Cryptocurrency Exchange Turned Fraud Steals Customers’ Money

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Cryptocurrency Exchange Turned Fraud, Steals Customers Money

ForexMinute.com – In times when the government and mainstream businesses are beginning to see the beneficial side of cryptocurrencies, there are few bad elements like Sharexcoin that are turning the optimistic heads towards utmost negativity. To those who are unaware of Sharexcoin, it is a just launched cryptocurrency exchange, a wannabe Mt. Gox, which recently swept away its depositors’ money – leaving the entire cryptocurrency community in shame and disgrace.

As the exchange’s name suggests, it was a fresh vertical of a new Proof-of-Stake cryptocurrency called Sharecoin. This coin was even distributed lately among the members of the Bitcointalk forum, luring them by a tagline that said, “The only coin backed by a real business” – with business being the supposedly sinister Sharexcoin.

As per the information provided by this scam’s victims, Sharexcoin soon developed quite a niche among small cryptocurrency traders. Reason being their multiple attractive offerings, including 30% stake per year, and the promises to share revenue with Sharecoin holders as well. No doubt the exchange, within just a short one-week life, was able to attract a large amount of people, meaning more investment.

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Then the severe took place on around June 2nd when customers complained of the Sharexcoin website going offline all of a sudden. The manner in which the website grasped itself from the domain left many customers in doubts of either an attack or scam. But the probability shifted more towards it being a scam, as there were no official statements issued from the exchange’s owner or any other representative. What deepened the doubt was the unavailability of Sharexcoin owner’s Bitcointalk ID that has remained offline till date since the “attack”.

The entire clan at the exchange is worried enough about their lost Bitcoin and other altcoins. Some even had made some major investments that are now untraceable. A dark day indeed!

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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