Kriptomat and missing funds-are they in trouble?

[shearwater]

Has anyone had any dealings with Kriptomat?  I've posted about my situation before but I think I chose the wrong forum.  Kriptomat are a relatively small exchange based in Estonia. They have an easy to use platform and were recommended by the Guardian newspaper and these were the two reasons that I decided to use them. All went well and they are are very agreeable in communications. However when I attempted to withdraw funds to my linked bank account these had "mysteriously" vanished. It's been over six weeks now and since only they can initiate a forward track and trace, I've been left without my money and cancelled a holiday as result. I'm wondering if this a commonplace occurence-they claim that it has rarely happened but they appear to have done nothing much to resolve the situation. I would have thought that any reputable company would take major steps to resolve what is clearly a problem by refunding / compensating / apologising. I've had a lukewarm apology but no acceptance of any responsibility. I still have a small investment with them but I'm highly doubtful as to whether or not I'll ever see it again. Are they in some kind of financial trouble that I'm unaware of or have they been hacked? I'm looking at taking legal advice although the sum involved (just under £400) may not make an attempt at litigation viable but any helpful suggestions about how to proceed would be very wecome.

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[1715100747]

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[YOSHIE]

Not much information is obtained about Kriptomat exchange, but i remember they had a layover on this forum in 2018 and their last post 2019, after that it was gone never updated their thread again.

So, very little information on them at the moment, where has the Kriptomat exchange site gone.

But there has some information about Kriptomat exchanges, which you can look at and you ask, what is really going on.

Maybe you can visit some of their social media below.

My name is Srdjan
Social Media:
Facebook: https://www.facebook.com/kriptomat.io/
Twitter: https://twitter.com/kriptomat
LinkedIn: https://www.linkedin.com/company/kriptomat/
Medium: https://medium.com/kriptomat-blog

I hope you get a lot of information about Kriptomat exchanges, Especially regarding the problem of withdrawing your money on their site.

At least, by discussing your complaint on their social media, you can find a bright spot for the problems you are currently facing, money.

[examplens]

I remember this case, this is not yet solved?
What about their claims that everything is fine from their side? whether you listened to their request and asked your bank for confirmation that the transaction does not happen?
Could you share what your bank says about this statement from Kriptomat?

So far it is important to understand that:

- We have replied to every single of your emails in a timely manner and with as many details as we were able to provide considering that your bank is non-responsive to any assistance so far.
- You have ignored our request to provide any statement from your bank confirming that funds were not credited to your account.
- We have provided you with an official proof from our bank confirming that the funds were sent to your bank account successfully.
- Your bank did not respond to the official inquiry sent by our bank 17 days ago, although we have sent 3 reminders.

[shearwater]

Thanks Yoshie, I'll have a look at these sites. Appreciate your support.

[shearwater]

Thanks Exemplans. No, it's still unresolved and no sign of any resolution forthcoming. My bank can't do anything as it would be a reversed track and trace, a trace can only be done from the point of issue

[Kriptomat-Team]

Thanks Exemplans. No, it's still unresolved and no sign of any resolution forthcoming. My bank can't do anything as it would be a reversed track and trace, a trace can only be done from the point of issue

Dear Andrew,

Hi again!

We are not asking for your bank to track and trace the funds, but to simply put in written form the confirmation that these funds from Kriptomat never reached your bank account.
We are aware that the bank can not make a reverse track and trace as they do not have information on the transaction, but we need an official bank statement where it is visible and/or confirmed by your bank that these funds never reached your bank account.


So far you did not provide us with the requested document.

Again, I would kindly ask you to provide us with this document as your bank hasn't responded to any of our emails, so far.

With this document, we could move forward or consider further alternative ways to compensate, as without any official confirmation we have only your word that the funds never reached your account and on our end, we have official proof that our bank has sent funds to your bank account, and they haven't been returned so far.
Although we do believe you that the funds did not reach you, we can not base any compensation request or anything similar based on the verbal statement that the funds did not reach you.

Allow me to address your concerns about Kriptomat being hacked or in financial trouble.


No, Kriptomat is not hacked.
No, Kriptomat is not facing financial troubles.

Kriptomat is a licensed company, created around customers and customer experience and as we have written to you several times in direct email correspondence and on various forums where you have decided to post, this is an isolated case that has never happened before, and in order to move forward, we really need you to cooperate by providing us with any official proof that these funds never reached you, as without that we can not move forward, we can only continue this back and forward correspondence on various forums that unfortunately does not lead to resolution of your case.


Best regards,
Kriptomat Customer Care Department.

[Pmalek]

@shearwater
The response by the exchange representative does make sense. I can tell you from my personal experience that things like this can happen. They are not supposed to, but human error somewhere can cause it. My employer who I have been working for over a decade didn't pay my monthly fees at one time last year. I got in touch with him to see what was going on and he told me that everything was routed as usual and I was shown a bank statement as confirmation that they have sent the money. Went to my bank, spoke with the clerk, and was told the money never arrived. I sent them a transaction code my employer gave me and with this code they figured out what they did. I was never told what went wrong but I can only speculate that the money ended up in the wrong account. 

Ask your bank to comply and do as the exchange requested.