CoinsMarkets Exit Scam - Revision history

Azoundria at 16:33, 14 April 2023

2023-04-14T16:33:22Z

← Older revision		Revision as of 10:33, 14 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Coinsmarkets.jpg\|thumb\|CoinsMarkets]]CoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins.		[[File:Coinsmarkets.jpg\|thumb\|CoinsMarkets]]CoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins.

	This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.		This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.<ref name="reddit-1305" /><ref name="gomarketwatch-1306" /><ref name="coinsmarketsarchive-1307" /><ref name="reviewsboss-1308" /><ref name="coinsmarketsarchive-1309" /><ref name="coinsmarketsarchive-1310" /><ref name="cryptowisser-1311" /><ref name="trustpilot-1312" />
	<ref name="reddit-1305" /><ref name="gomarketwatch-1306" /><ref name="coinsmarketsarchive-1307" /><ref name="reviewsboss-1308" /><ref name="coinsmarketsarchive-1309" /><ref name="coinsmarketsarchive-1310" /><ref name="cryptowisser-1311" /><ref name="trustpilot-1312" />

	== About CoinsMarkets ==		== About CoinsMarkets ==
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	!Description		!Description
	\|-		\|-
	\|January 5th, 2018 ~~12:00:00 AM~~		\|January 5th, 2018
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			It's likely that customer funds were not stored securely in an offline multi-signature wallet, and may also have been misappropriated by platform operators. This is another one of those exchange operations which could have been easily prevented.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	It's likely that customer funds were not stored securely in an offline multi-signature wallet, and may also have been misappropriated by platform operators. This is another one of those exchange operations which could have been easily prevented.		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="reddit-1305">[https://www.reddit.com/r/CryptoCurrency/comments/86ossq/coinsmarketscom_exit_scam/ CoinsMarkets.com exit scam : CryptoCurrency] (Jun 2, 2021)</ref>		<references><ref name="reddit-1305">[https://www.reddit.com/r/CryptoCurrency/comments/86ossq/coinsmarketscom_exit_scam/ CoinsMarkets.com exit scam : CryptoCurrency] (Jun 3, 2021)</ref>

	<ref name="gomarketwatch-1306">[https://www.gomarketwatch.com/coinsmarkets/ coinsmarkets- Crypto Exchange Scam revealed - Go MarketWatch] (Jun 2, 2021)</ref>		<ref name="gomarketwatch-1306">[https://www.gomarketwatch.com/coinsmarkets/ coinsmarkets- Crypto Exchange Scam revealed - Go MarketWatch] (Jun 3, 2021)</ref>

	<ref name="coinsmarketsarchive-1307">[https://web.archive.org/web/20171112185554/https://coinsmarkets.com/ Coins Trade exchange market] (Jun 12, 2021)</ref>		<ref name="coinsmarketsarchive-1307">[https://web.archive.org/web/20171112185554/https://coinsmarkets.com/ Coins Trade exchange market] (Jun 13, 2021)</ref>

	<ref name="reviewsboss-1308">[https://reviewsboss.com/coinsmarkets-com-exit-scam-update-2/ Coinsmarkets.com Exit Scam Update \| Reviews Boss] (Jun 12, 2021)</ref>		<ref name="reviewsboss-1308">[https://reviewsboss.com/coinsmarkets-com-exit-scam-update-2/ Coinsmarkets.com Exit Scam Update \| Reviews Boss] (Jun 13, 2021)</ref>

	<ref name="coinsmarketsarchive-1309">[https://web.archive.org/web/20171116041744/http://coinsmarkets.com/faq.php Coins Trade exchange market] (Jun 12, 2021)</ref>		<ref name="coinsmarketsarchive-1309">[https://web.archive.org/web/20171116041744/http://coinsmarkets.com/faq.php Coins Trade exchange market] (Jun 13, 2021)</ref>

	<ref name="coinsmarketsarchive-1310">[https://web.archive.org/web/20171120090903/https://coinsmarkets.com/term.php Coins Trade exchange market] (Jun 12, 2021)</ref>		<ref name="coinsmarketsarchive-1310">[https://web.archive.org/web/20171120090903/https://coinsmarkets.com/term.php Coins Trade exchange market] (Jun 13, 2021)</ref>

	<ref name="cryptowisser-1311">[https://www.cryptowisser.com/exchange/coinsmarkets/ CoinsMarkets – Reviews, Trading Fees & Cryptos (2021) \| Cryptowisser] (Jun 12, 2021)</ref>		<ref name="cryptowisser-1311">[https://www.cryptowisser.com/exchange/coinsmarkets/ CoinsMarkets – Reviews, Trading Fees & Cryptos (2021) \| Cryptowisser] (Jun 13, 2021)</ref>

	<ref name="trustpilot-1312">[https://ca.trustpilot.com/review/coin-markets.com Coin Markets Reviews \| Read Customer Service Reviews of coin-markets.com] (Jun 25, 2021)</ref></references>		<ref name="trustpilot-1312">[https://ca.trustpilot.com/review/coin-markets.com Coin Markets Reviews \| Read Customer Service Reviews of coin-markets.com] (Jun 26, 2021)</ref></references>

Azoundria at 00:34, 19 February 2023

2023-02-19T00:34:22Z

← Older revision		Revision as of 18:34, 18 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}}
			{{Unattributed Citations}}

	[[File:Coinsmarkets.jpg\|thumb\|CoinsMarkets]]CoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins.		[[File:Coinsmarkets.jpg\|thumb\|CoinsMarkets]]CoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins.

	This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.		This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.
			<ref name="reddit-1305" /><ref name="gomarketwatch-1306" /><ref name="coinsmarketsarchive-1307" /><ref name="reviewsboss-1308" /><ref name="coinsmarketsarchive-1309" /><ref name="coinsmarketsarchive-1310" /><ref name="cryptowisser-1311" /><ref name="trustpilot-1312" />

	== About CoinsMarkets ==		== About CoinsMarkets ==
Line 33:		Line 35:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 55:		Line 56:
	\|-		\|-
	\|January 5th, 2018 12:00:00 AM		\|January 5th, 2018 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://www.reddit.com/r/CryptoCurrency/comments/86ossq/coinsmarketscom_exit_scam/ CoinsMarkets.com exit scam : CryptoCurrency] (Jun 2)		<references><ref name="reddit-1305">[https://www.reddit.com/r/CryptoCurrency/comments/86ossq/coinsmarketscom_exit_scam/ CoinsMarkets.com exit scam : CryptoCurrency] (Jun 2, 2021)</ref>

	[https://www.gomarketwatch.com/coinsmarkets/ coinsmarkets- Crypto Exchange Scam revealed - Go MarketWatch] (Jun 2)		<ref name="gomarketwatch-1306">[https://www.gomarketwatch.com/coinsmarkets/ coinsmarkets- Crypto Exchange Scam revealed - Go MarketWatch] (Jun 2, 2021)</ref>

	[https://web.archive.org/web/20171112185554/https://coinsmarkets.com/ Coins Trade exchange market] (Jun 12)		<ref name="coinsmarketsarchive-1307">[https://web.archive.org/web/20171112185554/https://coinsmarkets.com/ Coins Trade exchange market] (Jun 12, 2021)</ref>

	[https://reviewsboss.com/coinsmarkets-com-exit-scam-update-2/ Coinsmarkets.com Exit Scam Update \| Reviews Boss] (Jun 12)		<ref name="reviewsboss-1308">[https://reviewsboss.com/coinsmarkets-com-exit-scam-update-2/ Coinsmarkets.com Exit Scam Update \| Reviews Boss] (Jun 12, 2021)</ref>

	[https://web.archive.org/web/20171116041744/http://coinsmarkets.com/faq.php Coins Trade exchange market] (Jun 12)		<ref name="coinsmarketsarchive-1309">[https://web.archive.org/web/20171116041744/http://coinsmarkets.com/faq.php Coins Trade exchange market] (Jun 12, 2021)</ref>

	[https://web.archive.org/web/20171120090903/https://coinsmarkets.com/term.php Coins Trade exchange market] (Jun 12)		<ref name="coinsmarketsarchive-1310">[https://web.archive.org/web/20171120090903/https://coinsmarkets.com/term.php Coins Trade exchange market] (Jun 12, 2021)</ref>

	[https://www.cryptowisser.com/exchange/coinsmarkets/ CoinsMarkets – Reviews, Trading Fees & Cryptos (2021) \| Cryptowisser] (Jun 12)		<ref name="cryptowisser-1311">[https://www.cryptowisser.com/exchange/coinsmarkets/ CoinsMarkets – Reviews, Trading Fees & Cryptos (2021) \| Cryptowisser] (Jun 12, 2021)</ref>

	[https://ca.trustpilot.com/review/coin-markets.com Coin Markets Reviews \| Read Customer Service Reviews of coin-markets.com] (Jun 25)		<ref name="trustpilot-1312">[https://ca.trustpilot.com/review/coin-markets.com Coin Markets Reviews \| Read Customer Service Reviews of coin-markets.com] (Jun 25, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}} CoinsMarketsCoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins. This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus. == About CoinsMar..."

2023-01-24T21:06:47Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}} thumb|CoinsMarketsCoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins. This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus. == About CoinsMar..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinsmarketsexitscam.php}}

[[File:Coinsmarkets.jpg|thumb|CoinsMarkets]]CoinsMarkets operated out of Cyprus, with no visibility into their storage and fund backing practices. Ultimately, they ended up going silent and customers could only access a limited number of low-value coins.

This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.

== About CoinsMarkets ==
"CoinsMarkets serves as a platform for individuals interested in buying and selling Bitcoins using an assortment of world currencies." "CoinsMarkets provides an online tool that allows users to freely trade Bitcoins for a number of different currencies worldwide."

"Instant deposit/withdrawal all coin. Deposit will be credited after 10 confirmations. First 1000 members will receive a no fees account for life. Get free coins after sign up. All active members will get free coins give away. 24/7 Support. 99.9% of ticket will be answered in 1 h or less during working hours. All coins (With Pos ability) in your wallet will generate POS coin and automaticly get credited to your account."

"CoinsMarkets is a cryptocurrency exchange from Cyprus." "The Coinsmarkets domain was registered under a fake name that shows an address in the Netherlands. There’s a Bitcointalk topic called “Experiences with CoinsMarkets.com?” and somebody living near that address in the Netherlands went to check it out and there was nothing related to a cryptocurrency exchange at that address. It was just some wealthy residential area."

"Coinsmarkets is a cryptocurrency exchange that has been all but not working since January 5, 2018, with trading and withdrawals disabled. The Coinsmarkets exchange blames their server and database but really what happened?. In late January Coinsmarkets announced on their site that “trading would be enabled in a few hours” but after that, they never replied to a single query."

"All they allow to be withdrawn are worthless coins. In fact many of which aren’t even on CoinMarketCap, and there are around 350 coins listed at Coinsmarkets. It’s been almost three months and basically nothing has changed. Almost no communication. No legit business does that."

"The latest official announcement from coinsmarkets is, “Some coins face failed withdraw those will be processed manually, please hold on”. The news was released on May 15."

This exchange or platform is based in Cyprus, or the incident targeted people primarily in Cyprus.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - CoinsMarkets Exit Scam
!Date
!Event
!Description
|-
|January 5th, 2018 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
It's likely that customer funds were not stored securely in an offline multi-signature wallet, and may also have been misappropriated by platform operators. This is another one of those exchange operations which could have been easily prevented.

== References ==
[https://www.reddit.com/r/CryptoCurrency/comments/86ossq/coinsmarketscom_exit_scam/ CoinsMarkets.com exit scam : CryptoCurrency] (Jun 2)

[https://www.gomarketwatch.com/coinsmarkets/ coinsmarkets- Crypto Exchange Scam revealed - Go MarketWatch] (Jun 2)

[https://web.archive.org/web/20171112185554/https://coinsmarkets.com/ Coins Trade exchange market] (Jun 12)

[https://reviewsboss.com/coinsmarkets-com-exit-scam-update-2/ Coinsmarkets.com Exit Scam Update | Reviews Boss] (Jun 12)

[https://web.archive.org/web/20171116041744/http://coinsmarkets.com/faq.php Coins Trade exchange market] (Jun 12)

[https://web.archive.org/web/20171120090903/https://coinsmarkets.com/term.php Coins Trade exchange market] (Jun 12)

[https://www.cryptowisser.com/exchange/coinsmarkets/ CoinsMarkets – Reviews, Trading Fees & Cryptos (2021) | Cryptowisser] (Jun 12)

[https://ca.trustpilot.com/review/coin-markets.com Coin Markets Reviews | Read Customer Service Reviews of coin-markets.com] (Jun 25)