Eagleswap making false promises on bitcointalk and scamming $80,000

[eagleswapscammingfrozen]

I am here to report EagleSwap - SUMMARISED TLD AT THE END!

https://bitcointalk.org/index.php?topic=5593479.20


I like the fact they made false claims on bitcointalk itself as it makes the report much easier to deal with.
If you read through page 1 and 2 you clearly see the following


Liquidity questioned: After visiting the site and found that it needs more updates. Pool has not been added here, so it is not possible to understand how much reserve each coin has.


Scenarios presented on why relying on a third party isn't a good idea:
What happens if the 3rd party says: "Hey, the coins you sent us to exchange are dirty so we are blocking them. Please ask your customer to send their documents and proof of funds"?

Are all your 3rd party liquidity partners diehard fans of the no-KYC mantra?





And eagleswap replied:
Yes they are, there is 0 risk for KYC on our platform. However we do AML checks, which means that we don't process high risk deposits and they will be refunded to user.


People even questioned their tos wording - now here's where it gets interesting - they doubled down!
"Thanks for pointing that out. The wording is a bit unclear. We’ll edit it to clearly state that, in the worst-case scenario, the user will receive their funds back"

So there really is no way out.

Anyone who sees this would assume the worst case to be a refund right?


People could tell this was BS:
"Does this mean you will refund the funds out of your own pocket, if the execution provider blocks the funds for any reason?
Or do you guarantee that the execution provider will never block the funds and they themselves will refund the funds, if needed?"

"Funds are refunded incase they are flagged as high risk."



You also see them being prodded about their liquduity provider - they insisted it to be private.

"misleading marketing promise!

please disclose your liquidity provider, so we can research that provider’s history regarding KYC and transaction freezing.

also why there’s no letter of guarantee for swaps?"




Anyways - someone deposited 80k - eagleswap claimed the money was dirty (didn't provide proof to anyone but supposedly the forum founders @ ogu)


I've linked some sources
https://app.monerica.com/site/eagleswap  - monerica updated the site to have a warning
https://antikyc.io/listings/eagleswap -  people have linked this to show their 2k deposit guarantee as if they are creditable - but this is now gone - the page goes to 404 (it didnt before - u can see this was a clickable link on eagleswaps page and it isnt like a rename dead link issue - eagleswap has no mention on antikyc anymore)

these are listed on the site itself so u can click them from eagleswap to verify that these are credible and were once working urls - monerica is still up and describes the scam.



Exchange id and url and receiving address can be provided to admins of bitcointalk to verify for themselves if it means they will be removed.


scam report can be seen here:
the scam report:
https://oguser.com/Thread-Moral-80k?page=2
https://t.me/ogunews/192
eagleswap has admitted to breaking it's own tos - so you can check back lately - but moral admitted to changing tos right after the swap (it said freezes wouldnt happen, kyc wouldnt happen, aml wouldnt happen - refunds guaranteed as a worse case scenario - exactly what he claimed on bitcoin talk too - he never ever mentioned kyc/aml/freeze/funds seizure - quite the opposite)

you  can check in detail how ridiculous the providers of eagleswap are - im sure they will admit to freezing the order here (they are known on the forum and cant lie and go back on themselves) so pair that with the false claims they made directly on bitcointalk i imagine action can be taken?



everyone told them not to make false promises and sussed them out from day 1

Let me know if you have any questions.
Thank you.
The issue here isn't that supposedly dodgy funds were frozen . It's that the site broke it's own tos and admitted to it. next week what happens if they start to freeze any deposit when and where they feel like it and update their tos right after? check the sources i sent u the evidence is as clear as day


I'm sure eagleswap will admit to what they did here or try and ignore it so proving this happened shouldn't be an issue - again I can just send the order id and url to any admins.




TLD:
Eagleswap PROMISED worst case scenario is marked funds to be returned. They also promised no aml, no kyc, no freezes.
They relied on third parties which they haven't publicised and said the third party froze the funds (not a customers fault - proof for this hasn't been publicised either)
They edited their tos right after on the website (and admitted to it - admitted to editing and doing it after)
Their false claims on bitcointalks are still up and can be seen page1 + page2 - https://bitcointalk.org/index.php?topic=5593479.20
 Pretty much everyone knew something was up.
You can see the problem, can't you?

[Trêvoid]

TLD:
Eagleswap PROMISED worst case scenario is marked funds to be returned. They also promised no aml, no kyc, no freezes.
They relied on third parties which they haven't publicised and said the third party froze the funds (not a customers fault - proof for this hasn't been publicised either)
They edited their tos right after on the website (and admitted to it - admitted to editing and doing it after)
Their false claims on bitcointalks are still up and can be seen page1 + page2 - https://bitcointalk.org/index.php?topic=5593479.20
 Pretty much everyone knew something was up.
You can see the problem, can't you?

Yes, anyone can see it. They were asked "what if the 3rd party blocks the funds" and answered "0 risk, flagged deposits are refunded". Now 80k gets flagged and it's frozen with no refund and a ToS edit right after. That's not a gray area, that's selling a guarantee you never intended to honor.

I’m sorry for your loss. It sounds like you used an unreliable service. If you’re looking for swaps that don’t require KYC or AML checks, you could take a look at our service.

Best regards,
— Trêvoid

[noorman0]

If I understand correctly, the transaction even has a 0% risk score, yet the liquidity partner has flagged it as involving stolen funds. It’s ironic, we’re now dealing with an additional layer of scrutiny that could allow an exchange to evade its responsibility to tx refunds flagged by AML checks.

Hey Arc, we have refunded hundreds of swaps that failed AML checks. However, this specific swap did not fail the AML check. We explained above how this particular swap differs from the others.

[Coyster]

Moving $80k in one go through a custodial platform, let alone an instant exchange is a very bad idea. A lot of us have said this so many times already, but apparently, it cannot be overemphasized.

I never used Eagleswap, nor did i ever test their platform, but it is standard that a platform cannot be truly no KYC/AML when they do not have their own liquidity. As long as there is a third party provider in-between, there is a chance that KYC would be triggered, and the risk is even higher when the platform is hiding their LP, it is most likely because they are notorious in freezing transactions.

[NotATether]

If I understand correctly, the transaction even has a 0% risk score, yet the liquidity partner has flagged it as involving stolen funds. It’s ironic, we’re now dealing with an additional layer of scrutiny that could allow an exchange to evade its responsibility to tx refunds flagged by AML checks.

Hey Arc, we have refunded hundreds of swaps that failed AML checks. However, this specific swap did not fail the AML check. We explained above how this particular swap differs from the others.

Different exchanges and payment processors use different AML risk score providers.

One provider's AML score can be completely different from another provider's. This is the problem I had with MistTrack when my users were telling me they were completely different from AMLBot.

Therefore, it is possible to get a "clean" AML score from one provider and still have your funds frozen if it's using a different provider.

I hope to solve this one day by enumerating which AML providers each service is partnering with.

[TryNinja]

Thanks for the heads up.

KYC level updated and warning added on https://bitlist.co/service/eagleswap

They stopped their bitcointalk signature campaign today and also seems to be gone from antiswap where they had a $2000 escrow. I wonder why this is all happening at the same time.

[bitbollo]

Even if you will see any possible claim online, trusted or not trusted the source, it must be always cautious with such services.
There are no ways to remove "false claims" from this forum and most of scammers are pretty awawre of it.
I am really sorry to read another issue with a service that was intended as "trusted" despite completely new.

I don't know the exact reason for sending a large transaction to a well unkwnon user/service but this would already a first issue - dealing with unknown users would be always a problem moreover if they have launched a new service. CUM GRANO SALIS would say the old latins . Both as an approach "limited" and as a integelligent as possible.

[noorman0]

Different exchanges and payment processors use different AML risk score providers.

You might be right, but in the context of this case:

I know you've brought up the 0% AML risk score a few times, and I understand why. But this freeze has nothing to do with the AML score. These funds were reported as stolen, and they were sent to us right after that, even though they look clean on an AML check.

That was an excerpt from an explanation provided by Eagleswap support from the same thread, it’s not about the AML score, but rather a separate report.

[EagleSwap]

Reply will be posted in the first scam accusation thread in a moment. There is no point to have two about the same case.

[EagleSwap]

https://bitcointalk.org/index.php?topic=5597303.new#new