Scam Report Against CryptoXchange $100k USD

[rjk]

true on that. but how come the cryptoxc guys didn't pay him the money back?
yes lets say he is a scammer but that doesn't mean the cryptoxc guys should keep the money right?

....no. CxC can keep it. Scammers deserve to rot.

[DILLIGAF]

true on that. but how come the cryptoxc guys didn't pay him the money back?
yes lets say he is a scammer but that doesn't mean the cryptoxc guys should keep the money right?

On a transaction of this size they need to know who the money is going to to report for AML purposes this transaction has not one hope in hell of ever going through without that confirmation. And I know if someone had $100k of my money and all I had to do to get it was provide the proper docs well as soon as humanly possible I would have it in their hands. Oh and nowhere have I seen the crypto guys say they will not give the money to him only he has to provide the proper documents to get it.

[malaimult]

yea but so far he didn't send any aml doc, that doesn;t mean he is a scammer.
for 20k he can pay a con artist and send as many aml documents crypto guys want. i think there is something more there with that exchange.

[repentance]

true on that. but how come the cryptoxc guys didn't pay him the money back?
yes lets say he is a scammer but that doesn't mean the cryptoxc guys should keep the money right?

Ultimately they can't keep the money.  He'll either satisfactorily identify himself and the origin and destination of the funds as required by AML/KYC laws and his fund will be returned to him or eventually his funds will be transferred to one of the government unclaimed money funds from which he can recover ti upon providing proof of his identity and the legitimacy of the funds.

What CryptoXchange cannot do is simply ignore suspicious matters.  If they fail to carry out OCDD and enhanced KYC in relation to suspicuous transactions/accounts, they are liable to huge fines if it turns out that the account was being used for illegal purposes - and unlike Wachovia, I doubt  that CryptoXchange can afford huge fines or that the prospect of imprisonment is an attractive one.

for 20k he can pay a con artist and send as many aml documents crypto guys want

And CryptoXchange can pay a certified document examiner to check the authenticity of the documents.

[DILLIGAF]

yea but so far he didn't send any aml doc, that doesn;t mean he is a scammer.
for 20k he can pay a con artist and send as many aml documents crypto guys want. i think there is something more there with that exchange.

Yes like the one reply I read in one of these topics on this subject where I seen the crypto guys say his faked documents were worthless as proof or the other reply by him where he said he got the coins from a third party. So there is more here than meets the eye who knows where the truth is but I would put my money on this idiot being in the wrong more than the reverse being true..

[malaimult]

will see how it ends. very curious what kind of documents he provide

[DILLIGAF]

will see how it ends. very curious what kind of documents he provide

We can already see how it is going to end he is not getting the money, it has been at least a month now that he has been on this thing all the time not providing the required docs and I don't see him changing course anytime soon after continuing on this path all along. He seems to think that by going down this route of making BS posts to try and hurt their reputation will get him somewhere, well that only works when you have right on your side and have done the correct things necessary to get done what needs to be done in the proper manner. Only then do you have the chance to get it done, may not always work if the people your dealing with are a piece of shit but until you get there having done it all according to the proper procedures you will never know.

[repentance]

I'm beginning to think there needs to be an "AML/KYC and You" sticky at the top of this forum.

[DILLIGAF]

I'm beginning to think there needs to be an "AML/KYC and You" sticky at the top of this forum.

Agreed these people around here seem to think they are immune from them laws well hate to break it to them they are not and BTW the taxman wants to know what your up to as well..

[Phinnaeus Gage]

Sorry for my english, that not my native lang

I'm reseller
And such amount not amazing for me

100k that not one exchange
I begin work with crypto from january, at first i verified my account, previous i has exchange with them above 50-70k usd, sold bitcoins and got wires from crypto
Then crypto hold money and told that waiting approve from Mtgox, because they account over limit, then crypto wait money from mtgox
Than crypto not one time told that my wires has sent already but nothing i got!
They lie me
I have skype logs
That situation continues over 2 month, i wait my money over 2 month:(

Then when bitinstant begin work with crypto codes i was start exchange crypto code to mtgox and withdrawal to LR, but i lost too much %, and hope that crypto send MY MONEY!

Then i try to exchange over 20k bitcoins through crypto, which i take previous from one of my supplier, exchange some bitcoins, some has sent back to supplier when begin with my account some strange (password reseting and etc strange things).

Then crypto tell that last bitcoins stolen!
But not give me any proof!
Then froze my account and goodbye!

So that short retelling

I have to say that after reading all of WME's post for a second time, I have a hard time believing that he is a liar, as far as to his (initial) investment(s) is concern that is.

~Bruno~

[Bitcoin Oz]

Im sure when this guy comes up with the required documents he will get his money.

[dirtycat]

looks like cryptos earnings has increased 100k.. with 100k in my pocket a scammer tag would be the last thing on my mind.. watch where you put your coin people!

[repentance]

I have to say that after reading all of WME's post for a second time, I have a hard time believing that he is a liar, as far as to his (initial) investment(s) is concern that is.

~Bruno~

Oh, I believe this bit.

Then i try to exchange over 20k bitcoins through crypto, which i take previous from one of my supplier, exchange some bitcoins, some has sent back to supplier when begin with my account some strange (password reseting and etc strange things).

The problem is that it obscures the true origin of the funds and that pretty much automatically triggers more stringent AML/KYC requirements.  It also sounds like the OP tried to change the destination of the withdrawals.  Once anything "suspicious" like that comes into play, the onus is on the customer to provide proof of their identity and of the legitimacy of the transaction and the funds.  Service providers ask for specific documents in order to help the customer prove those things and to prevent themselves being fined for non-compliance and/or prosecuted for aiding and sbetting money laundering, tax evasion, terrorism financing or whatever.

[Bitcoin Oz]

looks like cryptos earnings has increased 100k.. with 100k in my pocket a scammer tag would be the last thing on my mind.. watch where you put your coin people!

I dont see where they are claiming they will keep the coins. If I had that much money invested I would be doing everything possible to comply with the document request.

Personally I think its crazy to put that much money through one exchange

[repentance]

Personally I think its crazy to put that much money through one exchange

I do too because even if you're perfectly legitimate, it only takes one suspicious transaction detected by a bank or other financial service provider for the account/s containing customer deposits to be frozen.  Hell, the DoJ can even seize the domain if they believe it's being used to facilitate crime and nobody's going to be moving funds in or out any time soon if that happens.

It's estimated that tens of billions of dollars were exported from Russia illegally last year.

Around 40% of the total $84 billion capital outflow registered in 2011 “was taken abroad with signs of money laundering,” said Zubkov. He currently heads a working group on identifying and suppressing illegal financial operations...

Another $33.3bln "was cashed out with signs that the law has been broken inside the country," the First Deputy Prime Minister went on to say.

For that reason alone, large transactions originating either directly or indirectly from Russia or which involve Russian nationals are closely monitored by FATF member countries world-wide.

[silverbox]

I dont see where they are claiming they will keep the coins. If I had that much money invested I would be doing everything possible to comply with the document request.

Personally I think its crazy to put that much money through one exchange

I have to agree with this.  If I put 100 grand in an exchange and they requested AML/KYC docs, I would hand it all over.  The only reason not to hand over those docs is if you have something to hide.  At the end of the day, if you have nothing to hide, hand over the identification documents.  Who cares whether it's crypto doing their own policing or the bank that is asking them for it, were talking about 100 grand.

Look at the dates..  (Use this http://masterrussian.com/vocabulary/russian_months.htm )    This guy had a ton of cash in the exchange and then for 2 months got the run around about his withdrawl wires, Mtgox is f'n us, we sent the wires, you didn't get them??.. Then after 2 months of excuses he gets, we need your apostille docs and we have suspended your account..  Because the last 2k of coins he put in were tainted..

Seriously..  Something fishy is going on here on both sides.  I like how Ken cusses out the mtgox exchange owner multiple times, and blames not sending wires on them (basically admiting they didn't have the money to pay), real professionalism there  

[AzN1337c0d3r]

The fact that WME will not hand over documents is troubling indeed.

I believe that if Crypto were to return all his "stolen" bitcoins, they would be at least civilly, if not criminally liable wrt to the theft of bitcoinia.

On the other hand, this is one hell of an unprofessional business being run here, if the delays are because of the excuses.

[repentance]

Then after 2 months of excuses he gets, we need your apostille docs and we have suspended your account..  Because the last 2k of coins he put in were tainted..

That bit - at least - does make sense.  If the origin of that deposit was questionable, then CryptoXchange would be required to review all previous transactions, to review the original KYC information collected, and to apply enhanced verification requirements to the account - in essence, they would need to do the whole KYC process all over again but applying the far more stringent "high risk" requirements.

It's also possible that for some reason the bank refused the transaction/s pending more thorough KYC/AML information.

[Clipse]

Wether the OP is scammer or cryptoexchange gone rogue is up for discussion but lets face it all the comments made by mahin and ken during the epic OP is absolutely terrible.

Even if it was all cookie cut, as I am sure Ken would claim, just the wording used by them looks like they are more upset right now being publicly posted about their swindlings which looks criminal on its own than anything else..

[Liberty Payout]

It seems like CxC had a hidden agenda from the jump, especially because they've been spinning him in circles for so long. I wouldn't want to provide them anymore information either, who knows how they would use my information? Especially with the web of lies they had been playing around for months? I don't blame the OP. I don't know who is in the wrong here, but for now I think Crypto's fucked up. Let's also not forget that Crypto ignored his lawyer and e-mails and never had their legal team get back to him. I mean really, what kind of image does that leave?