turned off ur bots. Everyone can see this moment on their charts and the real volume one ur exchange without fake volume:
https://prnt.sc/oulgt1

4. so this story with ddos attack is the best u came up with in order not to pay me

5. and i'm asking someone with reputation to leave a note on their profile so that everybody will see they are scammers


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August 26, 2019, 12:49:42 PM
 #7

This is really some very fascinating crypto drama. How hilarious! I couldn’t help to find all the related posts to read through:
https://bitcointalk.org/index.php?topic=5127951.0
https://bitcointalk.org/index.php?topic=5171514.0
https://bitcointalk.org/index.php?topic=5176438.0

I can conclude, as this bertyar88 has already admitted, CASE CLOSED.
This is a hilarious cheater-cheats-a-fool-went-wrong story.

What ACTUALLY Happened:
Nobody exchange BaseFEX decided they want some good liquidity that they don’t actually have, and they decided to do it by faking volume with some totally unsophisticated buy-sell trades using their own money.

It caught the eyes of a desperate, probably unemployed, East European basement dweller, bertyar88. He thought taking advantage of BaseFEX’s stupidity could be an opportunity to get rich quick. He managed to make some big bucks, 7 BTC withdraw for 1 BTC he deposited, and he therefore got cocky thinking BaseFEX will never find out.

But they did, and they froze the un-withdrawn loot.

Bertyar88 got very very angry about it because he believes he deserves all the BaseFEX’s money he obtained through this loophole. He subsequently started making exit scam rumours here against BaseFEX, as if he is just a regular trader, which he is not. He probably also hired some of his East European shill farm friends to spread FUD. BaseFEX got very very angry too, because they couldn’t understand why a con feels entitled to steal their money, from their perspective.

Let’s make it clear here that what bertyar88 did is completely unlawful and illegitimate although BaseFEX also did something wrong. BaseFEX was pretty damn stupid and it is wrong to fake trading volumes. They would be guilty of something. But it by no means justify what bertyar88 did. It is like you accidentally left wallet wide open in the subway while peeking a girl, which could be your fault. However does it legitimize someone who picked your wallet and took away your money? No. A theft stealing from a fool is still a theft.

Bertyar88 further forged some new accusations with brand new accounts to make BaseFEX look even worse.
https://bitcointalk.org/index.php?topic=5176438.0
https://bitcointalk.org/index.php?topic=5171514.msg52167571#msg52167571
But he forgot everyone can see he is using newbie accounts of zero previous existence, speaking the same kind of non-fluent English.

Overall, what a fascinating clown show. Let's all applause for two actors’ entertaining performance!
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August 26, 2019, 01:17:50 PM
Last edit: August 26, 2019, 01:30:26 PM by bertyar88
 #8

This is really some very fascinating crypto drama. How hilarious! I couldn’t help to find all the related posts to read through:


Took some facts, used ur imagination, well done,    Grin

only tell me what's illegal in market making/grid trading? lol. If someone is willing to constantly buy and sell at market prices, why would I missed the opportunity? In trading someone's profit in someone's loss, When I make a mistake and lose money, I dont expect someone to return it to me lol
I didnt created another accs here to spread rumors, u can find discussions on Twitter, where they almost scam another person (but they paid him after month, coz he got a lof of followers and threatened them)

also

your hits:
a desperate, probably unemployed, East European basement dweller, bertyar88.

ur lies:
He thought taking advantage of BaseFEX’s stupidity could be an opportunity to get rich quick. He managed to make some big bucks, 7 BTC withdraw for 1 BTC he deposited

He subsequently started making exit scam rumours here against BaseFEX, as if he is just a regular trader, which he is not. He probably also hired some of his East European shill farm friends to spread FUD.

what bertyar88 did is completely unlawful and illegitimate

Bertyar88 further forged some new accusations with brand new accounts to make BaseFEX look even worse.
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August 26, 2019, 01:43:36 PM
 #9

Thank you for coming here and adressing these concerns.

I don't see how it would be possible to prove either of the allegations tho.

However I don't see exactly how a DDos attack would enable them to make more winning trades vs the other users...

I agree completely, Basefex could just be making this whole thing up because they don't want to pay this guy a few btc.  Its not even a large amount of money, probably best for their exchange to just pay this guy off so he goes quiet.
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September 20, 2019, 06:04:18 AM
 #10


probably best for their exchange to just pay this guy off so he goes quiet.



I don't think that paying would actually resolve their situation. I mean, from what I understand, this bertyar88 is kinda an undecent person (he tried to steal money), so spreading this "scam" can be also classified as blackmailing. I bet, basefex thought, that if they pay him once, he'll (under a different account) come back, create similar situation and will ask for "compensation" again. And it's a very healthy way to assume it tho. Btw, even if they paid him, there's no guarantee, that he'd delete all his messages about the so-called scam and actually publish disclaimer for previous messages.

Don't get me wrong, I'm not defending Basefex. It fact, it's their fault that this whole situation occurred. As this guy said:


They would be guilty of something. But it by no means justify what bertyar88 did. It is like you accidentally left wallet wide open in the subway while peeking a girl, which could be your fault. However does it legitimize someone who picked your wallet and took away your money? No. A theft stealing from a fool is still a theft.


bertyar88
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September 20, 2019, 11:38:06 AM
 #11

he tried to steal money

what are u talking about? I didn't hacked their wallet, I traded on exchange. I place buy limit, they market sell. How on earth can you say this is stealing?

ppl lose money in trading, coz their algorithms are bad (it doesnt matter, manual trading or algo), what it the difference here?
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