A distressing report involving the website coin-en.com has surfaced, where Sivakumar Ramakrishnan claims to have lost a staggering $281,400. Lured by an investment adviser’s promises via WhatsApp, Sivakumar invested heavily, even taking multiple loans to fund the venture. Despite initial profits on the platform, attempts to withdraw funds were met with demands for exorbitant taxes upfront—a classic red flag in fraudulent schemes. Communication channels, including WhatsApp numbers and email addresses, now appear part of a deceptive operation. This alarming situation underscores the importance of vigilance and due diligence when engaging with online investment platforms.
Several receiving addresses are provided in the complaint. They are associated with different cryptocurrencies:
- USDT (Tether) Wallet Address: TP4kP3zRfXiNMVUfo9Zb6Ps8Rs3WeBgZ9m
- ETH (Ethereum) Wallet Address: 0x3B34f3BE5974C1FD4f49c662943A592D63136a54
- BTC (Bitcoin) Wallet Address: 3975VnwVVoUiJyeyKkWELS9kB9YQnFSt1R
- Recharge Wallet Address (Ethereum): 0x3B34f3BE5974C1FD4f49c662943A592D63136a54
These addresses were likely used to transfer the victim’s funds into the scam.
Analysis of Receiving Addresses
TP4kP3zRfXiNMVUfo9Zb6Ps8Rs3WeBgZ9m
This TRON address is linked to a significant transfer of 29,500 USDT on August 4, 2024. The timing and amount of this transaction correspond with the victim’s report, indicating that this address was used as part of the scam operation. The funds were quickly moved, leaving a minimal balance, typical in fraudulent schemes where perpetrators aim to obscure the money trail.
0x3B34f3BE5974C1FD4f49c662943A592D63136a54
This Ethereum address shows several small transactions and one notable transfer of 0.75879033725375188 ETH, equivalent to approximately $2,364.12 on July 25, 2024. The pattern of these transactions, combined with the low remaining balance, suggests that this address was also used to facilitate the scam, with funds being rapidly dispersed to avoid recovery.
3975VnwVVoUiJyeyKkWELS9kB9YQnFSt1R
This Bitcoin address received 0.00082808 BTC, approximately $46.82, on August 6, 2024. While the amount is relatively minor, it is part of the broader pattern of small, frequent transactions often seen in scam operations to launder funds or test addresses before larger transfers. This address’s use in the scam is consistent with the overall fraudulent activity associated with coin-en.com.
0x3B34f3BE5974C1FD4f49c662943A592D63136a54 (Recharge Wallet)
This Ethereum address is identified as the “Recharge Wallet,” receiving and sending multiple small amounts of ETH, including a notable transfer of 0.02189848273964372 ETH, or $51.99, on August 5, 2024. The repeated use of this address for small transactions indicates its role in the scam, likely used to accumulate and then rapidly disperse funds to make tracking more difficult. The minimal balance left in the account further supports its involvement in the fraudulent activities on coin-en.com.
Domain Analysis: Coin-en.com
The domain coin-en.com exhibits several red flags indicative of a potential scam. Registered on October 16, 2023, with Alibaba.com Singapore E-Commerce Private Limited, the domain’s brief existence raises concerns about its legitimacy. The registration information points to a registrant in the Philippines, a detail often associated with fraudulent operations due to the lack of stringent regulatory oversight.
The domain’s authority score is a mere 2, reflecting a lack of credibility and trustworthiness online. With no organic or paid search traffic, coin-en.com appears to have a minimal online presence, which is unusual for a legitimate financial platform. The lack of organic keywords and search visibility suggests that the site has not been optimized for search engines, a common trait of websites set up quickly for fraudulent purposes.
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Furthermore, the backlink profile is weak, with only 12 backlinks from 9 referring domains. Most of these backlinks are nofollow, indicating that they do not pass SEO value and are primarily from low-quality or newly registered domains. The absence of significant referring domains and the reliance on nofollow links further suggest that coin-en.com may be an isolated and hastily constructed website rather than part of a broader, legitimate online ecosystem.
Coin-en.com Review
The website coin-en.com presents several concerning elements that strongly indicate it is a fraudulent platform. The site claims to be the “world’s leading digital asset trading platform,” serving millions of users in over 130 countries. However, this assertion is highly dubious, given the lack of substantial online presence or user testimonials to support such bold claims.
The site’s contact details include a customer service phone number, +1-607-362-1020, and a market cooperation link leading to a Line account, which is uncharacteristic for a legitimate global financial platform. Additionally, the website features various sections related to legal notices, privacy policies, and anti-money laundering agreements, which are likely included as a façade of legitimacy rather than genuine commitments to regulatory compliance.
The website also features a white paper and multiple mentions of Coinbase, suggesting an attempt to associate itself with the well-known and reputable U.S.-based cryptocurrency exchange. However, this is a clear red flag, as the site is not affiliated with Coinbase, despite its attempts to mislead users into believing otherwise. The site’s content includes various warnings about the risks of digital asset trading and withdrawals, likely intended to deflect blame for inevitable losses incurred by users preemptively.
Moreover, the website’s design and contact information, such as the reliance on a WhatsApp number and a third-party customer service platform, further underline its questionable nature. These characteristics are common among scam sites, which often avoid providing verifiable company information or direct contact methods. The absence of verifiable regulatory or corporate information, combined with misleading content and dubious contact methods, strongly suggests that coin-en.com is engaged in fraudulent activities.
The Bottom Line Regarding Coin-en.com
Based on the evidence gathered, coin-en.com exhibits numerous characteristics of a scam. The site’s dubious claims, lack of credible online presence, misleading association with reputable entities like Coinbase, and the use of untraceable contact methods all point to a fraudulent operation. The inconsistencies in domain information, alongside the suspicious handling of user funds, reinforce the conclusion that coin-en.com is not a legitimate platform.
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