Idleinn Exposed: Reality vs Claims

Welcome to our Idleinn review, in which we investigate the website currently found at Idleinn.com.

Did they scam you? Please share your experience with them by commenting below.

On August 10, 2023, we received a complaint from an individual who reported being approached on Instagram by someone expressing interest in Indonesian tourism. As the conversation evolved, it shifted to topics such as investment and cryptocurrency. The individual was urged to register on the Bigoneworld platform, but they declined due to its questionable reviews.

Instead, they were directed to another platform, Idleinn, where they made an account. They invested a total of $2,900 and, with guidance from the initial contact, engaged in trading. By July 2024, 2023, when the person tried to withdraw their funds, the platform denied their request, citing suspicions of money laundering. When the individual contacted customer service, they were told they needed to pay an amount equal to 100% of their assets to regain account access. After discovering numerous scam-related reviews online, the individual chose not to pay the fee, resulting in a loss of $3,400, encompassing both their investments and trading profits.

So what exactly is Idleinn, and is it a SCAM?

Idleinn.com Review

After reviewing countless scam websites, we easily recognized the template used by this website as one used by many Chinese scams.

The domain idleinn.com was registered through Gname.com on May 3, 2021. Cloudflare protects it, but as we suspected, the registrant contact is from Hong Kong, China.

It has 26 backlinks from 2 referring domains – webparanoid.com and trustedrevie.ws.

They have two subdomains: www.idleinn.com is the main site, while net.idleinn.com was designed to look like a mobile app.

According to their homepage, the platform offers extensive services and features for encrypted currency trading. It provides access to the latest big data on the encrypted money market and supports hundreds of currencies, facilitating global transactions without barriers. The platform claims to prioritize user security with high-level encryption technology, ensuring personal account safety. It also practices risk control, adhering to compliance and employing a quantitative system for monitoring risks.

The platform prides itself as one of the top encrypted currency trading platforms globally. However, traffic data does not support this claim.

They have allegedly implemented strict measures and utilized industry-leading technical precautions to safeguard user data. All transaction data is end-to-end encrypted, and access is restricted only to personal information. A significant portion is allocated to a safe asset fund to ensure user funds’ security further. Advanced access controls are in place to restrict unauthorized device and address access.

Users also benefit from personal counseling services that answer queries and provide timely assistance. The platform’s main goal is to boost revenue by guiding users on effectively utilizing encrypted currency.

White Paper

The document discusses various aspects of quantitative trading, a complex area of quantitative finance. Some points covered include:

1. Data Management: Data quality is emphasized, focusing on avoiding biases such as survivor bias.
2. Corporate Behavior: It explains how corporate activities like dividends and stock splits can affect data and trading strategies.
3. Delivery System: This relates to how trades are made, whether manually, semi-automatically, or fully automatically. The system can affect the results of back-tested strategies when implemented in real-time.
4. Risk Management: This encompasses various deviations affecting trading, including technical risks and psychological factors affecting traders. Mention is made of the Kelly Criterion, a formula used in capital allocation and bet sizing.
5. Advantages of Quantitative Trading: The piece states that quantitative trading offers new spaces and opportunities in the market, citing reasons such as limited competition, benefits for institutional investors, and potential for brokerage businesses.
6. Conclusion: The company is confident in its venture into forex quantitative trading, indicating they have the necessary experience and skills in programming languages and kernel modification.

Red Flags

We have identified several red flags in this white paper:

1. Survivor Bias in Data: The document mentions the risk of using datasets with survivor bias, which can lead to overly optimistic trading strategies.
2. Corporate Behavior’s Impact: Dividends, stock splits, and other corporate actions can distort the perceived performance of a trading strategy.
3. Back-testing vs. Real-time Performance: There is a warning that back-tested strategies might not perform the same in real-world scenarios.
4. Psychological Biases: The text acknowledges that traders can introduce cognitive biases into their strategies. These biases can distort decision-making.
5. Optimization Bias: This bias is mentioned, stemming from overfitting and over-optimization. It’s a common pitfall in quantitative strategies where a strategy is tailored too closely to past data and performs poorly with new data.
6. Lack of Comprehensive Risk Management Details: While risk management is addressed, the document mentions that there are complete books on this topic, implying that their overview might be lacking in depth.
7. Reference to MF Global: MF Global was a major brokerage firm that filed for bankruptcy, making its mention potentially concerning in the context of a trading strategy or venture.
8. Heavy Dependence on Technology: Their reliance on several advanced technologies and programming languages indicates a high complexity that could introduce more points of failure or errors.
9. Unclear References: Some resources like “Exploiting an Edge” are mentioned without clear context, making it hard to assess their relevance or reliability.

Company Profile

Idleinn.com claims to be a digital asset trading platform established in 2018. However, as we’ve seen, the domain was registered in 2021.

They say they are registered in Seychelles, with their operational headquarters in Dubai.

The platform has operation centers globally, including in Singapore and Seoul.

With over 3 million registered users and 30 million in its ecosystem, idleinn.com offers various trading services, including currency transactions, leveraged deals, and OTC transactions.

The platform touts itself as providing safe, efficient, and professional digital asset investment services.

However, there are red flags here as well:

1. Registration Location: The platform is registered in Seychelles. Many companies register in Seychelles for tax advantages and looser regulations, which can sometimes cause concern.
2. A discrepancy in User Numbers: The platform mentions over 3 million registered users but then states there are over 30 million users in the ecosystem. This large discrepancy requires clarification. Moreover, their traffic data indicates they barely receive any visitors at all.
3. Variety of Transactions without Clear Risk Details: While they offer a range of transactions, such as leveraged and OTC transactions, there’s no immediate mention of the associated risks, which can be significant in digital asset trading.
4. Lack of Details on Security Measures: Although the platform claims to provide the “safest” services, there’s no elaboration on their security protocols or measures in the provided text.
5. Operating Headquarters in Dubai: While Dubai is a global business hub, its regulations regarding digital asset platforms may differ from countries with more established regulatory frameworks for cryptocurrencies.

Announcement

According to an announcement on the website, the platform supports over 500 currencies and 800 trading pairs, offering services like currency transactions, leveraged and OTC transactions, contract transactions, and credit card purchases. The platform emphasizes safety, efficiency, and professionalism in its digital asset investment services.

Red flags here include:

1. Variety of Transactions with No Clear Risk Information: The platform offers multiple transaction types, including potentially high-risk options like leveraged and OTC transactions. There’s no upfront detail about the risks involved.
2. Claim of Being “Social Infused”: The platform touts itself as the “World’s First Social Infused Exchange” but doesn’t provide further details or elaboration on what this means or its implications.

API Document

The document guides developers on integrating trading into apps using a service’s tools. With APIs, users can handle accounts and transactions and view market data. Developers can tailor API permissions post-account setup, with authentication needed for account details but not market data. It details obtaining an API key and highlights two methods: REST API for transactions and WebSocket API for market information.

Red Flags:

1. Vague Introduction: There is no clarity regarding which platform or service this documentation pertains to.
2. Absence of Clear Security Measures: While there are mentions of API key application and authentication, specific security protocols or encryption measures aren’t discussed.
3. Deprecated Fields: The statement, “If the API returns a field that is not in the document, it means that the field is about to be deprecated,” raises concerns. The document should ideally list deprecated fields and not leave it for users to guess or figure out based on missing documentation.
4. SDK Mention without Context: The document mentions “Refer to SDK” but doesn’t provide in-depth information within the provided content.
5. No Sample Codes or Examples: For a developer’s guide, no sample codes or real-world application examples are provided.
6. General Statements without Direct Relevance: Phrases like “REST, which stands for Representational State Transfer, is one of the most popular Internet software architectures,” don’t offer actionable or practical insight for developers.
7. Missing Details on API Limitations: Information on rate limits, throttling, or any constraints related to API usage is missing.
8. Ambiguous Instruction on Feedback: While users are encouraged to provide feedback during API usage, there’s no clear method or contact point described for this process.

Terms of Service

Red flags in the document include:

1. High Compensation: Breach of terms can make users liable for a minimum of 2 million US dollars.
2. No Liability: The website extensively lists situations it won’t be liable for, including indirect losses and events beyond its control.
3. Intellectual Property Transfer: Any user content becomes the exclusive property of the website without compensation.
4. Exclusion of Mainland China: Users from mainland China are not allowed to participate.
5. Final Interpretation: The website has the exclusive right to interpret the agreement, potentially favoring its own interests.

It’s crucial to carefully consider these points and consult with a legal expert before entering into any agreement based on the mentioned terms.

Disclaimer

The document is a risk advisory for investors considering using the Idleinn platform for digital asset derivatives trading, highlighting the significant leverage and associated dangers. Investors are advised to acknowledge these risks, noting the official document is in Chinese. It stresses the importance of understanding contract details and assessing personal readiness before participating.

Red flags include:

1. Language Priority: The statement “Contents of this risk warning book shall be subject to the Chinese version” can be problematic. If discrepancies exist between translations, the Chinese version takes precedence, which might concern non-Chinese speakers.
2. High Leverage Warning: Multiple mentions of “highly leveraged and risky” indicate significant caution is needed. Such trading can lead to quick, substantial gains or losses.
3. Changes to Trading Rules: The platform reserves the right to alter derivatives trading rules based on operational needs. This can be concerning for investors if such changes are not communicated properly.
4. Delisting Criteria: Several criteria for delisting are vaguely defined, such as “damages the interests of Idleinn platform” or “other circumstances sufficient for delisting.” Such criteria can be interpreted broadly and may lack transparency.
5. Market Manipulation Mention: The document mentions the risk of the project party potentially manipulating the market, indicating that the platform recognizes it as a plausible threat.

Contact Information

Idleinn offers a live chat and an email address: idleinn@idleinn.com.

Idleinn Reviews

Idleinn.com, a self-proclaimed leader in the cryptocurrency sector, has garnered significant suspicion across multiple reviews. While it has consistently claimed to have been active since 2018, various pieces of evidence indicate a more recent emergence.

The website entices users with grand promises of AI-enhanced crypto investments and substantial returns, but these offers often appear more as deceptive lures than genuine opportunities.

Notably, there are glaring absences of key documentation to verify its legitimacy, coupled with questionable contact details and a concerning disclaimer that largely absolves the platform of responsibility.

Navigation woes plague the platform, with users facing challenges like faulty translation tools. The site’s user agreements and terms raise eyebrows for lacking essential legal specifics. Idleinn’s associated software, available for download, has been met with skepticism due to its broad liability disclaimers.

Alarmingly, there is an aggressive pattern of promoting services without upfront fees, only to pressure users into Bitcoin transfers under various pretexts. Multiple platforms, such as ScamAdviser, highlight a mixed bag of attributes.

On the one hand, Idleinn possesses a valid SSL certificate and has been cleared of certain cybersecurity threats. On the other hand, the platform’s owner remains concealed, traffic is limited, and there’s an undeniable association with high-risk financial services.

Notably, net.idleinn.com seems to echo many of the main site’s characteristics but with its own unique set of concerns.

Overall, Idleinn.com and its affiliated platforms exude a dubious aura. Given the sea of red flags, potential users are emphatically advised to tread cautiously.

Complaints We Received

On August 23, 2023, we received the following complaint regarding a friendship scam involving Idleinn:

I was approached by a Korean guy on Instagram who said he wanted to visit Malaysia and was looking to make new friends. He introduced me to cryptocurrency, which I initially hesitated to get involved with. However, he persuaded me to give it a try, leading me into the world of crypto.

I now believe this is a scam. I have assets totaling 8000 USDT and profits of 5000 USDT. When I tried to withdraw a large amount, they suddenly froze my account, claiming I was making illegal transactions with an unknown account. They’ve implemented many unnecessary rules and restrictions. They’re demanding that I deposit an additional 100% of the total principal amount to unfreeze my account. They’ve even threatened to seize my properties and harm my personal reputation. I’ve come to the realization that they have scammed me, and I’ve lost my money.

On August 31, 2023, we received the following complaint:

Someone initially contacted me via direct message on Instagram, expressing interest in tourism in Indonesia. The conversation then shifted to other topics, including investment and cryptocurrency. They encouraged me to register on the Bigoneworld platform. After reading its reviews, I felt hesitant and declined the offer. Subsequently, they recommended another platform, Idleinn, where I eventually created an account.

My initial investment was $200, followed by an additional $700, and finally $2,000. We engaged in trading activities together, with them providing guidance throughout the process. While I have a basic understanding of trading, their assistance was invaluable.

However, on July 24, 2023, when I tried to withdraw my funds, the transaction was denied. The reason given was suspicion of my involvement in money laundering. In response, I contacted the platform’s customer service, who demanded that I pay an amount equivalent to 100% of my assets to regain access to my account. I chose not to comply, particularly after reading numerous scam-related reviews online. As a result, I ended up losing $3,400, including my investments and the profits I had earned from trading.

Idleinn Review Conclusion

After thoroughly examining Idleinn.com and its related platforms, it is evident that there are numerous reasons for concern. The platform appears rife with inconsistencies, from discrepancies in its operational timeline to ambiguities in its documentation and its questionable practices. The prevalence of red flags, paired with the personal experiences shared by some users, paints a worrying picture.

The cryptocurrency and online trading world is complex and has opportunities and pitfalls. When combined with the potential for exploitation by unscrupulous entities, it becomes even more crucial for individuals to be informed and vigilant. Based on our findings, we recommend that users avoid Idleinn.com.

It’s a poignant reminder that in the digital age, due diligence is not just advisable; it is imperative. Always remember: if an offer seems too good to be true, it probably is.

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!