COINSKALE

DESCRIPTION OF EVENTS

"Coinskale is an investment management company that accumalate fund for investments of digital-currencies, Real Estate and Forex Trading. The revolution is here. Join us Now."

"We here at coinskale believe in financial stability. Financial freedom must not have to be paid for, we believe everyone needs that freedom and we put that first and we hereby proceed in helping you through your finacial journey with Honesty, Alacrity and power of Crypto Currencies."

"Founded in 2017 by Magnus Olav, COINSKALE LLC has come a long way from its beginnings in Oslo. When Magnus Olav first started out, with his goal of "Helping achieve Financial freedom" and also provide fair and transparent services that have been abandoned by banks - fair interest, zero fees, and lightning quick transactions which drove them to start their own Investment Management Algorithm."

"Our aim is to unlock our clients' financial freedom. High Returns With Calculated Risk. We are a top earning platform that earns interest weekly on your crypro. there are no hidden fees no minimum balances. Get On The Ride."

"[I am] invested in crypto" for "[f]reedom." "[I] keep [my] co[i]ns" "[s]catt[er]ed around in different places. Around half is on cold wallet." "Lost 60% of my portfolio due to fear during the July and august months. Rookie mistake that I am grateful to recover from." "Selling harmony one yesterday and now it’s pumping 30%."

"Though[t] I could stake my Doge." "Stake for passive income!"

"The day I joined reddit was when the journey started." "It all started from a message asking how many doge coins I have and are you a[n] investor." "I got offered a referral link to sign up on the website. You send crypto through to a wallet to get returns like staking. The website is all [a] display of wallet balance and charts." "WhatsApp +1 (708) 320-1384. Username Brandonjunsim." "[T]he website was coinskale.com."

"[T]hey used a guy that has passed away as there website creator. His real name is Artur [X]exeo." "They used a dead guy for there developer and only [had been] up for 3 weeks."

"No place to stake. I got scammed trying to last year[. I]t’s Pow coin so it’s not meant to stake would be cool though." "[Y]ou can not not stake doge. This guy is a scammer." "I got scammed trying to earn interest in doge coin on a scam site. Doge is more valuable th[a]n some 7.4[%] interest."

"I was scammed in a website called coinskale.com." "Got scammed within the first month lost 14k" "[t]hrough [the Coinskale] fake staking and investing website." "[S]tupidly sent 75k of doge coin to them valued at 12.6k USD at the time." "Got scammed 20k about 74k doge coins." "G[ot] scammed with half my portfolio [already] gone." "I am not very good at smart and that’s why I have got into this situation in the first place. I don’t have very much support from people around me and am very confused."

"I did not protect my DOGE. Lost to the exchanges." "[I] am pretty sure I have been scammed[. T]hey don’t reply to messages and locked my funds. I come to find out that the website has only been running for 3 weeks and has fake investment reports and gains."

"Never again…"

"They do not have any remorse and keep trying to take more money from you so please be safe. Do not give any personal information like ID or passport to withdraw money if the scammers ask. That what is happening to me to withdraw. They will come up with excuse after excuse." "The website tr[ie]s to steal identity and can’t withdraw." "[F]or transferring more money to withdraw they want a kyc passport/ID to verify. This is another way they use your information for fraud and identity theft."

"[T]hey do not respond to emails and no support[. T]he reddit user that recommended the site to me has blocked me. The scam site wants a national id or passport to withdraw any money that is most likely not real. I am worried I send them my passport to try withdraw all they will do is blackmail me or ask me for more money to withdraw."

"I can imagine the scammers to use my ID/passport to use legitimate exchange sites and deposit it there and when I track it down they will make it look like I scammed them." "Is there any way I can find out if a crypto scam company has used my personal information like a driver licence without informing the scammers[?] I am worried my personal information will be used to open exchange accounts and maybe tracked back to me to deal with the consequences."

"I might just track the wallet and see if it ever gets sent to a exchange and try contact them if they can help. [It's] unlikely I will get my money anytime soon."

"My coins are still [in t]he scammers wallet and it’s been over 2 months and still they have not sent it out. It’s not easy to trace when there is limited information on the blockchain. Do you think blockchain will expose more information on transaction wallets in the future?"

"I know the wallet address of the doge coin and they have not sent it out. Why would they keep it in the same wallet and not cash it out or send it again[?]"

"Scammers use uphold to exchange their coins. I was recently scammed out of 75k doge coins and tracked a ethereum wallet the scammers use. The wallet Is active on uphold wallet."

"I contacted namescheap on [the] website called coinskale.com." "I have been trying to get contact lawyer to subpoena namecheap the domain host, to try find the identity of the wallet[.]" "The legal cost is crazy to find out who’s behind a website that’s hidden." "The website coinskale.com is offline and looks like it’s under investigation." "At least this website got shutdown early." "I hope the offenders will be caught."

"Namecheap do take down websites." "[N]ow it’s shut down because I reported it to the domain server." "[T]he social media accounts the scammers have got deleted and website is shutdown." "I ask to take down coinskale.com a scam site and they did although the scammers made another site called coinpryme.com and it’s still online."

"I really do hope so I recover some or all of my funds because I caught on to the scam quickly." "I just have a hard time of accepting that half of my life saving is lost and it’s crazy at the moment with no work possible due to coronavirus situation going on[. I]t [is] taking a toll on my health. I am sorry if I offend you by my stupidity."

"That’s a shame[.] I am trying to gain back my losses with my remaining crypto portfolio and get the losses deducted from the capital gains tax I will need to pay for the profits. Hopefully I don’t need to turn to that outcome though because the tax office might give me a hard time to prove it."

"How long do tokenrecovery.org take to get back to me[?] It’s been more than 48 hours and have not been able to get a reply."

"I will try to make call to a company located in Australia the county I’m from and try get some ideas. The sites called cybertrace.com.au." "This site seems to be linked to government agency’s and seems to try get the scammers a date in court. It was recommended to my from exodus exchange to report to."

"I got a scammer call me about my lost crypto. Website trust-pocket.org is a scam." "I have been called 3 times today on the matter. I am very sceptical on any one that is trying to help me recover what is [already] lost."

"Not much help is available in Australia to track the scammers. I was told to claim it back in capital loss for next year and file a report with the SEC. It’s messed up because I know it’s a scam and I see the doge coin wallet still holding my funds and can’t do nothing about it."

"Be careful if anyone claiming to be helping you recovering your crypto. Most likely the same people that scammed will try contact you again." "I have been told many times they are all scams. I am surprised at how legitimate they seem though."

"Anyone who gets scam watch out for recovery scam site 99% are scammers and time wasters." "The amount of recovery scams after me, after the website got shutdown is crazy. Do not trust anyone with your personal information and do not pay a cent unless you know it’s regulated and legitimate. 98% of the company’s are just recovery scams."

"I seen that BBC article and it says that they could not help him after 6 months. I would think the law enforcement would be directly talking to me. Now I get cipher blade can’t do anything because it’s not worth the[ir] time. Only hope I see is claiming losses from my capital gains if I even make that much"

"I noticed that they inform law enforcement. I do not have anything to hide. [T]he law can prove the identity of the scammers through crypto company’s. [W]hen the time comes to claim my losses the law will know I tried to find the offenders the best I know how to. Although you are right I might be seen as a fraud in the company’s eyes and they inform the law to investigate me."

"I just don’t know what to do next because the complain[t]s I have made have had no responses on the matter." "I did not know they only cases of financial loss of more than 50000 thousand. I lost around half of that so i see what your saying. I post on reddit because it seems like the most broad minded place to get advice."

"I will just give up." "I will not post anymore on recovery site[s] because what is lost is gone. I come to understand that. There are [so] many better things I can put my energy [into]. I hope I will recover my losses and can put this in the past."

"I have never been through this before[. T]his is my first scam I have experienced and am lost. I am not new to cryptocurrency although new to investment scams and recovery scams."

"The scammers are living a lie that makes you fell like your living a bad dream and the dream does not end." "I believe karma will come back to them."

"It was a reality check when I got scammed half my portfolio in crypto. I started to realise the manipulation and emotions attached to crypto. I would not say I have learned crypto. Crypto is always changing and we need to keep up with it." "[I]t’s always evolving and new things to learn everyday." "I feel like only a few people will learn about this the hard way and it may be a blessing in disguise in the near future could have been much worse."

"Getting scammed sucks. You lose trust in the space." "I was stupid and got scammed for my holdings." "After someone is scammed they go through massive pressure to make it back asap. It’s a coping mechanism[. If y]ou make it Back you can forget about the loss. Sadly the emotions [t]ake over. I learnt the hard way myself."

"[W]hen you start to see the patterns and mental changes people have to go through to scam. They are suffering for even limiting them self of opportunities. It’s is a shame the system works in [the scammer's] favour and making it seem like karma is not real. Universal law is still existent and crypto is a reminder everyday it continues to exist ." "[I]t makes me sad that no one is genuine now days."

"I was scammed 75k doge and want to forget about it. If xrp hits 3 digits I will definitely not care about 75k doge." "I’m not buying back in. I was scammed in doge coins and sold the rest to have a better chance at recovering from it." "I sold the remaining 25k of doge into xrp. Im sitting at 6.7k xrp. I hope getting scammed pays of[f] lol." "I wish doge will go up to 1$ and more. Now is not the time though."

"Gambled to rest of my Doge after trying to recover my loss. Don’t touch your crypto wallets after getting scammed. The emotions are crazy." "It was a expensive lesson to learn." "It puts you off doing anything."

"I am shocked and angry this continues to happen. To many scammers and manipulation going on. I learnt the hard way a few months back when I got scammed. I honestly don’t think this will stop anytime soon and will only get worse. [G]reed destroys the communit[ies.]" "I am learning a very hard lesson right now and it’s been tough." "I have troubles sleeping aswell." "I hate the fact that my money has be used for a evil force. It makes me sad to know I supported evil humans without even knowing."

I think "the biggest obstacle to crypto mass adoption" is "[f]rauds and scams. Knowledge to learn how utilise working daily life. Responsibility to protect and secure the[ir] money."

"[My] past year's experience in crypto, using only 1 word[, would be] 'Scammers.'" "Getting scammed 75k doge coins sucks. This years been tough." "Remember that time [I] got scammed. This is what goes through my head every time I do a transaction now."

"I know I have a problem. The scammers where a wake up call. I need to focus on what I have and not be so selfish with my choices." "I have a issue with controlling my money. After being scammed I will definitely make different directions in my life." "Many thanks [to] this great community helping other[s] and myself."

"I have put my remaining money into xrp and in a weekly basis I cash out to support my family and needs. It’s been hard lately so I will definitely will be transferring any remaining crypto into fiat currency. I believe crypto can make you crazy and not see the value we have around us."

"I have learnt my lesson the hard way." "[T]his is a process we have to learn the tough way." "[W]e learn the hard way when it’s too late." "I gambled my house away." "Don’t be stupid like me." "Keep your bags safe." "Protect it with all you got[. T]he paranoia is real." "Do not get scammed from a evil human." "Get your self a hard wallet." "May you have a long life ahead."

Dogecoin is a Proof of Work coin which has discussed transitioning to Proof of Stake. Under a Proof of Stake model, assets can be staked to get a return. Reddit user Tradegrow reports they were tricked into signing up for a fraudulent dogecoin staking website called CoinSkale, which promised 7.4% interest. They sent 74k dogecoin with an approximate value of $20k at the time.

After sending their dogecoin to the site, they tried withdrawing. This required them to complete identity verification. However, they still were not given their money even after identity verification. It appears that the identity verification information was used to sign up on other platforms to launder the funds.

The Tradegrow user tried a number of different recovery services, however concluded that they were all fraudulent. They have not been able to recover any of their lost funds.

HOW COULD THIS HAVE BEEN PREVENTED?

The situation could have been avoided by increased care regarding who funds were sent to. There were a number of imperfections in the dogecoin staking scheme, the largest of which being that dogecoin was not a stakable coin. Less experienced users should reach out to multiple trusted friends and family, or a crypto meetup unrelated to the project prior to sending any funds anywhere. Even in that case, it's impossible for an individual to prevent issues when funds are sent to third parties.

The Coinskale website had a fake owner. There was no multi-signature wallet in use. After the failure, no clear organization, group, or fund was available to assist the victim. Regulators won't be able to shut sites like this down, however they can ensure that any legitimate service can obtain easy registration and that the public is aware of the rules.

Check Our Framework For Safe Secure Exchange Platforms

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Address 0x439f04a00ce1b2c516c4A42C802fb20cB177E775 | Etherscan (Oct 5)
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