Topic: Dont sell on WallOfCoins (Read 217 times)

Christ, now I get you and now I get this platform... sorry again about the experience. But hell what a way to pay for third-party, I'm actually really surprised this sort of loophole exists and it looks like it's relatively well used, like you said, total scammer paradise. If the police were brought in for your case and this was a year ago, I'm sure it's not the first nor the last time... with all the enforcement cases over the past years, it's incredible how this site's managed to escape the attention of law enforcement.

Whatever it is, though, just no safe way to do instant faceless/online 3rd party transfers, escrow or otherwise. Time-bound multisig's probably one way to go about it, that's just how it is.

Another problem is that wallofcoins are always late to send BTC to people and literally had several times bank account frozen and had to fight for the funds. Its horrible horrible service. Localbitcoins are completelly different from wallofcoins. 

That really sucks, but since the lady went to police you can try and make a contact with her right? I bet she can provide some information about the person who tricked her to send money until now I can't get it how someone can trick someone else to make him/her send money to a bank account! I think it might be a stolen card or someone selling fake items or services online that is the only ways I can think of. I know that making a contact with her and get some more information about who scammed you both might not bring your money back but there is a good chance that you might get valuable information that will help you.

Oh I get it now. Crap, both of you got played by the scammer. While this is really unfortunate, I got to admit that the scammer was smart as hell as he took advantage of a sort of loop-hole of that exchange. Yikes. I guess LocalBitcoins is still overall superior even with them requiring KYC. Thank god I didn't know about that exchange, because I'm pretty sure I would've used it if I knew an exchange with that kind of system existed.

even though you didn't offer her bitcoin in the first place,  - i put a sell order, so i am offering to people, its just you are never given details of the buyer. Buyers are given my bank details and are instructed to do a cash deposits into the account. All a seller knows,  is that a buyer (never given any details of who is the buyer) wants to buy x amount of bitcoin for x amount of GBP. After receiving X amount of GBP seller confirms the transaction and the platform sends x amount of BTC.  When someone does a chas deposit to account you only see that x amount was deposited and no details of who deposited are provided.

Some random dude(s) found a lady, and told her she had to transfer money to my bank account. She went to the bank and deposited money. Since I dont know who is the buyer, all i see that money reached my account, I confirm that transaction and exchange releases the bitcoin to the buyer. So the scammers registered on the wallofcoins, indicated that they want to buy btc, tricked a lady into going to bank and transferring money to my account. I got the money, they got the bitcoin, lady went to police and told that i scamed her into forcing to transfer money to my account.


So basically, its a paradise for scammers, they initiate a buy order, provide their BTC address, get a bank details of the seller, trick person into depositing money to that bank account. Seller receives the money and idicates on the platform, wallofcoins sends BTC to the buyers BTC address. Only buyer gets details of the seller, the seller has no idea who was the buyer.  The person who deposited money goes to the police with the bank details of the seller - seller gets arrested.

I don't think I get it, care to explain?

So a woman transferred money to your bank account, and you confirmed the transaction, even though you didn't offer her bitcoin in the first place, but you confirmed because the price is 30% in your favor, so your bitcoin was released. So isn't this your fault in the first place? not the exchange's? Or is there something I didn't understand?

All happened 12 months ago, i am just sharing this again, as the bastards called me yesterday to deposit some btc as they dont have sellers!

You should've looked for reviews about wallofcoins first before using them. A simple google search would quickly change your mind there's tons of reddit and bitcointalk threads about users having bad experience with their platform. Some cases were resolved but I wouldn't recommend using them since you'll eventually run in to these kind of problems.

https://www.reddit.com/r/Bitcoin/comments/6gwmg7/has_anybody_bought_coins_on_wallofcoinscom_and_if/
https://www.reddit.com/r/Bitcoin/comments/7f8jbj/help_wall_of_coins_scam/
https://www.reddit.com/r/dashpay/comments/72etn9/scammed_by_wall_of_coins/
https://bitcointalksearch.org/topic/wall-of-coins-scam-site-1956218
https://bitcointalksearch.org/topic/your-thoughts-on-wallofcoinscom-3379122

Its not P2P platform, they are the 3rd party. They are supposed to do a KYC, but they dont. Also, you dont know the buyer, you never know the buyer as buyer is supposed to deposit money in the bank. So what you see, that money was deposited into your account in a branch and you dont know the name of the person. So there is no way to know who registered on their platform and who deposited money. Thats the problem:
1) You dont know who is the buyer
2) You can not refund money as money is deposited by cash in branch

I strongly argue not to use WallOfCoins, its the worst place to sell BTC and probably to buy as well.

Police was ackward as hell too - 1 said oh, BTC is a known scam. Then i got a state lawyer, and the first thing lawers said:' I know BTC, i am not that old, its used for scams!' This made me extra nervous.

That's really, really bad luck, but this shouldn't be a reason not to use P2P platforms to trade BTC.

Even with established ones like Localbitcoins or Bisq, which I can't recommend highly enough, you have to insist that people cannot send money via 3rd-party accounts, unless you trust them. Just put "no 3rd party trades" on your account/trade description.

When dealing with untrusted sellers, always insist that money is sent only from the same name as verified ID. Most reputable p2p traders insist on this and immediately refund money sent from 3rd party accounts.

I'm surprised police detained you, but luckily only for a night.

You send BTC to their platform, and provide bank details. The buyer gets bank details and trasnfers you fiat, when you get fiat, you confirm the transaction and WallOfCoins releases BTC. What happened, scammers gave this women my bank account details, she transfered money, and i received money. So i confirmed the transaction - BTC got released.
Then women went to police with my account details and 1 month later i get arrested in the airport and sent to police station overnight. In the end of the day, i was not charged with anything, however spent 1 night in police station, refunded women her money, got my phone and laptop taken for 1 month, had to flight back to police station to pick it up  as police wont send it.

So lost my BTC, spent night at police station, lost flight ticket, had to pay money to buy a new tickets.
Wall of coins never refunded btc, nor refunded my loss due to their mess. They are supposed to do KYC and they didnt.

It was tempting to sell BTC with 30% price market, but overall, i lost money and got a lot of stress.

Wallofcoins never replied to my emails, all emails i sent got ignored, after calling them, they just hang the phone.
Its not fun being locked in the station, its fun in the movies, but its not fun in real life at all!

In addition, got my bank account frozen like 3 times. As, wall of coins doesnt release coins to people for long time, even you confirm it like 5 minutes after receiving momney, wall of coins doesnt send BTC to the person. So person calls the bank and says he got scammed, sent money to a wrong account, and next thing you know - your account is locked and you have to call or go to the bank and explain everything.  

Literally the worst place you could sell BTC or buy in fact.

Is the platform P2P where you're sending the funds to the other party or to the exchange itself? I'm not sure I understand but on what basis you spent the night on police station? If the woman was tricked into transferring money, then she must've sent them to someone else (like the bank details) so If the info doesn't match, there should be no problem for you?

Writing to warn people of using WallOfCoins - dont sell crypto on this site.
 Got detained by the police for selling via WallOfCoins and had no help from their customer service.

Some lady got tricked into transferring money for the btc and scammers got BTC, as a result, for being a seller i had to spend a night at police station and got phone and pc taken for over a month. 
Wallofcoins never paid for my losses, never replayed to my emails, and hanged the phone calls. Just dont use it. Not worth the risk!