Suspected 700 XMR Scam by Swapter

[cephalopod]

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=3664897

Service Announcements:
https://bitcointalk.org/index.php?topic=5516807
https://bitcointalk.org/index.php?topic=5528072

Amount Scammed: 700 XMR

Date: About two months ago

Please support the flags:
https://bitcointalk.org/index.php?action=trust;flag=3488
https://bitcointalk.org/index.php?action=trust;flag=3484

What happened:
I initially discovered Swapter on KYCnot.me, where they are verified and vouched by Orangefren.

I had been using Swapter for some time prior to this incident, successfully exchanging between 50-500 XMR. I became too comfortable with the platform and attempted to exchange 700 XMR, which led to the current situation I’m facing.

I’ve been in nearly daily contact with their live support team for the past two months. They consistently cite ongoing issues with their liquidity provider as the reason for the delays. While they assure me that there are no AML/KYC problems, their explanation hasn’t changed. Last week, they indicated that their manager would reach out to me through email with additional details. Despite my reminders and providing multiple email addresses, I still haven’t received any emails, even though they insist that their manager has sent me multiple messages.

I'm concerned that Swapter might be relying on this case remaining under the radar, allowing them to continue operating while disregarding this issue.

I have shared a blurred image to protect confidential information as an example: https://ibb.co/wFnMV51T
I have documented all conversations and can share them if necessary, or if Swapter denies my claim.

Furthermore, I have provided an unredacted version of the image and included a link to the actual exchange to someone with an established presence in the forum, should they wish to verify this information.

I trust that this is an honest mistake on Swapter's part and that they are eager to resolve the issue, especially now that this case is public. I have been very pleased with their platform due to its low fees, diverse coin options, and quick exchanges, and I sincerely hope they haven't chosen to exit scam.

Thank you for your attention to this issue.

[NotATether]

This is true. The OP has contacted me by email about it.

[JeromeTash]

Sorry about about the experience, OP.

I think the service has been having red flags according to the comments on kycnot.me, but I am not sure how you missed them.


https://kycnot.me/service/swapter

a user swapped BTC to Monero via Trocador/Swapter on May 31st. As of June 5th, and still haven’t received his Monero.

https://www.reveddit.com/v/Monero/comments/1d8olsd/swapter_225_xmr_missing/

[coupable]

Sorry about about the experience, OP.

I think the service has been having red flags according to the comments on kycnot.me, but I am not sure how you missed them.

He also missed the neutral feedback made by loycev in swapter forum profile about weird conditions in their TOS. The official representative is inactive since last June and I doubt he will handle the issue honestly.

Op, I am sorry for your loss. And sorry to tell you that youfunds are gone forever. All what they are doing is keep your case pending so they can scam more users until you bring this to public.

[LoyceV]

I became too comfortable with the platform and attempted to exchange 700 XMR, which led to the current situation I’m facing.

Unfortunately, this isn't the first time, and it won't be the last. As they say: "opportunity makes the thief", and selective scamming becomes very attractive when someone sends a quarter million bucks in untraceable money.

I trust that this is an honest mistake on Swapter's part and that they are eager to resolve the issue

I've been around long enough to be less optimistic. If they don't have liquidity, they could just refund you. In your screenshot, they claim to be waiting for their liquidity provider to "finalize their confirmation on thbe deposit". That's BS, no doubt meant to keep you patient.

I sincerely hope they haven't chosen to exit scam.

It's not even an exit scam, they can happily continue processing small transactions to keep others vouching for them, until the next whale comes by to be scammed.

He also missed the neutral feedback made by loycev in swapter forum profile about weird conditions in their TOS.

Feedback isn't visible without a Bitcointalk account. Flags are. @OP: feel free to create a Flag against the service. It's not much, but it will add a big yellow or red warning above their topics.

[cephalopod]

I think the service has been having red flags according to the comments on kycnot.me, but I am not sure how you missed them.

I believe the score is derived from automated calculations, and many exchanges have similar ratings. However, the comments from Swapuz and Trevoid is positive (if that really matters).

[hugeblack]

Sorry for your loss but  ~ $350,000 is not a small amount and you should initiate legal action.
I do not think that anything we will do here will help you, as ~ $350,000 is enough for them to start creating more such services and scamming users.
I add negative trust and hope they get caught.

[LoyceV]

you should initiate legal action.

I'm still waiting for them to post their details:

1. Our registration details and legal information are available upon request

Great! I hereby request to post it here

[cephalopod]

@OP: feel free to create a Flag against the service. It's not much, but it will add a big yellow or red warning above their topics.

Thank you for your guidance, I have since created a flag.

Sorry for your loss but  ~ $350,000 is not a small amount and you should initiate legal action.
I do not think that anything we will do here will help you, as ~ $350,000 is enough for them to start creating more such services and scamming users.
I add negative trust and hope they get caught.

I appreciate your help, it genuinely means a lot to me!

[LoyceV]

I have since created a flag.

Flag Supported: https://bitcointalk.org/index.php?action=trust;flag=3484
This activates a warning for Bitcointalk visitors who don't have an account.

[Trêvoid]

I think the service has been having red flags according to the comments on kycnot.me, but I am not sure how you missed them.

I believe the score is derived from automated calculations, and many exchanges have similar ratings. However, the comments from Swapuz and Trevoid is positive (if that really matters).

Hello,

I have no positive comments for them. I gave them two stars and referenced the previous issues raised by maxwayne24 to warn other users. (Swapter 225 XMR missing(reddit.com)



I always try my best to warn users: very low exchange rates or fees are often red flags.

I hope this situation can be fixed by Swapter and that it doesn’t turn out to be a total loss.

I have since created a flag.

Flag Supported: https://bitcointalk.org/index.php?action=trust;flag=3484

Flag supported.

Best regards,
— Trêvoid

[cephalopod]

I have no positive comments for them. I gave them two stars and referenced the previous issues raised by maxwayne24 to warn other users.

I apologize, you're absolutely right. I must have misread it earlier. Thank you for your support!

[Trêvoid]

I have no positive comments for them. I gave them two stars and referenced the previous issues raised by maxwayne24 to warn other users.

I apologize, you're absolutely right. I must have misread it earlier. Thank you for your support!

You’re welcome. Additionally, Kycnot.me has issued a public warning and posted an alert on their page.

https://kycnot.me/service/swapter

[ScamViruS]

Sorry for your loss. They managed to take a large amount of funds from you. Now they will use this money again and find new ways to scam more crypto users.It is unfortunate that many scammers still come to the crypto market and scam in various ways, and they keep looking for new ways to scam crypto users. BitcoinTalk community members should be wary of this site and protect themselves from this scam site by all means.

[shasan]

Sorry for your loss, and I hope there is no way to get back your money. I am surprised how beleived a newbie whom you doesn't know and who has no loses/effect if s/he scam the fund I mean there is no risk for the scammer. In this case you could use escrow while you might be charged few money but you would not lose such a funds.

[Swapter.io]

Hi,
Thank you for your honest feedback and for highlighting how our service usually operates.
Regarding the exchange mentioned, we would like to confirm that the case is active and is currently being handled. We remain in contact with the user and are ready to provide any information available at this stage.
If any previously sent information was not received, we’ll provide it again directly to the user via private correspondence.
Best regards,
Swapter Team

[LoyceV]

Regarding the exchange mentioned, we would like to confirm that the case is active and is currently being handled.

Define "handled". This should have been "handled" 2 months ago.

We remain in contact with the user and are ready to provide any information available at this stage.

What good does "contact" do if you don't refund his money?

If any previously sent information was not received, we’ll provide it again directly to the user via private correspondence.

This sounds a lot like damage control. If you want to run an exchange, you should send funds, not "information".

[DireWolfM14]

Hi,
Thank you for your honest feedback and for highlighting how our service usually operates.

If this is how your service usually operates, your service sucks.

[NotATether]

Hi,
Thank you for your honest feedback and for highlighting how our service usually operates.
Regarding the exchange mentioned, we would like to confirm that the case is active and is currently being handled. We remain in contact with the user and are ready to provide any information available at this stage.
If any previously sent information was not received, we’ll provide it again directly to the user via private correspondence.
Best regards,
Swapter Team

Please resolve this amicably. To have 700 XMR withheld by your service is not a good look for you.

[b1ack]

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=3664897

Service Announcements:
https://bitcointalk.org/index.php?topic=5516807
https://bitcointalk.org/index.php?topic=5528072

Amount Scammed: 700 XMR

Date: About two months ago

What happened:
I initially discovered Swapter on KYCnot.me, where they are verified and vouched by Orangefren.

I had been using Swapter for some time prior to this incident, successfully exchanging between 50-500 XMR. I became too comfortable with the platform and attempted to exchange 700 XMR, which led to the current situation I’m facing.

I’ve been in nearly daily contact with their live support team for the past two months. They consistently cite ongoing issues with their liquidity provider as the reason for the delays. While they assure me that there are no AML/KYC problems, their explanation hasn’t changed. Last week, they indicated that their manager would reach out to me through email with additional details. Despite my reminders and providing multiple email addresses, I still haven’t received any emails, even though they insist that their manager has sent me multiple messages.

I'm concerned that Swapter might be relying on this case remaining under the radar, allowing them to continue operating while disregarding this issue.

I have shared a blurred image to protect confidential information as an example: https://ibb.co/wFnMV51T
I have documented all conversations and can share them if necessary, or if Swapter denies my claim.

Furthermore, I have provided an unredacted version of the image and included a link to the actual exchange to someone with an established presence in the forum, should they wish to verify this information.

I trust that this is an honest mistake on Swapter's part and that they are eager to resolve the issue, especially now that this case is public. I have been very pleased with their platform due to its low fees, diverse coin options, and quick exchanges, and I sincerely hope they haven't chosen to exit scam.

Thank you for your attention to this issue.

I spent 5 minutes on their website and honestly, this is your fault.

The evidence:

https://swapter.io/aml-kyc
- they clearly specify their AML/KYC policy
kycnot.me has marked their site as suspicious with "shotgun KYC"
They use third-party liquidity, meaning they don't have their own reserves and depend on other exchanges (basically using APIs to complete swaps while earning affiliate fees)
What you should have done: kycnot.me always recommends making swaps in batches instead of one large swap. This happened due to your total negligence in overlooking the possibility of shotgun KYC.

They even provide an API - you could have easily written a script to batch your swaps. Why did you do it all in one full swap?

Hi,
Thank you for your honest feedback and for highlighting how our service usually operates.
Regarding the exchange mentioned, we would like to confirm that the case is active and is currently being handled. We remain in contact with the user and are ready to provide any information available at this stage.
If any previously sent information was not received, we’ll provide it again directly to the user via private correspondence.
Best regards,
Swapter Team

You shouldn't be making public announcements here. Instead, you should be refunding the OP from your own pocket and dealing with the third-party exchange yourself. That's the most respectable and honorable way to do business.

If you have time to browse forums and post comments, you should have time to get in touch with the OP and fix this from your side.

We'll be closely monitoring this thread for updates.