Welcome to our IBC Exchange Review, in which we investigate the website that was used to be found at IBCExchange.com.
Recently, someone left the following comment on our website:
I have fallen victim to fraud (scam) (robbery) by IBC Exchange. Can anyone provide information about their location of operation, names and addresses of employees, bank accounts, etc.? I am desperate to bring these criminals to justice and recover at least some of my lost money.
So let’s see if we can find any information about this exchange, which has recently been exposed as a scam and is currently defunct.
Background on IBC Exchange
IBC Exchange was a cryptocurrency exchange that claimed to offer a variety of services, including
- the buying and selling of cryptocurrencies,
- margin trading,
- and crypto derivatives.
The exchange was founded in 2017 and was based in the Seychelles. However, it was later revealed that IBC Exchange was a scam and that its operators had absconded with investors’ funds.
IBC Exchange was exposed as a scam after an Australian man lost $80,000 to the platform. The man, who has not been named, said he was contacted by a representative of IBC Exchange who told him about the platform’s high returns on investment. The man deposited $80,000 into his IBC Exchange account and was initially able to withdraw some profits. However, when he tried to withdraw his entire investment, he was told that he needed to deposit more money. The man refused to deposit more money and was unable to withdraw his investment.
After the man’s story was made public, other investors came forward to say that they had also been scammed by IBC Exchange. In total, it is estimated that IBC Exchange scammed investors out of millions of dollars.
The Australian Securities and Investments Commission (ASIC) has warned investors against IBC Exchange and has said that the platform is not licensed to operate in Australia. The ASIC has also said that IBC Exchange is not a registered business name in Australia.
The exchange’s website and social media accounts have been taken down, and its operators are nowhere to be found.
Investigation into IBC Exchange
During the investigation into IBC Exchange, it was found that there was a significant lack of transparency and limited information available on the website.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Important details such as the verifiable location of operation and employee names were conspicuously absent.
The website provided little to no information about the company’s background, ownership, or team members, making it difficult to determine who was behind the operation.
Efforts to track down the individuals behind the scam were met with challenges. The lack of clear contact information and verifiable details made it difficult to identify the responsible parties. The website’s domain registration information was also found to be vague or potentially falsified, further complicating the investigation.
There are a few reasons why fraudulent companies like IBC Exchange operate in this way:
- It makes it harder for regulators to track them down.
- It makes it harder for investors to find out who they are actually dealing with.
- It makes it easier for the company to disappear with investors’ money.
Signs of Fraud and Scam
Here are some red flags and warning signs that indicate IBC Exchange was not a legitimate company, according to online reviews:
- The company was not registered with any financial regulator.
- The company’s website was poorly designed and unprofessional.
- The company’s customer service was poor or non-existent.
- The company offered high returns with little or no risk.
- The company pressured investors to deposit more money.
- The company’s representatives were evasive or dishonest.
Here are some testimonials from other victims of the scam:
I invested $10,000 in IBC Exchange and was promised high returns. However, when I tried to withdraw my money, I was told that I needed to deposit more money. I refused and was unable to withdraw my investment.
Another person reports:
I was contacted by a representative of IBC Exchange who told me about the platform’s high returns. I deposited $5,000 into my account and was initially able to withdraw some profits. However, when I tried to withdraw my entire investment, I was told that I needed to deposit more money. I refused and was unable to withdraw my investment.
And here’s one more out of so many:
I was scammed out of $20,000 by IBC Exchange. I contacted the company’s customer service, but they were unable to help me. I have since filed a complaint with the police, but I am not hopeful that I will get my money back.
It is important to remember that cryptocurrency scams are very common. If you are considering investing in cryptocurrency, be sure to do your research and make sure that the company you are dealing with is legitimate.
You can check to see if the company is registered with a financial regulator and if they have a good reputation. You should also be wary of any company that promises high returns with little or no risk.
There were several red flags and warning signs that indicated IBC Exchange was not a legitimate company, including:
Lack of Transparency: The website provided limited information about the company, its operations, and team members, which is unusual for a legitimate exchange. Legitimate companies typically provide clear and verifiable information about their location, team, and business operations.
Absence of Regulation: There was no mention of any regulatory oversight or compliance with financial regulations, which is a common requirement for legitimate financial service providers, including cryptocurrency exchanges.
Unrealistic Promises: IBC Exchange made unrealistic promises, such as guaranteed high returns on investments, which is a common tactic used by scams to lure in unsuspecting victims.
Poor Customer Support: Users reported difficulties in getting timely and satisfactory customer support from IBC Exchange, including delayed or non-existent responses to inquiries and requests for assistance.
Negative Testimonials from Other Victims: The comment left on the website and testimonials from other victims of the scam indicated that they had lost money and experienced fraudulent activities on IBC Exchange, corroborating the suspicion that it was not a legitimate company.
These red flags and warning signs collectively raised concerns about the legitimacy of IBC Exchange and suggested that it was operating as a scam rather than a legitimate cryptocurrency exchange.
Taking Action Against the Scammers
Recovering money lost to a scam can be a difficult and challenging process. There are a number of factors that can make it difficult to recover your money, including:
- The criminals may have used fake identities or stolen credit cards, making it difficult to track them down.
- The criminals may have moved your money to a foreign country, making it difficult to recover.
- The criminals may have used cryptocurrency, which can be difficult to track and recover.
Additional challenges and difficulties in recovering funds lost to a scam may include:
- Lack of Legal Remedies: Scammers often operate across borders, making it difficult to pursue legal action against them. Additionally, scammers may dissolve their operations and disappear, leaving little or no trace behind, making it challenging to locate and recover lost funds.
- Limited Assets to Recover: Scammers may quickly transfer or dissipate the funds they have fraudulently obtained, leaving little or no assets to be seized or recovered.
- Complex Legal Proceedings: Legal proceedings can be complex and time-consuming, involving multiple jurisdictions, laws, and regulations. This can make the recovery process lengthy and costly, with no guarantee of success.
If you have been the victim of an online scam, including cryptocurrency scams, there are a number of steps you can take to bring the criminals to justice.
It is important to take action as soon as possible. The sooner you start the recovery process, the better your chances of getting your money back.
- Get in touch with a cybersecurity firm. Schedule a free appointment with a legitimate company, such as CNC Intelligence, to find out if and how they are able to help you recover your funds. Beware of fraudulent companies claiming to recover your money. Exercise caution and do thorough research before engaging with any recovery company. In reality, recovering money often requires the cooperation of cryptocurrency forensic specialists such as those employed by CNC Intelligence with police and law enforcement agencies and lawyers. While waiting for your appointment with CNC Intelligence, here are some additional steps to take:
- Contact your bank or credit card company. In some cases, they may be able to reverse the charges or issue you a refund.
- Report the scam to the authorities. The second step is to report the scam to the appropriate authorities. In the United States, this would be the Federal Trade Commission (FTC).
- Gather evidence. Once you have reported the scam, you will need to gather evidence to support your case. This may include screenshots of emails or chat conversations, bank statements, transaction receipts, or other documentation that can be used as evidence in legal proceedings. Make sure you keep thorough records of all communications, transactions, and evidence related to the scam.
- Contact law enforcement. Once you have gathered evidence, you can contact law enforcement and file a police report, detailing the scam and the financial losses you have suffered. Provide any relevant evidence, such as transaction records, communications with the scammers, and other documentation. If CNC Intelligence approves the case, they will assist you in this step.
- Seek assistance from regulatory bodies. There are a number of regulatory bodies that can help you if you have been the victim of a cryptocurrency scam. In the United States, these include the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). You can contact these agencies for more information about how they can help you.
- Seek Legal Assistance. Consider consulting with a lawyer who specializes in fraud or financial crimes, especially if you’re not working with a recovery company. They can provide you with legal advice, help you understand your rights, and assist in taking legal action against the scammers.
- Stay Vigilant and Proactive. Stay vigilant and proactive in taking action against the scammers. Remain informed about any updates or developments related to the scam, and be proactive in reporting any new information or evidence to the relevant authorities.
It is important to remember that bringing criminals to justice for cryptocurrency scams can be a long and difficult process. However, by following these steps, you can increase your chances of success.
Here are some additional tips for reporting a cryptocurrency scam:
- Be as detailed as possible when reporting the scam. The more information you can provide, the better.
- Save all of the evidence you have, including emails, chat conversations, bank statements, and other documentation.
- Be patient. It may take some time for law enforcement to investigate the scam and bring the criminals to justice.
It is also important to remember that you are not alone. There are many other people who have been scammed out of cryptocurrency. By working together, we can help to bring these criminals to justice and protect others from falling victim to their scams.
Complaints We Received
I invested $340 AUD with IBC Exchange on April 21, 2022, after seeing positive reviews online. I’m currently unable to access my account details.
IBC Exchange was a cryptocurrency exchange that was exposed as a scam. The exchange’s website and social media accounts have been taken down, and its operators are nowhere to be found. It is believed that the exchange’s operators have absconded with investors’ funds.
The investigation into IBC Exchange revealed a number of red flags that should have alerted investors to the fact that the exchange was a scam. These red flags included:
- The exchange was not registered with any financial regulator.
- The exchange’s website was poorly designed and unprofessional.
- The exchange’s customer service was poor or non-existent.
- The exchange offered high returns with little or no risk.
- The exchange pressured investors to deposit more money.
- The exchange’s representatives were evasive or dishonest.
- Encouragement to be cautious and diligent in dealing with online exchanges and investments
The IBC Exchange scam is a reminder that it is important to be cautious and diligent when dealing with online exchanges and investments. There are a number of things you can do to protect yourself from scams, including:
- Only deal with reputable exchanges and investment firms.
- Do your research before investing in any cryptocurrency or other investment.
- Never invest more money than you can afford to lose.
- Be wary of any investment that promises high returns with little or no risk.
- Report any suspicious activity to the authorities.
If you have been the victim of a cryptocurrency scam, there are a number of things you can do to take action against the scammers and seek justice.
It is important to remember that bringing criminals to justice for cryptocurrency scams can be a long and difficult process. However, by following the steps outlined in this article, you can increase your chances of success.
We can’t find any information about the people behind the IBC Exchange scam online, such as the location of operation, names, and addresses of employees, bank accounts, etc.. I have searched the web and found a few articles about the scam, but they don’t provide any information about the people who were involved.
It’s possible that the people who were involved in the scam have used fake names and identities, making it difficult to track them down.
You may want to try contacting the authorities or a cybersecurity company, such as CNC Intelligence. They may be able to help you track down the information you are looking for.
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!
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