Please HELP. N.exchange has been withholding my money for 4 months

[Van1324]

Greetings to all who have entered this thread. I have a big problem that I have been struggling with for 4 months.

I've been using Exodus wallet for four years now, all this time I've been buying bitcoin as much as I can with my investments. One fateful day in November, I decided to lock in my profits and swap to USDT directly in the wallet. I chose the N.Exchange service

The exchange was suspended, information and documents were requested, which I had to collect and provide to them for a response.
In early December I went through the KYC form, provided all documents and explanations for my wallet.
At the end of December, an additional request came from their support for a few transactions in my wallet. I responded to the query quite promptly as I found old confirmations.
In January N.Exchange support asked me to organize a video call with them in ZOOM. We arranged it, the employee I dealt with assured me that my funds were in the final stages of refund and the final update would be at the beginning of the business week.
week - two - three - four ... the words of the employee and in principle all messages with the content “we are making every possible effort to resolve the issue as soon as possible and complete the verification” turned out to be dust and lies.

After another week the support asked me for transaction data .... which I had given them at the end of December. It turns out that for a month and a half the N.Exchange team fed me breakfasts, assured me that they were working hard and that my issue was a high priority, and in the end nothing happened
Absolutely nothing. Another month has passed. For three weeks, I get “we are making every effort to complete the check as soon as possible” messages on my return status inquiries
November, December, January, January, February, March.
4 full months have passed since my funds were frozen by the N.Exchange service. All verifications passed, all documents provided, all explanations given. Promises to sort it out and return the money have led to nothing.

I believe that N.Exchange stole my money.

I am asking for help and advice on where to go - which regulator I can file a complaint against this scam exchanger

[Coyster]

What exchange is N.exchange for goodness sake, you wanted to use an exchange and this what what you chose, how did you find this exchange BTW? You may want to move this to scam accusation board, though it would not yield anything as there is nothing any of us can do to help you recover your money.

Have they at any point asked you to deposit more money in order to withdraw? You should also be worried that you submitted KYC in such a shady platform.

[BitMaxz]

What exchange is N.exchange for goodness sake, you wanted to use an exchange and this what what you chose, how did you find this exchange BTW? You may want to move this to scam accusation board, though it would not yield anything as there is nothing any of us can do to help you recover your money.

Have they at any point asked you to deposit more money in order to withdraw? You should also be worried that you submitted KYC in such a shady platform.

That's a 3rd party exchange from Exodus wallet; you can access it directly by typing n.exchange into your browser.

@OP it seems you have a similar case like this one below; it took 51 days before he got refunded by that exchange. You might get some idea how to get refunded from that thread below.

- https://bitcointalk.org/index.php?topic=5444187.0

Unfortunately, yours took four months and they still did not release your funds.

[Potato Chips]

Jeez. What a nightmare you had to go through!!

I saw multiple accusations about n.exchange in the forum before.. I must say I'm not even surprised to see another one. I remember before another victim tried to pressure Exodus Wallet and that helped them in some way. I suggest to do the same, OP. Particularly target their socials like their subreddit and X accounts.

I know exodus wallet is just an aggregator but still, they have onboarded this shady exchange on their wallet, you know. In addition, last I checked exodus doesn't let you choose which 3rd party exchange to use, as well so it's like a Russian Roulette lol. Up to a certain extent, they should be responsible IMO.

[Alone055]

Using third-party services from within wallets is usually a bad idea. If you ever want to exchange your assets to another, you should either use a centralized exchange, and if you are not a fan of that, you should use decentralized swaps and platforms that are at least reputable and makes the swaps easy and quick without any hassle for you.

I am asking for help and advice on where to go - which regulator I can file a complaint against this scam exchanger

I don't think there is anywhere you can file your complaint other than the local authorities in your region and that might only help if you are from a region that supports the use of Bitcoin and cryptocurrencies because only then they are going to investigate the case and they can even reach out to the casino support and investigate about the case. All that is only worth it if the amount in question is pretty big, if it's not, you are only going to waste your time and maybe some more money.

[sokani]

Op, sorry for the sad experience and I hope you get your money back.

These reoccurring issues got me thinking Exodus wallet position in this mess.

If I give you the key to my house to live in, and every now and then, people come around to complain that you steal this or that, and If I confirmed it's true. I'd be forced to ask you to leave. The fact that Exodus wallet hasn't replace the shady third-party N.exchange makes me wonder if they're in bed with it. It's been happening over again and again and one would expect Exodus wallet to part ways with N.exchange because of the too many complaints that are looking like scam.

[Rustam Meraj]

First of all feeling sorry about your bad experience with N.Exchange which I am listening about this exchange for first time.  Using third party exchange to store Bitcoin or other cryptocurrency is risky and it is better to keep control of your own keys of your wallet. It is shocking that N.Exchange has been wasting your time for four months in simple words scamming you and asking for same information many times and making promises to give withdrawal. If crypto is legal in your country so you can make complaint against this exchange to authorities. If not legal so you should keep trying to get back your money but keep in mind that chances are very low. I hope you will get your money back. And please don't make any mistakes like this in future.

[Justbillywitt]

Using third-party services from within wallets is usually a bad idea. If you ever want to exchange your assets to another, you should either use a centralized exchange, and if you are not a fan of that, you should use decentralized swaps and platforms that are at least reputable and makes the swaps easy and quick without any hassle for you.

Ordinarily this shouldn't be a bad idea, IMO it should be one of the most trusted because for a wallet to allow a third party in their platform it means they knew or have knowledge of the team or the management of the so called N. Exchange. If he has been using the Exodus wallet without complaints all these years, he has developed some level of trust with the wallet. So he believed that what platform that's onboard within the Exodus wallet should be reputable as well. So I don't blame the Op for his decision to use the N. Exchange. Just like as @Potato chips has rightly pointed out, the attention of Exodus wallet management team has to be drawn into this case. Possibly with their help this can be resolved. Because this N. Exchange is trying to bring a bad name to their brand.

[Van1324]

I already wrote to exodus support. The support in a boorish form answered me that I should deal with n.exchange directly and that this is the last message between us on this swap )))))

Exodus in no way protects and does not support the interests of its customers. I suspect them of working closely with this scam exchange.

As noted above, indeed, I trusted Exodus and used them for many years. And there's a pretty good amount of money stuck in there, which n.exchange unreasonably withholds on my wallets

Posts on reddit related to exodus are almost instantly deleted by their moderators)))))
Yesterday I posted twice and attached screenshots of my wallet and responses from n.exchange and exodus support. They are stupidly deleting my posts, wtf

[Nathrixxx]

I am asking for help and advice on where to go - which regulator I can file a complaint against this scam exchanger

Make use for of the scam accusations board for doing that, but know that you have to follow the format required, other members will give their opinions on what they know, but there's no guarantee for you to recover anything.

It is expected that everyone accept to take the risk involved in using any crypto platform from the start, this is where the need for a non custodial wallet comes very important for use.

[NotATether]

All of this fancy hand-holding only to steal your money at the end sounds to me like it was a professional scam by a "grey area" company that should not even be holding an exchange license in the first place.

Unfortunately Exodus partners with a lot of these shady exchangers.

[ContentWriter]

I'm even hearing of N Exchange for the first time. This is the problem with using some of these wallets that are close source. I remember the first time I used Atomic wallet. I thought I had lost my funds when the network delayed the transaction. Everyone should be careful while choosing third-party platforms for crypto. Meanwhile, as others have suggested, OP, you should move this post to the Scam Accusation sub-forum.

[KiaKia]

You used N exchange because you are dumb or greedy, maybe the exchange has something to offer you that looks so good to the eye or you are just so dumb, this days even a kid can find the right crypto exchange to use, kindly share with us the reason why you choose to use this N.Exchange instead.

I have been using crypto exchanges for trading since the year 2017 and I've never heard about N exchange before, not even among the lowest rated crypto exchanges like Gate or Poloniex.

[Findingnemo]

I'm even hearing of N Exchange for the first time. This is the problem with using some of these wallets that are close source. I remember the first time I used Atomic wallet. I thought I had lost my funds when the network delayed the transaction. Everyone should be careful while choosing third-party platforms for crypto. Meanwhile, as others have suggested, OP, you should move this post to the Scam Accusation sub-forum.

There are many such exchanges exists too which doesn't reach the users directly but collaborate with exchange or other services for their activities. The KYC seems too extreme nd definitely questionable though, I wouldn't call them scam Unless they didn't returns the funds. And opening scam accusation isn't going to change anything so OP should follow the further instructions and never used their services again.

Do they have any official social media handles? If yes then tag them mentioning the details which might bring faster actions.

[btcltcdigger]

IT sure seems like that. Personally i've never heard of that exchange, so if it's a lesser known exchange, than the chances of them being sus are indeed greater, as they have no legacy to keep safe.
All you can do is try to get it, and good luck with that

[Potato Chips]

I already wrote to exodus support. The support in a boorish form answered me that I should deal with n.exchange directly and that this is the last message between us on this swap )))))

Exodus in no way protects and does not support the interests of its customers. I suspect them of working closely with this scam exchange.

As noted above, indeed, I trusted Exodus and used them for many years. And there's a pretty good amount of money stuck in there, which n.exchange unreasonably withholds on my wallets

Posts on reddit related to exodus are almost instantly deleted by their moderators)))))
Yesterday I posted twice and attached screenshots of my wallet and responses from n.exchange and exodus support. They are stupidly deleting my posts, wtf

WTF. Unfortunately, exodus receives a cut from these exchanges and that's probably why they're protecting them.

I would still try making noise in crypto communities though—CT, popular crypto subreddits. Maybe not necessarily for recovering funds but more on awareness' sake. If you do get a hit post—received many upvotes or views— that would certainly apply public pressure on them, as well but it's easier said than done.

[Alone055]

Ordinarily this shouldn't be a bad idea, IMO it should be one of the most trusted because for a wallet to allow a third party in their platform it means they knew or have knowledge of the team or the management of the so called N. Exchange. If he has been using the Exodus wallet without complaints all these years, he has developed some level of trust with the wallet. So he believed that what platform that's onboard within the Exodus wallet should be reputable as well. So I don't blame the Op for his decision to use the N. Exchange. Just like as @Potato chips has rightly pointed out, the attention of Exodus wallet management team has to be drawn into this case. Possibly with their help this can be resolved. Because this N. Exchange is trying to bring a bad name to their brand.

We know that platforms, especially decentralized ones, barely take responsibility of the third-party services even if they are their partners and have them integrated in their wallets, this is the reason why they want us before we make our decisions and I'm pretty sure they have it written somewhere in their terms and conditions as well but we never read them. Remember, it's our funds, so it's our responsibility to make sure we protect them at all costs. This is the reason why we should only use services that we know are trusted because things happen, and if matters aren't solved, it's only us who will be at a loss.

So, it's not about Exodus gaining the trust of its customers and then allowing them to get scammed by a third-party exchange; it's about us using a third-party service without doing any research about them or even trying to see if they have a good track record or not, especially if the sum we are going to use is big enough, I don't see any reason why a person wouldn't try finding a better platform only by looking at how convenient it could be to use an in-wallet exchange when it's not owned or operated by the wallet company itself.

[dkbit98]

I am asking for help and advice on where to go - which regulator I can file a complaint against this scam exchanger

I never heard about this exchange, but you should not hold coins on any exchange, unless you want to take high risk and give control of your coins to third party.

Coingecko does not have available listing for this crap exchange, and coinmarketcap is showing this as unlisted:

Launched on 01-09-2017, is a centralized exchange located at Suite 11 Penhurst House, 352-356 Battersea Park Road, London / UK. It supports GBP, USD, EUR, RUP and JPY fiat deposits with all bank cards.

https://coinmarketcap.com/exchanges/n-exchange/

Looks like a scam to me. 

[PrivacyG]

If they ever give your money back, make sure you take this as a hard lesson and never go back to centralized exchanges with amounts you afford losing again.  So many people seriously down play this risk of having your money stuck in the wallet owned by a stranger, it is mind blowing!

[Publictalk792]

We know that platforms, especially decentralized ones, barely take responsibility of the third-party services even if they are their partners and have them integrated in their wallets, this is the reason why they want us before we make our decisions and I'm pretty sure they have it written somewhere in their terms and conditions as well but we never read them. Remember, it's our funds, so it's our responsibility to make sure we protect them at all costs. This is the reason why we should only use services that we know are trusted because things happen, and if matters aren't solved, it's only us who will be at a loss.

So, it's not about Exodus gaining the trust of its customers and then allowing them to get scammed by a third-party exchange; it's about us using a third-party service without doing any research about them or even trying to see if they have a good track record or not, especially if the sum we are going to use is big enough, I don't see any reason why a person wouldn't try finding a better platform only by looking at how convenient it could be to use an in-wallet exchange when it's not owned or operated by the wallet company itself.

You make very good point about to take care of our own money particularly when using new platforms and services from other companies. It is surprising how many people do not read rules and conditions which create problems for them in future. Your idea that we should carefully research any new service before using it is good one. It is not just about trusting company any company but also about to be careful and making sure we are using services that are honest and trustworthy. Using exchanges that have built in wallets can be easy but it is very important to be careful and think about possible risks and benefits before making any decisions.