Falling prey to some of these exchanges is sometimes inevitable.
The founders of scam cryptocurrency OneCoin defrauded investors of $3.8 billion by convincing people their nonexistent cryptocurrency was real.
Cryptopia pulled and exit scam on it investors so did Quadriga taking millions from the lives of others
I’ve had couple of experiences with some of these exchanges locking my funds.
I had so many troubles with Quedex. My withdrawals were never approved. I waited so long and got tired. It was really a lot to lose, 12,000$ worth of bitcoin I had in there. I later got help from recovery company experts who helped me with the funds out.
Traders and investors should be aware that these are complex systems, newcomers and relative experts alike have fallen prey to scams. Investors looking for ways to get their funds back should always at anytime after being scammed immediately notify recovery companies like Secured Recovery to help them get their funds out.
In an environment like the current cryptocurrency market, potential investors should be very careful to research what they’re putting their money into and be sure to find out who is involved as well as what the actual plan is for making real money without defrauding others.