Coinopend Exchange Shuts Down After Complaints of Fraud

Looks like another crypto currency scam has been doing the rounds, this time an "Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term" called Coinopend, luring in clients with promises of super low prices on numerous Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Read this Term.

The data found on Coinopend is utter fallacy - you could buy some coins for huge percentages off their true value. It's a classic scam - offer amazing prices, and customers will come, then simply disappear without a trace.

It's hard to know how many people have fallen for this scam - Coinopend launched barely a few weeks ago, a quick WHO.IS check for the domain reveals a registration date of 13th April, with the following details:

Registrant Name: JACK CHEN

Registrant Street: 623 WEST END AVENUE

Registrant City: NY

Registrant State/Province: NY

Registrant Postal Code: 10024

Registrant Country: US

Registrant Phone: +1.9173357812

Registrant Email: @COINOPEND.COM

Complaints have been flooding in, especially on the popular Bitcointalk forum, where members have issued warnings, such as:

"I got lured into depositing my BTC onto this site because of what looked to be extremely low BlackCoin prices. All of it is fake."

Another member mentioned,

"Do not send your coins to that exchange. They`ll lure you in with volume and lower prices.I did a test transactions with 1BC and all went well, but good luck with withdrawing higher volumes. 500BC-s still pending after 4 hours."

The problem is, as long as human greed exists, there will always be two extremes.

1. An innocent but naive group of people who will seek apparently effortless fortunes.

2. An evil group of people who will prey on the above group.

The irony is, group number 2 can never exist without group number 1 existing. Hopefully the fraudsters shall be caught soon, as the Cigarette Smoking Man in the X-Files once said - "Nothing disappears without a trace."

As of writing, the Coinopend website is down. My guess it won't be coming back online. Coinopend is now Coinclosed.