CoinRise Investor Losses

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CoinRise

CoinRise is apparently Canada's newest and fastest growing cryptocurrency platform, and issued a number of press releases. Their site makes them appear to have an office in Canada, which is not true. They are, of course, not registered with any regulators. More than one investor has reported losses through the platform, despite an overall positive rating.

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

About CoinRise

"Become Financially Independent! Looking for help on your journey to financial independence? Coinrise is on your side! We use our knowledge, experience and educational resources to help our clients gain a better understanding of how to meet their financial goals along their path towards financial independence." "This platform offers Saskatchewan residents opportunities to invest and trade in cryptocurrency through its online website at www.coinrise.ca."

"A pioneer in the field of cryptocurrency trade and exchange, Coinrise has been leading the industry for over 20 years. Customers can perform actions using the brand's proprietary trading platform, which is suited for all types of devices and browsers. The registration process adheres to the strictest security regulations, including an anti-money laundering standard common in the industry. Withdrawals and deposits can be completed via multiple popular payment methods, including credit cards and bank transfers. For more information, traders are invited to visit www.coinrise.ca."

"We utilize our expertise in the financial industry to help you take control over your investments and take your investment skills and abilities to the next level. Our years of combined experience working with big corporations, private equity firms, investors, governments and asset managers from all over the world, alongside our vast experience in all aspects of dealing with finances, banking institutions and capital markets, are at your service!"

"The wide array of cryptocurrencies currently being used as digital tokens has brought uncertainty upon the cryptocurrency trading market. Especially prominent is the new COTI coin, which is why the experts at leading cryptocurrency trading and exchange broker Coinrise have released an official projection regarding its future value."

"In general, there is a wide belief in the potential of COTI to go far," commented Don Lehman, spokesperson for Coinrise. "However, we advise against relying on 'prophecies' voiced by people with no experience or know-how in the field. For example, we've heard of several websites predicting that COTI will break the $1 barrier by the end of this year, but all recent signals leave doubt as to whether that can actually happen."

"VANCOUVER, British Columbia, March 3, 2021 /PRNewswire/ -- Following recent developments regarding the trade of Bitcoin ETFs in Canada, world-renowned trading and investment firm CoinRise has announced they are enhancing their service plan in the country. According to the statement released by the company, new crypto investment plans are set to be released, in accordance with the new legally tradable Bitcoin ETFs in Canada's stock market."

"For over 15 years, we've worked hard to earn our faithful customers' trust - and the growing interest in what we have to offer serves as proof that we are on the right path," said Don Lehman, CoinRise's spokesperson in a statement. "It was clear for us, as a reputable investment brand, that our clients are going to benefit from this decision taken by the government just as much as us. This has been our philosophy since day one here."

"We are committed to help you succeed, and have brought in a team of industry experts to help us set a new standard of wealth management that we will continue to upgrade and improve upon."

"Going after clients from Canada and Israel, CoinRise broker dragged the attention of many. A seemingly legit company with its headquarters in Canada turned out to be something completely different."

"CoinRise is owned by CoinRise Ltd, based in Canada. However, brokers need to opt for an FCAA license to provide financial services from Saskatchewan." "CoinRise Ltd. is not registered to trade or sell securities or derivatives in Saskatchewan. The platform is allegedly based in Regina, Saskatchewan and has been in contact with Canadian residents." "Once we’ve determined that broker CoinRise has no official license, we checked what traders think of this charade. It turns out that the company has a bad reputation among investors, and all their bragging about 15 years on the market and secure trading with a regulated brokerage is nothing but a nice presentation."

"The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning investors about the online trading platform CoinRise Ltd." "FCAA strongly cautions investors and consumers to not send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses and you may lose your money."

"After that alert was issued, CoinRise changed its location on its website from Regina to Founders Square at 1701 Hollis St. in Halifax. Founders Square does not list CoinRise as a tenant on its website."

"The internet can be a dangerous place to shop for investments but can also be a valuable tool for avoiding financial loss. A simple online search can reveal alerts and warnings, complaints, reviews and other useful information to help investors make informed investment decisions," said Stephanie Atkinson, director of enforcement for the Nova Scotia Securities Commission, in the news release.

"Anyone who invested with, or was contacted by anyone claiming to act on CoinRise Ltd.'s behalf was asked to call the financial and consumer affairs authority's securities division at 306-787-5936."

"CoinRise claims to be Canada's fastest growing cryptocurrency trading platform, among other claims. The commission said at least one person from Nova Scotia has invested with CoinRise. It said the investor's account on the platform showed profitable gains on their principal investment, however, when the investor tried to withdraw their funds, they were able to withdraw only a small amount. Subsequent withdrawal requests were ignored."

"This is a scamming platform. I trusted them with my funds and regretted it in the long run. It took a long time before I could be able to hold them liable for what they had done. It is a pattern of theirs to lure you in with investment plans, with you thinking you'll be entitled to profits and even access to withdraw your funds outrightly, they deny you all these. In my own case, Gammarecoup. Tech took it into their hands to help adjudicate and resolve the matter. 150% to 2000% After 1 to 125 Business Days is all a sham. I got back my funds and they got blacklisted as far as I am concerned. I advise you to do same."

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

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.

Key Event Timeline - CoinRise Investor Losses

Date	Event	Description
December 22nd, 2021 12:00:00 AM	Main Event	Expand this into a brief 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

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?

Ongoing Developments

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

Prevention Policies

This situation can be prevented through reviews by trusted entities to ensure that all customer funds are fully backed, and the setup of a multi-signature website. Firms should ideally have an actual Canadian office and known administration.