ZNN exchange

Hi,

I'm new to this forum and generally to the world of crypto. I need help please!

I have 10,000 USDT stuck in ZNN exchange. But when I try to withdraw, the system keeps prompting me with "insufficient balance", "not enough transaction" messages. When I contact their customer service, I keep getting told I need to do more transactions which I have done, but still nothing!

Is anyone familiar with this exchange. I've been doing swaps the whole time. It seems they don't even allow buy/sell.

Thanks guys.

Newbie (aka Noob)

That's just how classic ponzi scheme the customer service told to you, there's no way 10,000 USDT isn't enough to cover the withdrawal fee, even the highest ERC-20 fee right now is around $15.

Even you're Chinese citizens, the announcement only restrict the buy function not the withdrawal [1]

[1] https://m.znn.com/en_US/noticeInfo/15548

I guess I'm screwed then

Don't deposit more, you will only be blackmailed until your money runs out. Those are signs of an old fraudulent exchange scheme.

If you have ambitions to get your money back, ask the local police for help by filing a report (I'm sure this will cost money). Or give up your $10k, assuming it's the cost of your most expensive lessons and experiences.

I'll take it as a lesson learnt. It's my own fault for not doing enough research on it in the first place. Sigh

the strange thing i managed to withdraw money before. Not sure why I can't do it now

Quote from: newbie79 on November 03, 2021, 06:37:22 AM

the strange thing i managed to withdraw money before. Not sure why I can't do it now

I guess you withdraw low amount before? but now when you're want to withdraw high amount they didn't allow you. That means they're selective scammer which make you feel they're legit exchanges before this issue happen.

yes, you're right. I withdrew significantly less. The question is how do I find the assholes behind this platform.

Reaching the police and filing a complaint is the only way. The announcement too looks legit, and they're not allowing to withdraw your fund means it is a trap. Anyhow what you shared will create few users not to use unknown exchanges. With time crypto market is bouncing high, by this time we need to be very careful handling our holdings. It is a must to analyse well before sending your fund into any new platform.

If you've requested for the suggestions from the forum members prior to the usage of ZNN exchange surely you could've got saved.

you're right man. I'm such a nube. I just happened to like their UI which was easy for trading, I didn't do enough to do background checks on them. I also started with a small deposit and managed to grow that.

These unknown alleged Exchanges tend to be part of a family of such, likely based on common website skeletons, with some individual tweaks here and there. These sites for example have the same wording describing their “Products and Services”:

Code:

https[colon]//www[dot]nexinter[dot]com/en_US/
https[colon]//www[dot]wbfex[dot]one
https[colon]//www[dot]bi[dot]cc
https[colon]//www[dot]indomex[dot]com/en_US/

The modus operandi is rather well known: High yields, perhaps allowing for a quick first withdrawal, request further and larger investments, demand more to allegedly enable any more withdrawals with some bogus pretext (i.e. taxes, minimums, etc.), and so forth.

By the way, if you happen to have downloaded and installed their app, you’d better look into it, as it could easily be a backdoor to having installed spyware, RAT or such type of malware on your mobile device.

Quote from: newbie79 on November 03, 2021, 07:07:01 AM

yes, you're right. I withdrew significantly less. The question is how do I find the assholes behind this platform.

$10,000 is a good chunk of money but I don't think it will be worth pursuing them as you might just end up spending more with lawyers and stuff. Probably try filing a police report though, and try using this incident for tax deduction. Sorry for your loss.

This exchange might be a scam, all the good exchanges are found in https://coinmarketcap.com/ and you can read their review if you want to make research. I think you fall to the scam exchange site mate, sorry to say that but you should go with exchanges like Binance and Coinbase.

Trusting 10,000 USDT in a nonpopular site was a wrong decision mate.

You are all right. I'm not here about the money. Yes, it's a fair bit of change, but I'm here coz I want to warn everyone about this bullshit platform. Don't trust these guys. They have multiple websites and domains all marketed under ZNN.

Quote from: newbie79 on November 03, 2021, 05:17:35 AM

I'm not familiar with this exchange, though when I checked this platform at the CMC it was listed and ranging its volume 900k$ +, however, I wondered why they didn't allow you to withdraw your balance? this was so bad in your part and sad also, it seems that this exchange was one of the behavior of a scammer, or yet they are only selective to their users who will allow them to withdraw a huge amount. I hope you could recover your money over this platform, but as I can see the chances is low, sorry dude.

Quote from: newbie79 on November 03, 2021, 06:37:22 AM

the strange thing i managed to withdraw money before. Not sure why I can't do it now

That is how scam exchange do, they will let you transact with lower amount to let you think they are legitimate , and will observe you entering bigger amount and then that is when scamming happens.

Now you have learnt a lot then, and refrain from using exchange with no legitimate value at all, there are many exchange here in crypto that has been serving the market for long time that you can use any time with safeties .

Never heard of this exchange and that's the typical scam exchange when they've seen a few traders of theirs depositing huge amounts. They'll make you feel that they're trusting and good with your first withdrawals. It's hard to put your trust into unknown exchanges.
As you've learned the lesson, choose the best exchange and with reputation so this bad experience won't happen to you again.