We received a complaint from an individual who used the website leticoin.com to invest in a cryptocurrency trading platform based in Singapore.
They initially believed the platform was legitimate due to its professional appearance and the opportunity it seemed to offer.
However, shortly after their involvement, things began to take a troubling turn.
According to the complaint, the platform provided access to an account where the victim could see their funds and monitor trades.
At first, everything seemed in order, and the site functioned smoothly, allowing them to believe that their investments were safe.
However, issues arose when the platform made a trading error—which they claimed was the victim’s fault.
They then demanded additional funds to rectify the supposed mistake, a tactic that continued throughout their interactions with the platform.
The victim made a series of deposits, hoping this would resolve the situation and allow them to withdraw their money.
However, they found themselves out of pocket for $60,000 after twelve separate transactions.
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Despite their account being open and the funds appearing on the platform, every attempt to withdraw their balance was met with demands for further payments under the guise of fees, commissions, or taxes.
It’s important to highlight that this scam plays on the victim’s trust in the system and their desperation to recover their funds.
By keeping the account open and showing the balance, the scammers create the illusion of legitimacy, making it difficult for victims to cut their losses and move on.
Is leticoin.com a SCAM?
The platform, leticoin.com, is still active, and additional reports have been linked to its Telegram groups, including one called ‘Second Space Contract VIP Group,’ where other potential victims may also be targeted.
We strongly believe this is a scam based on the classic structure of a high-yield investment fraud.
The scammers use promises of lucrative returns and manipulation of the trading process to extract more money from their victims.
While the funds are visible in the account, they are never accessible.
The continued requests for additional deposits under pretenses further confirm the fraudulent nature of this operation.
Complaints We Received
On September 29, 2024, we received the following complaint:
I believe I’m in the process of being scammed by Leticoin. A person approached me via Telegram, and after joining a trading group, I noticed multiple “members” claiming to make money using Leticoin. Then, Fiona contacted me with information about UTAM, an investment firm based in Singapore (www.utam.top), and how I could invest $8,000 and make 10x the return, with no losses guaranteed. Of course, it sounded too good to be true, and I had my doubts from the start, but after researching the domain and Whois information, it appeared legitimate.
After opening an account, I contacted Leticoin on their site via Telegram to ask if UTAM was a legitimate company. They responded confidently with “of course.” So, I made an initial investment of $5,000 and signed a contract.
It’s been seven days into our 2-week contract, and so far, I haven’t encountered any trading issues or been asked for additional funds beyond what was outlined in the contract. However, what concerns me most is that as I’ve tried to get to know some of the members, I’ve noticed a pattern: whenever I try to dig deeper or ask questions, they simply ignore me. I have a bad feeling about what’s coming. Additionally, I was told to add $10,000 to enter the second round of trading, bringing my total investment to $15,000.
Bottom Line
In conclusion, exercise extreme caution if you have been approached by or are considering engaging with leticoin.com or similar platforms.
The scenario outlined in this case matches the tactics commonly used in high-yield investment scams.
Repeated requests for additional deposits to resolve account issues are a major red flag.
Always be skeptical of any platform that requires additional funds to release your balance—this is a classic sign of a scam.
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