It appears that Coin Dispute Network (coindisputenetwork.com) may be operating as a recovery scam. Recovery scams are scams that target individuals who have already been looted by a con-artist.
They promise to recover the lost funds for a fee. However, these scammers cannot guarantee the recovery of the funds and will often ask for increasingly absurd fees, expenses, or deposits until the victim stops paying.
Coin Dispute Network is a website that claims to offer cryptocurrency recovery services to people who have lost their funds due to scams, hacks, or other frauds. However, there have been numerous reports of Coin Dispute Network being a scam and not delivering on its promises.
Read this article to find out whether or not this firm can truly assist you in recovering lost funds.
Coin Dispute Network Profile
Coin Dispute Network provides misleading information about their team of experts. On their website, they showcase a list of cartoon figures with their first names only, claiming that these are the “experts” who will be working on your case.
However, there are no last names or any other information about their qualifications or experience. This lack of transparency is concerning and makes it difficult to trust the company with your financial recovery needs.
It is common for legitimate companies to provide detailed information about their team members, including their names, qualifications, and experience. The fact that Coin Dispute Network fails to do so raises red flags about their credibility as a recovery service.
Furthermore, Coin Dispute Network’s website was registered less than a year ago but they claim “to be running since 2013” and has a low trust score. Additionally, other scam websites are hosted on the same server, which suggests that Coin Dispute Network may not be a legitimate recovery service provider.
How does the scam work?
Coin Dispute Network presents itself as one of the leading recovery platforms and reaches out to individuals directly, tempting them with appealing services they apparently provide. These scammers often pose as recovery agents or hackers, offering to help you recover your lost funds.
In some cases, they may also impersonate law enforcement officials, government officials, lawyers, or other individuals in positions of authority.
Recovery scams are simply a form of advance-fee scams. It has been reported by many people that this website asks for increasingly large sums of money for various fees, expenses, deposits, or insurance, without ever actually recovering the lost funds. Unfortunately, these scammers prey on the vulnerability of those who have lost their cryptocurrency and are looking for help with recovery.
It’s important to be very careful when dealing with any company or service that claims to be able to recover lost or stolen cryptocurrency. It is because in the end you will be left with nothing, having lost even more money to the recovery scammer.
Coin Dispute Network Customer Reviews
On the homepage, there are reviews that rave about how Coin Dispute Network helped recover lost funds, but this is not entirely true. When looking at third-party websites, people have reported being charged an upfront fee but receiving no help, which suggests that the reviews may be fake and do not provide a full picture.
Therefore, it’s important to look for patterns in the customer reviews and to use your judgment when evaluating the authenticity of the reviews.
One person reported on Reddit that when he contacted Coin Dispute Network after losing $90,000 in crypto scam, he was asked to pay an initial fee of $140 worth of ETH and sign an agreement form with payment due dates. The company explained that they would deduct $850 worth of ETH and also 10-20% of the recovered funds as their fee and that they only accepted payments in ETH.
They claimed to have located the individual’s stolen funds and discussed their tracking methods. However, the individual remained unsure about the legitimacy of the company, especially since he was unfamiliar with the exclusive use of ETH for payments.
The individual also reached out to the FBI for assistance and asked about the Coin Dispute Network. While the FBI had not heard of the company, they advised the individual to make their decision based on their own research and interactions with the company.
The fact that the company only accepts payments in ETH and is not known to the FBI raises some concerns about their legitimacy.
On the BBB (Better Business Bureau) there’s another review of CoinDisputeNetwork, which claims to recover lost/stolen funds related to cryptocurrency.
The reviewer found the company after being scammed by someone else and initially believed they were legitimate due to their registration in the State of Delaware, location in New York, and positive online presence including articles on Yahoo News and LinkedIn accounts.
The reviewer paid $300 as a starting fee for their case, but after that, the company stopped responding to calls and emails. The State of Delaware confirmed that CoinDisputeNetwork had cancelled their registration as of March 29, 2023. The reviewer suspects that they have been scammed again, with a loss of $309.
The report was filed on April 5, 2023.
Contact information for CoinDisputeNetwork includes
- team@CoinDisputeNetwork.com for email,
- (800) 607-8401 for phone,
- and https://coindisputenetwork.com for their website.
Signs of a Recovery Scam
These scams promise to help victims recover their lost funds, but in reality, they are just trying to scam them out of money. Here are some signs of a recovery scam to watch out for:
- Upfront fees: Recovery scams often require victims to pay upfront fees before any recovery work is done. Legitimate recovery services typically only charge a fee once funds have been recovered.
- Unsolicited contact: If you receive unsolicited contact from someone claiming they can help you recover lost funds, be cautious. Legitimate recovery services typically do not reach out to potential clients without being contacted first.
- Promises of guaranteed recovery: No recovery service can guarantee that they will be able to recover your lost funds. Be wary of any service that promises otherwise.
- Pressure to act quickly: Scammers may try to pressure you into acting quickly, often by saying that the opportunity to recover your funds will be lost if you don’t act immediately.
- Lack of transparency: If a recovery service is not transparent about their methods, the experts they work with, or their success rate, be cautious. Legitimate recovery services should be transparent about how they operate and their track record.
If you suspect you have been the victim of a recovery scam, contact your local law enforcement agency and report the incident.
Coin Dispute Network Verdict
In summary, it is not recommended to seek assistance from Coin Dispute Network for recovering lost funds. Legitimate cryptocurrency recovery services are usually only accessible to law enforcement agencies and large organizations. It is important to be cautious of companies or services that make unrealistic promises.
It is also advisable to report the scam to local law enforcement and the national reporting clearinghouse and to raise awareness to prevent others from falling victim to the same scam.
If you have been scammed by them, please share your experience with us by leaving a comment below.
If you lost money online to online scams, make sure to get a free consultation with one of our recommended scam recovery companies.