Coinopend Exchange Shuts Down After Complaints of Fraud

Looks like another crypto currency scam has been doing the rounds, this time an “exchange” called Coinopend, luring in clients

Looks like another crypto currency scam has been doing the rounds, this time an “exchange” called Coinopend, luring in clients with promises of super low prices on numerous altcoins.

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.

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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.”

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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.

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