Cryptocurrency investments have garnered significant attention in recent years, attracting seasoned traders and newcomers. Among the myriad cryptocurrency platforms available, Loboex (Loboex.com) has emerged as a digital asset derivatives trading player.
This comprehensive review will examine Loboex’s claims, potential red flags, and customer experiences to provide a well-rounded view of this platform’s credibility and safety.
On February 26, 2023, we came across a complaint filed with the BBB (Better Business Bureau) by a New York, NY, USA person who claimed being scammed by a cryptocurrency investment scam in the form of a digital asset derivatives trading platform called Loboex.
The complainer has $600,000 in their invested account with the Loboex platform, but their account was temporarily suspended after they tried to withdraw funds. They offered their bank account and ID for review, but after 30 hours, their account was still frozen. Customer service then told them they were suspected of money laundering and needed to pay a 30% deposit of over $180,000 within 7 days to unfreeze their account.
I have $600,000 in my investment account with the Loboex platform. After initiating the withdrawal process, I was unable to log in to the platform. I contacted the platform’s customer service and was informed that my account had been temporarily suspended for violating their rules. I provided my bank account and ID as requested by the platform to conduct a review.
The platform stated that the review would take 12-24 hours. However, after 30 hours, my account was still frozen. When I contacted customer service, I was informed that I was suspected of money laundering and needed to deposit 30% of over $180,000 to the platform within 7 days to have a chance to unfreeze my account. Otherwise, my account would be transferred to the relevant government department and permanently frozen.
I want to clarify that my investment funds come from my 401K and the bank deposits of my family and friends, and I have not laundered money. This can be verified through my checking account. I am being asked to pay $180,000 as a deposit within 7 days to investigate the problem, and I believe I have been deceived.
So what is Loboex, and is it a SCAM?
Opening loboex.com, we see a website in Chinese, and we use Google Chrome auto translator to be able to read it.
The website Loboex.com offers a platform for financial derivatives trading, including contract and documentary transactions for various cryptocurrencies. They provide a safe and efficient trading experience and offer a mobile app for download.
The domain loboex.com was registered on August 4, 2022, for one year through Name.com.
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The website is ranked 13,371,313 globally and 3,773,112 in the United States. According to SimilarWeb, on February 2023, loboex.com received less than 5K visitors.
They have only 3 backlinks from 2 referring domains, which don’t seem to work properly.
Besides its homepage, most of the site’s other pages are hosted on another domain: loboex1.site. In fact, loboex1.site seems to be a loboex.com clone.
Loboex1.site was registered on December 26, 2022, for one year through Name.com. Quantil Networks Inc. hosts it.
They also have a wwwh5.loboex2.online domain they link to, as well as static.loboex1.site. On these domains, they have their apps, which can be downloaded but not installed directly from the Google Play Store or App Store. Needless to say, never download any apps from companies you do not 100% trust.
Loboex2.online was registered on January 9, 2023, for one year, also on Name.com.
Loboex is a digital asset derivative trading platform that provides a secure and efficient trading environment.
According to their website, the platform was founded in Singapore in 2019. It boasts a team of experienced Bitcoin miners, Ethereum developers, and professionals from renowned tech companies like IBM, Microsoft, Google, and Ethereum. They claim to offer a range of financial derivatives, including contract and documentary transactions for various cryptocurrencies.
Based on their About page, Loboex is a digital asset derivatives trading platform established in Singapore in 2019, with offices in the US and UK. Its core team includes experienced Bitcoin miners and Ethereum developers committed to providing a safe and efficient blockchain trading environment. Their development team includes senior blockchain developers and technicians from IBM, Microsoft, Google, and Ethereum, ensuring the security of users’ assets.
Who is Behind Loboex? Contact Information
One of the notable concerns surrounding Loboex is the significant lack of contact information the platform provides. Transparency and accessibility to customer support are crucial aspects of any trustworthy cryptocurrency platform.
Outside of a live chat widget, we could find absolutely no way to contact them or any information about them, such as where they are located, who are the people who run the company, etc.
Loboex’s website does not offer clear and readily available contact details, such as a physical address, phone number, or even a dedicated email address for customer inquiries. This omission is a significant departure from industry standards, where reputable platforms typically provide multiple channels for users to reach out.
Their Facebook page is called Loboex Global, and its intro is: “Founded in Singapore in 2018, taucoin is a leading cryptocurrency exchange in the field of blockchai”. It has 8.9K likes (most likely fake).
They also have a YouTube channel with 3 subscribers and one video from 6 months ago. (The channel was opened on August 22, 2022).
WikiFX gives them 1.04/10 and calls them a “Danger.” They also provide an additional domain name: loboex-protrade.com.
And on globalantiscam.org we find additional loboex domain names.
Regarding loboex-protrade.com, we find two reviews on WikiFX:
The first comment expresses disappointment with Loboex’s website, finding it lacking crucial information and unreliable. The commenter is uncertain about trading with Loboex and notes that it is risky to invest there because it has been established for less than a year. The second comment is a negative review of the Loboex app, citing issues with the new update and problems with Ripple trading. The commenter describes the withdrawal process as difficult and disgusting and claims they could not get their money back.
We also found another Facebook page: LoboexCN. Here the associated domain name is loboex.life.
So here’s a list of associated domains we haven’t looked into yet, next to their registration date.
- loboexprodefi.com (December 20, 2022)
- loboex-promaxdefi.com (January 1, 2023)
- loboexpromax-defi.com (January 1, 2023)
- loboexpromaxdefi.com (January 1, 2023)
- loboex-maxdefi.com (January 1, 2023)
- loboexmax-defi.com (January 1, 2023)
- loboex.life (November 2, 2022) – seems to be defunct
- loboex-protrade.com (December 19, 2022)
All of them were registered through Name.com for one year. And they are all clones of each other.
They don’t look exactly like loboex.com, but they use the same logo, indicating the same people are behind them all.
The Customer Service page has an image that says: “Listen to Your VOICE – Solve your problem whole heartly.” No contact information is provided.
Cryptocurrency platforms like Loboex often make various claims to attract investors and establish trust. It’s essential for potential users to critically assess these claims, as trust and transparency are paramount in the cryptocurrency industry.
Safe and Efficient Blockchain Trading Environment: Loboex offers a safe and efficient trading environment for blockchain assets. While safety and efficiency are crucial factors for any cryptocurrency platform, these claims must be substantiated with concrete evidence. Users should look for information about security measures, such as multi-factor authentication, cold storage of funds, and regular security audits, to evaluate the platform’s commitment to safety.
Team Expertise: Loboex highlights the expertise of its team, including experienced Bitcoin miners, Ethereum developers, and professionals from prominent tech companies. While the team’s qualifications are essential, verifying these claims is vital. Potential investors should research the team members’ backgrounds, professional achievements, and their involvement in the platform. Independent verification of team credentials can help assess the platform’s credibility.
Commitment to Security: Emphasizing a commitment to security is a common claim among cryptocurrency platforms. To assess this claim, users should look for evidence of security protocols, such as encryption standards, user data protection, and measures taken to prevent hacking or data breaches. Additionally, a transparent disclosure of any past security incidents and how they were resolved can provide insights into the platform’s approach to security.
Regulatory Compliance: Claims of regulatory compliance are vital in an industry that faces evolving legal and regulatory frameworks. Platforms should be transparent about their adherence to local and international regulations, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. Users should verify if the platform holds the necessary licenses and registrations to operate legally.
User Funds Protection: Cryptocurrency platforms often claim to protect users’ funds through various means, such as insurance coverage or segregated accounts. Users should investigate the details of these claims to ensure that their investments are adequately safeguarded in case of unforeseen events or platform issues.
Transparency: Transparency is a fundamental aspect of trust in the cryptocurrency space. Claims of transparency should be reflected in the platform’s clear communication of fees, terms of service, trading processes, and governance. Users should be able to access essential information easily and have their questions answered promptly.
Loboex Warning signs
- Multiple Domain Names and Clones: Loboex’s web presence appears fragmented, with the existence of multiple domain names and clones using similar branding and logos. This fragmentation can be confusing and lacks clarity regarding the platform’s identity and legitimacy. Investors should be cautious when encountering such inconsistencies.
- Negative Reviews and Warnings: Independent sources have given Loboex low ratings. Negative user reviews citing platform website issues, trading difficulties, withdrawal problems, and challenging experiences should serve as warning signs. A lack of positive feedback or endorsements raises concerns about the platform’s performance.
- Limited Positive Track Record: Despite claiming to offer a secure and efficient trading environment, Loboex has limited positive feedback or endorsements from reputable sources or satisfied users. A lack of a substantial positive track record can concern potential investors seeking reassurance about the platform’s reliability.
- Opaque Ownership and Location: The absence of clear information about the individuals behind Loboex, its physical location, or regulatory compliance can indicate a lack of transparency. In the cryptocurrency industry, transparency regarding ownership and compliance with legal regulations is crucial for building trust.
- High Deposit Demands: The demand for a substantial deposit, such as the requirement for a user to deposit 30% of over $180,000 within a short timeframe to unfreeze their account, is a significant warning sign. Such demands are unusual in legitimate cryptocurrency platforms and can indicate potentially fraudulent practices.
Loboex Customer Experiences
Here are some customer experiences that shed light on Loboex’s track record:
Account Suspension and Accusations of Money Laundering
One notable customer complaint filed with the Better Business Bureau (BBB) involved a user who claimed to have $600,000 invested in the Loboex platform. According to the complaint, the user initiated a withdrawal but could not access their account. Upon contacting Loboex’s customer service, they were informed that their account had been temporarily suspended for violating platform rules.
To resolve the issue and unfreeze their account, the user was allegedly asked to deposit a substantial amount, specifically 30% of over $180,000, within a tight timeframe of seven days. Furthermore, they were accused of money laundering.
This experience raises significant concerns about the platform’s customer service practices and the substantial financial demand placed on the user.
Negative Reviews and Warnings
Independent sources gave Loboex a low rating of 1.04/10 and labeled it “Danger.” These ratings are often based on user feedback and assessing the platform’s performance. Some users have reported dissatisfaction with Loboex’s website, describing it as unreliable and lacking crucial information. Others have cited difficulties with trading, particularly concerning cryptocurrency withdrawals.
One negative review mentioned issues with a new update, problems with trading Ripple, and a challenging and unsatisfactory withdrawal process.
Cloning and Fragmented Web Presence
Loboex’s web presence appears fragmented, with multiple domain names and clones of the platform using similar branding and logos.
This fragmentation can confuse potential investors and raise questions about the platform’s legitimacy and trustworthiness.
Limited Positive Feedback
While Loboex claims to offer a secure and efficient trading environment, there is limited positive feedback or endorsements from reputable sources or satisfied users.
The absence of a substantial positive track record or endorsements can concern potential investors seeking reassurance about the platform’s reliability.
Complaints We Received
On July 24, 2023, we received the following complaint:
I lost $200,000 in two weeks.
On August 16, we received the following complaint:
Invest $10,000 to buy MAN/USDT on Loboexe.com. I’ve been trying to withdraw the money for 3 days.
We describe a complaint filed with the Better Business Bureau (BBB) by someone who invested $600,000 in a digital asset derivatives trading platform called Loboex. The complainant’s account was temporarily suspended, and they were asked to pay a 30% deposit of over $180,000 within 7 days to unfreeze their account after being accused of money laundering.
We discovered that the website is in Chinese and not properly ranked or secured. It has only 3 backlinks from 2 referring domains, and almost no reviews, except for negative ones that consider it dangerous.
No contact information is provided on the website, and their few social media accounts are either fake or outdated.
In light of the numerous red flags, including limited transparency, negative reviews, and concerning customer experiences, potential investors should exercise extreme caution when considering involvement with Loboex.
The cryptocurrency industry is rife with opportunities and risks, and due diligence, security, and transparency should be paramount in any investment decision. Before committing funds, thorough research and scrutiny of the platform’s claims are imperative to protect one’s investments and financial well-being.
The bottom line is that the Loboex trading platform is most likely a scam, and potential investors should avoid it.
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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