The Sad Tale of the Platform: a Dissection Case

The Sad Tale of the Platform: a Dissection Case

It is unfortunate, but true – many cryptocurrency services operating on the market are outright scams. We routinely examine multiple platforms, both at our own initiative and at the request of users. In this material, we will explore how we came upon the platform, what we made of it, and why we can safely claim that it is a fraudulent service.

Preliminary Technical Examination

Once we discovered the platform, we were instantly intrigued by its website. Careful analysis of the main page and its technical aspects revealed some important findings.

First, we analyzed the domain name across several different providers evaluating domain names and hosting sites. We were surprised by the low level of the trust score of this site, since it boasted a rather miserable rating of just 1 out of 100. Such a low level clearly indicates that the owners of the site do not care about its attractiveness from a technical and browsing standpoint. There is no chance that a website with such a low rating will ever pop up in search query results anywhere near the first page. Or even at all.

Given such a low score, it is possible to assume that the project is not intended to survive more than a few months for the founders to skim some money from trusting users. Let us analyze the factors that could have contributed to such a low score.

As we can see, the site has many signs indicating that it is a scam and is unworthy of attention or trust on both the part of search engines and users.

The first indicator is the low traffic the website attracts. Also, the domain owner seems to be concealing their true identities and all relevant contact information.

The website was registered not so long ago and already has a number of negative reviews. Lastly, we can see that several other scam and outright fraudulent projects are using the same hosting domain. All of these factors are clear red flags to take note of.

Further analysis of the website reveals that it does not have any policies related to Know Your Customer or Anti-Money Laundering procedures. There is also no mention of any licenses the service holds.

Not a single mention was found in the presented documents about the company that owns the site. More importantly, all of the documents uploaded on the website are superficial at best, containing no legal or useful information about the project. It is quite evident that the documents are merely formalities for making the platform look official at first glance.

Further analysis of the documents revealed that they were last updated on June 7, 2021. The fact that the policies and internal documents of the platform have not changed in over a year is a clear sign that the project is nothing but a shell used for siphoning money from trusting users.

In addition, the revision date cannot be true since the domain was created on June 23, 2022, highlighting a clear discrepancy in the timeline.

Functional Failure

Unfortunately, our company was unable to register on the site and check how the functionality of the platform works. But even from the information already available, we can conclude that this is a scam project.

Since the platform is not regulated by anyone, if users send money to it, the owners of the domain can simply appropriate the received funds without any repercussions or obligations before the senders. Once they have accumulated a sufficient amount of transfer, they can simply close down the site. They have no obligations of answering any user complaints either. Users will also have no grounds of turning to police authorities, since there is no defendant to apply a complaint against.

Why This is Important

The presence of scam projects and platforms like is a direct threat to users and their funds. The threat is extremely real, as evidenced by the continued operation of resources like the platform. Identifying fraudulent websites like is vital to prevent loss of user funds and maintain ongoing efforts at cleansing cryptocurrency space from scams.

What Does This Mean?

The lack of legal documentation, registration, licensing and entity backing of the platform means that it is virtually nonexistent and cannot be brought before account for any criminal actions. The fact that anyone can open up, essentially a money siphoning service, without providing any kind of documentation or identity verification is a dangerous reality that users are left to combat on their own.

The Repercussions

The platform will bear no repercussions for its fraudulent activities and can be shut down at any moment at the desire of its founders. The fact the founders are anonymous means that they will never bear responsibility for the theft of user funds.

Why This is Happening

Platforms like exist, because there is no regulation on cryptocurrency providers or financial services intermediaries. The lack of such a legal framework allows scam projects to establish a presence unhindered.

Key Takeaways

The platform was revealed to be a blatant scam that is likely launched for the obtuse purpose of collecting some money by a group of anonymous scammers. We advise our users to steer clear of the platform and spread the word about it to ensure that other users are not harmed by its illegal and harmful activities.