How YoBit scammers try to make money on reputable projects
NOAH community is deeply agitated by the recent announcement from YoBit - it says that NOAH developers can’t be trusted and that YoBit offers a token swap of NOAH for its own, more reliable tokens. It came as a surprise, but BTCNEXT has decided to make their own investigation, and here, we are presenting it to you. Suddenly, our friends NOAH have found themselves in a very awkward situation: there’s an announcement on Twitter by YoBit, saying: “Alternative Swap for NOAH on 29 Aug from Yobit! (we don't trust current devs, probably they dumped their coin from 10 to 2 sat) - New Coin Ticker: NAX - 1 NAX = 10 Old Noah - Bonus for Yo Holders - Erc20 Token - InvestBox: 1% daily. Deposits for NOAH enabled (limit: 1 mln)”. Well, of course, YoBit exchange is indeed a more reliable developer for the NOAH ecosystem than NOAH developers themselves and it must be trusted more. But as a first step, let’s dig further and see how YoBit has been doing this for years. We perceive this as a personal attack because NOAH is a company that owns BTCNEXT, which operates under its CEZA license. Also, the token was developed by Platinum Q DAO Engineering, one of the largest exchange listing providers and successful developers. Attacking NOAH and calling its developers untrustworthy means also attacking BTCNEXT, which is currently the only legal NOAH token swapper so far. So, let’s start the investigation process. Living in a “gangsta” paradise. YoBit is a Russian exchange, which was launched in 2015 and since then it has a long tail of scam accusations. Its founder is unknown, some sources say his name is Pavel Krymov, and he was arrested in 2018 for financial fraud. The exchange had problems with law before that too - in 2017 it was under investigation by Russian authorities for its shady activity. Nevertheless, it still operates and its owners are unknown. So what can be said about YoBit? If you start searching info, you will instantly bump on the “YoBit is a scam” threads on Bitcointalk. Many users tell their stories how their money got stolen by the exchange itself, and they never got it back.
- Man sent 0.18284859 ETH and it didn’t arrive. He got no response from YoBit ever.
- Another man sent 15.20780976 ETH. They were never deposited. No response from support.
- 2370 SYS sent - they weren’t deposited.
- A whopping amount of 1000+ ETH was sent but didn’t arrive. Multiple tickets were left unanswered.
- An account with 1 BTC was frozen. Its owner still didn’t get it back.
- 2 ETH withdrawal pending for half a year. 500 XVG pending for 2 months. Also unanswered.