CoinCap (coincap.io) is a prominent cryptocurrency platform that has gained significant popularity among users worldwide. In recent times, however, there has been a growing number of reports and complaints regarding scams associated with the CoinCap platform. Users and the cryptocurrency community have expressed concerns over these fraudulent activities, emphasizing the need to address and raise awareness about such CoinCap scams.
As an overview, CoinCap provides a comprehensive range of services and features for cryptocurrency enthusiasts and investors. It is a one-stop platform for tracking, trading, and managing various cryptocurrencies.
CoinCap’s primary purpose is to empower users with real-time market data, informing them about the latest trends and developments in the cryptocurrency market. The platform offers a user-friendly interface, making it accessible to beginners and experienced traders.
With its robust features, CoinCap enables users to monitor the prices, market capitalization, trading volumes, and price trends of different cryptocurrencies. This information helps users make informed decisions regarding their investment strategies and keeps them updated on the dynamic nature of the cryptocurrency market.
Furthermore, CoinCap boasts a substantial user base, reflecting its widespread adoption and credibility within the cryptocurrency community. Its popularity can be attributed to its reliability, accuracy of data, and commitment to providing a seamless user experience.
Overall, CoinCap is a valuable resource for cryptocurrency enthusiasts, offering essential tools and insights to navigate the complex world of digital currencies.
Many individuals have fallen victim to various schemes and scams that exploit the reputation and popularity of CoinCap.
These scams often involve
- false promises of guaranteed returns,
- misleading investment opportunities,
- or unauthorized access to users’ funds.
Such fraudulent activities result in financial losses and erode users’ trust and confidence in the cryptocurrency ecosystem.
Today, we are writing this article to highlight and address these scams to protect potential investors and users from falling into the trap of fraudulent schemes. Please share it with your friends and acquaintances to help individuals identify warning signs, exercise caution, and make informed decisions when interacting with cryptocurrency platforms like CoinCap.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
In the following sections of this review, we will delve deeper into specific types of scams associated with CoinCap, providing insights and tips to help users protect themselves from potential fraudulent schemes.
What is CoinCap.io?
CoinCap is a cryptocurrency market data platform and mobile app that provides real-time information, charts, and analytics on various cryptocurrencies.
It allows users to track the prices, market capitalization, trading volume, and other key data points of cryptocurrencies.
CoinCap is designed to help investors and traders stay updated on the performance of different cryptocurrencies and make informed decisions in the crypto market.
It is important to note that multiple platforms and apps have similar names, so verifying the specific CoinCap platform being referred to in a given context is crucial.
CoinCap Dollars (CUSD) is a stablecoin issued by the CoinCap platform.
Stablecoins are cryptocurrencies designed to maintain a stable value by pegging them to an underlying asset, often a fiat currency like the U.S. dollar.
In the case of CoinCap Dollars, the value is intended to be equivalent to that of the U.S. dollar.
The purpose of stablecoins like CUSD is to provide a reliable and less volatile digital representation of traditional currency.
They aim to address the volatility often associated with other cryptocurrencies like Bitcoin or Ethereum, making stablecoins more suitable for everyday transactions and as a store of value.
CoinCap Dollars can be used within the CoinCap ecosystem for various purposes, such as trading, investments, or as a medium of exchange.
The idea behind stablecoins is to offer the benefits of cryptocurrencies, such as fast and borderless transactions, while minimizing the price fluctuations commonly experienced with other digital assets.
CoinCap Scams Overview
Explanation of Different Types of CoinCap Scams
Regarding CoinCap, you should be aware of various scams reported within the cryptocurrency community.
Understanding these scams can help you identify red flags and protect yourself from falling victim to fraudulent activities.
Here are some common types of scams associated with CoinCap:
- Fake Investment Opportunities: Scammers may pose as CoinCap representatives and offer enticing investment opportunities with promises of high returns. They often use persuasive tactics to convince users to invest their funds, only to disappear with the money once it’s been deposited.
- Phishing scams involve fraudulent individuals or websites that mimic CoinCap’s official platform. They deceive users into revealing their login credentials, private keys, or other sensitive information. These scammers gain unauthorized access to users’ accounts and may steal their funds or personal data.
- Ponzi Schemes operate by promising high returns on investments, typically paid out using funds from new investors. These scams create a false appearance of profitability to attract more participants. Eventually, the scheme collapses, leaving most investors with significant losses.
- Impersonation Scams: Scammers may impersonate CoinCap support staff or influential figures within the cryptocurrency community. They often contact users via email, social media, or other communication channels, offering assistance or promoting fraudulent services.
In the following sections, we will explore each scam type in more detail, providing insights and tips on staying vigilant and avoiding falling victim to these scams.
Common Red Flags of CoinCap Scams
Unrealistic Promises of High Returns
One of the key red flags to watch out for when dealing with CoinCap is the promise of unrealistic investment returns.
Scammers often lure unsuspecting individuals by offering lucrative investment opportunities with guaranteed high returns.
However, in cryptocurrency, such promises are often too good to be true.
Exercise caution when encountering investment offers that sound too good to be believable, and always conduct thorough research before committing any funds.
Requests for Personal Information or Login Credentials
Legitimate cryptocurrency platforms like CoinCap will never ask for your personal information, private keys, or login credentials through unsolicited emails or messages.
Be wary of any communication that requests such sensitive information.
Phishing scammers use these tactics to gain unauthorized access to your account and steal your funds or identity.
Protect your personal information and only share it with trusted sources.
Poor Customer Service or Lack of Response
Legitimate platforms prioritize customer service and are responsive to user inquiries and concerns.
If you experience difficulties reaching CoinCap’s customer support or receive delayed or unhelpful responses, it could be a warning sign of a potential scam.
Reputable platforms value their users and strive to provide timely and effective support.
A lack of responsiveness should raise doubts and prompt you to proceed cautiously.
Unregulated or Suspicious Platform Operations
Verify that CoinCap operates within regulatory frameworks and complies with relevant laws.
Scammers often set up fraudulent platforms that mimic legitimate ones but operate outside regulatory boundaries.
Check if CoinCap has proper licensing and regulatory oversight.
Be skeptical of platforms lacking transparency or providing clear information about their operations, ownership, or regulatory compliance.
Testimonials and Reviews That Appear Fake or Overly Positive
Scammers may create false testimonials and reviews to create a positive image of their fraudulent services.
Look for overly positive or exaggerated claims lacking specific details or genuine user experiences.
Research multiple sources and platforms to comprehensively understand other users’ experiences with CoinCap.
Genuine reviews from trusted sources can help you make informed decisions and spot potential scams.
Real-Life Examples of CoinCap Scams
There have been reports of scams associated with a different website called Coincap.exchange, which should not be confused with Coincap.io.
Coincap.exchange is an offshore broker reviewed as unsafe for cryptocurrency exchange.
On April 29, 2023, a Massachusetts, USA person who reports being defrauded for $5900 wrote the following review about a cryptocurrency scam at the BBB (Better Business Bureau):
I met a person on Facebook Dating and we switched to WhatsApp to communicate. She introduced me to BTC investing, so I set up an account and gave it a try. However, when I tried to withdraw my funds, I was asked to pay a fee.
After a few weeks, I finally paid the fee, but now my withdrawal is stuck in “processing” for the past three days. I’m afraid I may have lost my money because I haven’t received any response from customer service or the girl who introduced me to investing.
The app platform they used is called CoinCap.
The person describes how they fell victim to a cryptocurrency investment scam after meeting someone on Facebook Dating who introduced them to BTC (Bitcoin) investing.
They set up an account and attempted to withdraw their funds but encountered a situation where they had to pay a fee.
After paying the fee, their withdrawal has been stuck in a “processing” state for three days.
The person is concerned that they may have lost their money as they haven’t received any response from customer service or the person who initially introduced them to investing.
The platform they use for investing is called CoinCap. However, we do not know if this refers to Coincap.exchange or a different website.
Scammers employ various tactics to deceive individuals and exploit their trust. In this case, the tactics used include:
- Exploiting Personal Connections: The scammer developed a relationship with the victim through a dating platform and then transitioned to WhatsApp for communication. By establishing a personal connection, scammers gain trust and make their victims more susceptible to their schemes.
- Introduction to BTC Investing: The scammer introduced the victim to Bitcoin (BTC) investing, presenting it as an opportunity for potential profit. This serves as bait to lure victims into the scam, leveraging the popularity and appeal of cryptocurrency investments.
- Requesting Fees for Withdrawal: When the victim attempted to withdraw their funds, they were asked to pay a fee. Scammers commonly use this tactic to extort additional money from their victims under the guise of processing fees or administrative costs. Victims may feel compelled to pay in hopes of accessing their funds.
Consequences faced by victims in such scams can be severe:
- Financial Loss: Victims often lose their initial investment and any additional fees they pay.
- Emotional Distress: Falling victim to a scam can lead to emotional distress, including feelings of betrayal, embarrassment, and anger. Victims may experience a sense of powerlessness and a loss of trust in others.
- Lack of Support and Communication: As seen in this case, scammers often evade communication, leaving victims stranded without assistance or any means to resolve their issues.
Coincap.exchange
The next section will provide tips on staying safe and avoiding scams when using CoinCap or any other cryptocurrency platform.
The domain coincap.exchange is not currently active, no domain or traffic information is available, and no pages from this website are indexed on Google.
Learn more about coincap.exchange and other CoinCap scams.
How to Protect Yourself from CoinCap Scams
To safeguard yourself from CoinCap scams and other fraudulent activities, it’s essential to take proactive measures.
Here are some important steps to protect yourself:
Conduct thorough research and due diligence before investing
- Research the platform, its reputation, and user reviews.
- Verify the legitimacy of the company and its operators.
- Look for official registrations or licenses from relevant regulatory authorities.
Verify the legitimacy of the platform and its operators
- Check if the platform has a secure website (HTTPS) and a valid SSL certificate.
- Look for contact information and verify its authenticity.
- Search for independent reviews and testimonials from trusted sources.
Be cautious of unsolicited investment offers or messages
- Beware of strangers or unknown individuals offering investment opportunities.
- Exercise skepticism if the promises seem too good to be true.
- Avoid sharing personal information or financial details without proper verification.
Keep personal information and login credentials secure
- Use strong, unique passwords for your accounts and enable two-factor authentication.
- Be cautious of phishing attempts, and avoid clicking suspicious links or downloading unknown attachments.
- Never share sensitive information via email, messaging apps, or unsecured websites.
Regularly monitor your accounts and report any suspicious activity
- Keep a close eye on your investment accounts, bank statements, and transactions.
- Report any unauthorized or suspicious activity to the platform’s customer support or relevant authorities.
- Stay updated on the latest scam tactics and common fraud schemes.
Following these preventive measures can significantly reduce the risk of falling victim to CoinCap scams or other fraudulent activities.
Always prioritize online security and exercise caution when engaging in financial transactions or investments.
Reporting CoinCap Scams
If you have fallen victim to a CoinCap scam or encountered suspicious activities, it is crucial to report the incident.
Reporting scams serves multiple purposes, such as
- seeking assistance,
- warning others,
- and helping authorities take action against fraudulent entities.
Provide information on reporting scams to relevant authorities or platforms:
- Contact your local law enforcement agency or cybercrime division to report the scam.
- Report the incident to your country’s financial regulatory body or consumer protection agency.
- If the scam occurred on a specific online platform or social media, report it directly to their support or customer service team.
Complaints We Received
On August 11, 2023, we received the following complaint:
I transferred money through the Coinbase wallet to the CoinCap exchange, as recommended by a mentor. Now, the process won’t go through when I try to withdraw money. I contacted customer support but haven’t received any answers. Additionally, I can’t load any conversations or get further assistance.
On August 29, 2023, we received the following complaint:
I lost $1,000 USD worth of Tether cryptocurrency on an exchange called Coincap. I hope you can help me recover it.
Unfortunately, companies that trace stolen cryptocurrency rarely take on cases of less than $5000.
Canepic.ink Review
According to a report we received (see the comment section below), a person was scammed by a woman who initially contacted him on Facebook and then moved the conversation to Telegram. She presented herself as a financial expert in the crypto space and convinced him to invest $500 into an app called “coincap,” which he linked to his Trust Wallet. After several successful trades that seemingly made him a profit, he reinvested another $500. However, he grew suspicious when she persistently asked for more money. When he tried to withdraw his funds, he discovered he couldn’t access them. Ultimately, he lost approximately $850 to the scam orchestrated by the woman and the dubious “coincap” exchange.
Canepic.ink was registered about a month ago, on July 23, 2023, for one year through NameCheap. It is protected by Cloudflare and a privacy service provided by Withheld for Privacy.
It is not indexed on Google and is currently mentioned in just a handful of websites.
Currently, the website, which redirects to canepic.ink/#/pages/guidance/index, has no content besides the following message:
Warm reminder
Please visit in wallet
You are currently visiting a decentralized website, please run it in the wallet application
There’s a button labeled “Copy link” which adds “canepic.ink/dapp/#/” to the clipboard when clicked.
Here are some observations based on an examination of the HTML of the page:
- DOCTYPE and html lang: It declares the document type and the language of the document, which is Chinese (zh-CN).
- JavaScript Libraries:
– `web3@1.2.11` is a JavaScript library allowing interaction with the Ethereum blockchain.
– `web3modal@1.9.9` seems to be a package that provides a unified interface for multiple web3 providers.
– `@walletconnect/web3-provider@1.7.8` appears to be a WalletConnect provider for Web3.js.
The presence of `web3` and `WalletConnect` suggests this webpage is meant to interact with the Ethereum blockchain, likely to facilitate transactions or smart contract interactions.
The presence of these libraries may be a red flag since the website is not reputable. Many scam sites use similar technologies to appear legitimate while executing fraudulent transactions or scams.
Canepic.ink Reviews
A handful of sites assess whether “canepic.ink” is a legitimate website or a scam. Specifically, Web Paranoid, IsLegitSite.com, and ScamAdviser.com offer reviews and assessments to help determine the site’s credibility.
IsLegitSite
In reviewing the website Canepic.ink, several red flags become apparent that should give users pause. The most glaring issue is the website’s youth; it has only been in operation for one month. Websites created recently can often signify potential scams or fraudulent activities. This is particularly concerning given a user’s account of losing $850 after interacting with an individual on social media platforms who directed him to use this website for crypto transactions.
While the website employs an HTTPS connection, a good practice for securing user data, its email configuration seems incomplete, indicating that it cannot receive emails on its domain. This lack of a domain-specific email could indicate that the website may not appear as legitimate as it wants.
Furthermore, the website doesn’t have enough traffic to be ranked by Alexa, making its popularity very low or nonexistent. While this may not be a conclusive sign of illegitimacy, it certainly adds to the list of concerns.
Though multiple domain blocklist engines have not flagged the site as malicious, the absence of a bad rating doesn’t necessarily mean the site is trustworthy, especially when considering the user testimony regarding a scam involving this platform.
WebParanoid
WebParanoid.com provides a cautionary review of Canepic.ink, a little-known website that has been operational for only 35 days at the time of its analysis. The review explicitly states there is “Nothing to like” about the website, raising concerns over its legitimacy. Notably, Canepic.ink lacks links to social media networks, which is usually standard practice for established and trustworthy online entities.
The review also highlights that the website isn’t frequented by many users, reinforcing its status as a little-known site. The lack of social profiles and minimal user traffic make it suspicious for potential users considering interacting with the site. While no direct similarities were found between Canepic.ink and known scam websites, WebParanoid.com warns that young websites (those operational for less than a year) are often associated with higher risk, which should make users wary.
ScamAdviser
The ScamAdviser website analyzes canepic.ink and labels it as a suspicious website with a low trust score of 47 out of 100. The score is calculated using a computer algorithm that considers more than 40 data points, such as third-party reviews, company location, and whether the site has been reported for selling fake products.
Negative aspects include:
- The identity of the website owner is hidden in WHOIS records.
- The site has low traffic, according to its Tranco rank.
- The domain registrar is popular among scammers.
- The website is very young in age, which increases its risk factor.
Canepic.ink Review Conclusion
The accumulated evidence strongly suggests that Canepic.ink should be approached with extreme caution if not outright avoided. Multiple red flags stand out, including its recent creation and the lack of meaningful traffic or online reputation. Its utilization of Web3 technology, commonly associated with legitimate blockchain interactions, raises concerns about it being a sophisticated guise for scam activities. This is underscored by a firsthand account of a user losing $850 in a scam facilitated through this platform.
Reviews from Web Paranoid and ScamAdviser further confirm the dubious nature of Canepic.ink, pointing out its low trust score and the hidden identity of its owner. Given that the domain registrar is popular among scammers, and coupled with the site’s incomplete email configuration, it becomes increasingly difficult to give this website the benefit of the doubt.
Finally, the absence of social media links and the Chinese language HTML tags may attempt to obfuscate its true intentions. It might appear as a site capable of interacting with the Ethereum blockchain, but no transparent, credible organization or individual is backing it up.
Therefore, based on this comprehensive review, Canepic.ink seems more likely to be a platform designed for fraudulent activities rather than a legitimate crypto service. Exercise extreme caution and conduct thorough due diligence before engaging with such platforms.
Bottom Line
In conclusion, CoinCap scams have become a concerning issue in the cryptocurrency space.
With increasing reports and concerns about fraudulent activities associated with the platform, it is essential to be careful when engaging in online investments.
Throughout this review, we have highlighted various types of scams linked to CoinCap, including
- fake investment opportunities,
- phishing scams,
- Ponzi schemes,
- and impersonation scams.
We have also discussed common red flags to watch out for, such as
- unrealistic promises of high returns,
- requests for personal information,
- poor customer service,
- and suspicious platform operations.
To protect yourself from CoinCap scams, it is crucial to
- conduct thorough research,
- verify the legitimacy of the platform and its operators,
- Be cautious of unsolicited investment offers,
- and keep your personal information and login credentials secure.
- Regularly monitoring your accounts and reporting any suspicious activity is also paramount.
In cryptocurrency, it is important to remain informed and exercise caution. Remember that if something sounds too good to be true, it probably is.
Don’t hesitate to seek advice from trusted financial professionals or experts before making investment decisions.
By staying informed, skeptical, and taking necessary precautions, you can safeguard yourself against CoinCap scams and other fraudulent activities in the cryptocurrency world.
Let’s create a safer and more secure environment for online investments.
If you have fallen victim to online scams, please comment below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
When you comment, your name, comment, and the timestamp will be public. We also store this data, which may be used for research or content creation in accordance with our Privacy Policy. By commenting, you consent to these terms.
I am uncertain if I was scammed by a woman in Facebook.
We were initially talking about other things then she brought up the fact that she does crypto. I expressed interest but hesitations as digital currency is unregulated.
She led me to canepic.ink and I had an initial investment of $2,000. In trading, she specifically texted which futures contract to select, for how long, and for how much. We grew the funds into $6000 and I was able to withdraw.
My uncertainty comes from the fact that she loaned me $17,500 USD to take advantage of the upcoming volatility. She also has a Facebook account. Her first post was May 16th, which is sketchy, and she has posted pictures and videos of her and where she lived. Her English is a little broken, but she is willing to send voice message directions for trading. Although, I am not sure if she has direct control over the website.
I am $50,000 CAD down, which is irresponsible of me. But she is also $17,500 USD down if she is real.
Now that I’m trying to withdraw, the exchange is charging 10% of the total amount and won’t let me withdraw anything smaller until that 10% is paid.
Pls send help.
I’m really sorry to hear about your experience; it definitely raises some red flags. Considering you’re $50,000 CAD down and are facing difficulties with withdrawals, it might be wise to take immediate action.
Given the situation, we recommend getting a free consultation with CNC Intelligence, a firm that specializes in helping victims of financial fraud, including those involved in cryptocurrency. They can potentially help you trace transactions and recover assets. Here’s their website for further information: https://cncintel.com/recover-assets-csr.html
Taking this step could provide you with expert advice on how best to proceed in this complicated situation.
I got scammed by a lady on Facebook who got me to go to Telegram to communicate with her. She pretended to be a financial whiz in the crypto space and got me to put $500 into the coincap app (canepic.ink) which I connected to my trust wallet. After helping me make some trades and make a few hundred bucks quickly, I then decided to take out my profit and put in another $500. Long story short, I got cold feet when this lady continued to ask me to put in more money and decided it was best to just take my money out. Unfortunately, I was unable to recover my money and it looks like she and her crappy exchange coincap took me for about $850.
I’m really sorry to hear that you fell victim to a crypto scam. Unfortunately, social media platforms like Facebook and messaging apps like Telegram are often used by scammers to exploit unsuspecting individuals. These bad actors can be quite persuasive, disguising themselves as experts or offering promises of easy profits.
What can you do now?
1. Report to Authorities: The first thing to do is to file a report with your local police and, if you’re in the U.S., file a complaint with the Federal Trade Commission (FTC) through their website. Depending on your jurisdiction, there may also be other relevant authorities you can report to.
2. Document Everything: Take screenshots of all your interactions with the scammer, and save any other relevant information that could be used as evidence. This will help authorities in their investigation and any attempts to recover your funds.
3. Secure Your Accounts: Make sure to change passwords and enable two-factor authentication (2FA) for your online accounts. This is important to prevent further loss or other types of scams, like identity theft.
4. Investigative Services: If you lost more than $5000 in crypto, you may be eligible for specialized services that attempt to trace stolen crypto assets.
As for the “coincap” website you mentioned (canepic.ink), we have added a review to this post. The overall situation seems to follow a common scam pattern. In these scams, the first few trades often appear profitable to gain your trust, only for you to lose access to your funds later. Always do your own research before investing in any platform.
Scams like this can be a painful experience both financially and emotionally, but the more you can do to report, share, and educate, the fewer people will fall victim to these types of scams in the future.
Good comment, so you have an idea of what to do. I was “trading” with a person I knew I didn’t believe everything but it was so real and everything perfect but now that I have a good sum I want to withdraw the money and it’s just fee after more fee I know it’s a scam. I invested about 25k 🙁
Hi,
Thank you for sharing your situation with us. Your experience, where you’re being asked to pay continuous fees to withdraw your money, is a classic sign of a financial scam. It’s a distressing situation, especially considering the significant amount you’ve invested.
1. As you’ve recognized this as a scam, the first step is to cease any further payments immediately. Scammers often lure victims into paying more with the promise of releasing their funds, which rarely happens.
2. Similar to the advice we gave earlier, please report this incident to your local law enforcement and, if applicable, to the Federal Trade Commission (FTC) or equivalent authority in your country. Document all communications, transactions, and any other relevant information you have regarding your dealings with CoinCap.
3. Secure your financial accounts by changing passwords and activating two-factor authentication. This will help protect you from further harm.
4. Since your case involves a significant sum of money, you may benefit from professional assistance. CNC Intelligence specializes in assisting law enforcement and law firms with cases like yours. They are not a recovery company but rather an investigation company with expertise in Cryptocurrency Forensic Analysis. They can help trace your lost assets and provide necessary evidence to assist law enforcement in your case. Remember, CNC Intelligence does not recover money directly but assists in the investigative process to support your case with law enforcement and legal professionals.
5. Lastly, we encourage you to share your experience with others as a cautionary tale using platforms such as ScamCrypto.net. Awareness is a powerful tool in combating online scams.
We are truly sorry that you’re facing this challenge. Please take these steps as soon as possible, and don’t hesitate to seek professional help. Your situation is serious, but with the right actions and support, there’s hope for the best possible outcome.