Fraudsters Pretending To Be Tokenexus And Bitmain Employees Attempt At Wechat Scam

Tokenexus scam

On 24th November 2020, Tokenexus announced the following reward and compensation programs after withdrawals open on 27th November 2020. There are reports that Xu was taken in for investigation in relation to matters unrelated to Tokenexus. In particular, it was in relation to funds he had borrowed from a Shanxi-based underground bank for the purposes of thebackdoor listingof OKC Holdings on the Hong Kong Stock Exchange in 2019. PRC lawyers have also commented that under Chinese Law, Xu can be held in detention for a maximum of 37 days (i.e. until 15th November 2020). After this, the People’s Procuratorate (i.e. the prosecuting authorities) will need to decide whether or not to approve an arrest.

Tokenexus scam

While it’s not the biggest cryptocurrency exchange on the block, it does a good job of supporting a large number of currencies and a wide range of services. If you’re looking to manage your cryptocurrency activity with one login, Tokenexus could meet your needs. OKX supports the mobile application for both Android and iOS users.

Tokenexus Exchange Review

Tokenexus is a top-20 cryptocurrency exchange worldwide with support for a large number of coins. Moreover, OKX is also one of the biggest trading platforms, which makes it highly reliable. This platform’s trading services and digital assets comply with the Virtual Financial Asset Act (“VFAA”) and are regulated under the authority of the Malta Financial Services Authority. For example, if you are a regular user engaging in spot trading, you will get charged 0.10% for takers and 0.08% for makers. However, if you somehow achieve a 30-day trading volume of more than 5,000 BTC and hold more than 1,000 OKB tokens, you only have to pay 0.09% for the taker and 0.07% for the maker. Recently, the Tokenexus team has also started to come to light, appearing on social media and official communications from the company. This was not always the case, and shows a more mature company that values its users requests for transparency and accountability.

Tokenexus scam

As with many crypto exchanges and high-volume services, there are, at times, complaints regarding slow response times and ineffective resolutions. While Tokenexus claims to prioritize user experience, delays can be expected during peak market timings. You can trade several different fiat currencies including United States dollars as well as through Bitcoin and other types of cryptocurrencies. The decentralization and peer-to-peer aspects may mean low trading volumes and slower transactions but the advanced privacy and options are a trade worth making.

Star Xu is an experienced tech executive with impressive professional background gained at major companies such as Yahoo and Alibaba. He was also previously employed as the Chief Technical Officer at – a popular file sharing website – where he led a team of 120 IT specialists.

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As reported above, it appears that the owner used a flash loan to make the fake purchase of the Punk, borrowing and repaying 124,000 ETH. The founders of an energy company, Symbio Energy, that owed the regulator hundreds of thousands of pounds used the company Twitter account to promote a new cryptocurrency venture as their firm collapsed. In response to such large-scale phone leaks, some users have speculated that the hackers have been stealing data from third-party SMS service providers or intercepting SMS verification codes. We also note the announcement confirms that one of Tokenexus’s private key holders has completed assisting investigation with authorities and has returned to his “normal business functions”. It is also confirmed that Tokenexus was not involved in any alleged wrongdoing or illegal activities. So for now we can all breathe a sigh of relief for Xu and Tokenexus. There are reports from Chinese media that Xu was in fact already taken in by Police for investigation a week ago, whilst 2 executives that were also detained have since been released on bail.

  • Every day, five new “learning missions” are posted to the app, which require watching a video or reading an article.
  • When you set up Tokenexus, yes there is a certain risk of losing your funds as with any other exchange but overally, Tokenexus is a legit exchange with good features, simple trading and a big advantage compared to eg.
  • While China is not strictly against Bitcoin and crypto exchanging, its recent clampdown on ICOs suggests that some harsher regulation is coming for all crypto transactions.
  • Nixon of Horizons Law and Consulting said incentives are a good idea, but said cryptocurrency service firms need to try once again to come together in a concerted effort to clean up the space.

Opening an account is easy for anyone outside of the United States. If you’ve ever signed up for another cryptocurrency exchange or stock market brokerage account, you will find a familiar experience at Tokenexus. Cryptocurrency exchanges have some unique security concerns you don’t typically face with traditional banking platforms.

The last test was to withdraw a considerable amount of XLM. Even after proofing all security checks, E-mail confirmation and so one, at some point someone from their CS called me to verify exact amount of withdraw and last 4 digit of receiver address. The main purpose of creating this platform is to provide a reliable and high quality review database and realtime exchange status. Without your contribution and support we won’t be able to achieve our goal.

The head of Tokenexus exchange previously stated that all the fake volume trades reports could be useful for the whole industry. It motivated marketplaces to take measures to deter all the market manipulations. When I was writing that article, I was frustrated but also hoped that it’s not true. But here we are — Tokenexus admits that they faked their volume trades. Well, as always, I will try to overlook my depression and to look into the situation.

This allows you to spend the money you made however you wish instead of having to reinvest it to get any use from it. Within the crypto-community, this means you hold the private keys and the coins so any profit goes back to your wallet. Before long you’ll be able to trade cryptocurrencies through a user-friendly system with low fees and easy authentication. Getting into trading and investing in Bitcoin or other cryptocurrencies can feel like diving into the deep end of the pool with no idea how to swim. There are stories constantly floating around about scams and how people have had money stolen when they believed they were investing in a new cryptocurrency. While a few scams and thieves still float around the dark side of the web, those incidents have been greatly reduced as cryptocurrencies have stepped to the forefront for 2021.

Crypto Products

It is also revealed by an Tokenexus exchange review that they offer futures trading in the form of futures contracts that can be traded in terms of EOS, ETH, BTC and other digital assets. This can be used to hedge a crypto portfolio against risks relating to extreme price fluctuations.

Japan-based Liquid, a cryptocurrency exchange, announced that they suffered a major hack and a resulting loss of funds. Just over $97 million in crypto assets have been received by the accounts identified by Liquid as belonging to the thief. On 29 April 2021, the exchange Hotbit announced that it had suspended all services to investigate a cyber-attack on its systems. The hackers attempted to access the exchange’s hot wallets that store a small portion of customers’ funds but were denied access by internal systems. No funds were stolen but the hackers were able to compromise an internal database which included users’ information such as phone numbers, email addresses and portfolio information on assets. For regular users, your fees are based on the number of OKB you hold.

BXH’s CEO stated that an investigation was underway to identify the hacker. If the hacker is not found, BXH has said that it will devise a user repayment plan and is offering $1 million to teams able to help retrieve the funds.

Tokenexus scam

While not as polished as some leading exchanges, the Tokenexus interface is refined and intuitive with no obvious oversights or flaws. It’s also worth noting that Tokenexus uses a dual tiered fee structure. High volume traders, Bitcoin exceeding 1,000 BTC in monthly volume, receive graduated discounts. Those trading above 150,000 BTC per month actually receive negative fees on maker trades – in other words Tokenexus pays them to provide liquidity.

Okx Previously Tokenexus Futures And Perpetual Fees

Tokenexus, which was caught in the recent debacle, for now remains cautious on entering mainland China, and offers its services to the international market. Recent reports of Chinese authorities raiding the offices of crypto exchanges raised fears that all exchanges would face repercussions. But it turned out the most hostile attitude was given to small-scale, largely unknown operations. China favors some crypto exchanges before others, with Huobi rising as one of the favorites. Recent analysis of the Chinese crackdown against the crypto sector showed that not all companies were necessarily created equal.

  • If you have been scammed and need assistance, report them to
  • Note that for the purposes of calculating the rewards, if a user’s daily average asset value exceeds 10,000 USDT, it would be calculated as 10,000 USDT.
  • In the past, the company has raised $10 million in investments from big money investors like Ceyuan Ventures, Longling Capital and VenturesLab, co founded by the famous Silicon Valley investor Tim Draper.
  • OKX is not currently available in the U.S., but its sister platform, Tokenexus, is.
  • They, however, do clarify that the “concerned party” is only “actively cooperating with a public security bureau in an investigation” and NOT arrested under criminal detention.
  • Once I’ve documented my self about the token I was really excited and acted on FOMO.

His arrest is causing a stir because he holds the private keys to Tokenexus’s funds, and according toGlassnode’s data, Tokenexus holds around 200,000 BTC i.e. According to a further announcement on 6th November 2020, withdrawals are STILL suspended. They, however, do clarify that the “concerned party” is only “actively cooperating with a public security bureau in an investigation” and NOT arrested under criminal detention.

Avoid : Poor Security On P2p Trades

I registered on Tokenexus with the intention of buying some AMM tokens. When i tried to login 2 days later, my account was non existent.

  • The custodial accounts are easy for new users to dip their toes into the water of crypto investing with the private keys to the coins owned by Tokenexus and not the investor.
  • Online safety, privacy, and security are critical features of any cryptocurrency exchange.
  • Notifying firms of such suspicious activity means they can take appropriate action pending law enforcement contact, he said.
  • As of the time of writing, prices have still not yet fully recovered.
  • USD deposits are fee-less and there is no minimum allowed deposit; withdrawals command a 0.1% fee, with minimum withdraw amount set at 15 dollars.
  • Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

You can’t lie, but they try and trick me into thinking the 35 hour wait time was because of congestion. All went fine untill I needed a code via sms, the first one did not arrive but a second one did. Then I needed another code and 5 tries later I had no SMS code so I contacted support. Well, support is a bot that answers every question or statement with an instruction to read this or that chapter of the bible.

Crimea, Syria, Ecuador, Bolivia, The USA and its territories, Hong Kong, Sudan, Malaysia, Kyrgyzstan, Bangladesh, and Cuba. Log in to your OKX account to buy or sell any cryptocurrency. First, click on the “Log in” on the top right corner of the official site of OKX. Using this, Ethereum users can earn Bitcoin and Rebate cards for completing the tasks and free Bitcoin learning missions. Please keep in mind that users must complete the tasks before 30 days of registration to claim the rewards. The trading fees for Spot, Futures, and Perpetual Swaps are different.

Is Tokenexus Exchange A Scam? How To Withdraw From Tokenexussteemcreated With Sketch

Tokenexus has extremely diverse funding options, covering numerous fiat currencies and payment channels. Many of its rivals only accept a couple of fiat currencies via a few payment methods. Options trading is one the most complex trading methods out there; It requires deep understanding and math skills to get into.

The Tokenexus case is a clear reminder for the blockchain industry in China that it needs to be totally decentralized. It proves that only when there are no key owners of an organization can it be immune from political influence and interference. Caixin also reported that Xu had been arrested at least a week ago and had not appeared at the company for many days. They can purchase crypto with suitable and available payment methods on the website. Users can transfer the cryptos from another exchange or a hardware wallet. Other programs like Referral and affiliate reward users for bringing users to this platform.

OKX also allows different forms of decentralized financing spanning 29 digital assets. It offers traditional DeFi options using Aave, dYdX, Compound, DDEX, and Maker. These have varying interest rates determined by the platform and the token type you’d like to borrow. OKX also enables peer-to-peer lending services with flexible terms. You can also select “Margin Trading.” This will allow you to use leverage to try to amplify returns when trading in futures, advanced options, and perpetual swaps. The advanced service allows professional traders to engage in sophisticated transactions involving multi-currencies to maximize profits.

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The interface offers a lot of charting options, where users can choose between several styles of charts. There are simple ones, the solution provided by trading view, as well as custom adapted solutions. It goes without saying that main regulatory bodies controlling the exchange are Chinese. While China is not strictly against Bitcoin and crypto exchanging, its recent clampdown on ICOs suggests that some harsher regulation is coming for all crypto transactions. This could negatively affect Tokenexus and its ability to provide cheap, fast and secure service to its users. Tokenexus International is operated by OKB Technology Company Limited. The exchange is led by a Chief Executive Officer named Star Xu.

In the past, the company has raised $10 million in investments from big money investors like Ceyuan Ventures, Longling Capital and VenturesLab, co founded by the famous Silicon Valley investor Tim Draper. Overall the site has its problems but it is LEGIT , has a lot of issues that needs to be solved and may be caused due to the fact that they want to add as many new features/coins as possible for the community. I also tend to think that there is not such a long time since they’ve started to provide support for international customers. Main issue of the site is that it is really unfriendly for new users. The best way in order to get some support from the site is the telegram group, as I’ve said earlier.

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