Topic: [SCAM REPORT] Bitmart.com SCAM, stolen over $100k (Read 332 times)

Threat won't be enough, I think that OP should just straight up file the lawsuit, pretty sure that a threat is easily brushed off and I don't think that you're going to have a hard time doing a back and forth inquiry with threats of lawsuit so you're better off doing the lawsuit because a subpoena will definitely make them lose their minds and if they don't answer to it then the exchange will lose more than just the 100k that they've stolen from OP, and the actual lawsuit happening instead of threatening increases your chances that you will get more money and if they fight it even if the exchange itself know that they're in the wrong then they're going to pay more to OP besides the legal fees. So don't threaten them with a lawsuit, file it already.

This is an obvious phishing scam. There are no legal exchanges that will ask you to make a deposit first to allow you to withdraw. He already presented his scam accusations here Account Frozen Due to Suspicion of Money Laundering And it is obvious that he did not use the official bitmart.com Bitmart site, but phishing site at the address bitmartcn.net

Please make your own thread with below format and provide as many proofs as you can. For the time being, please also refrain from doubling your deposit like they requested. If they suspecting you of money laundering activity, they'll ask for documentation like SoW-level KYC, not to re-deposit.

I have the same case with Bitmart today. I tried to withdraw funds but was canceled. I received an email saying that
I have been suspected of money laundering and I have to deposit 100% of my asset ($74K) in order to verify my account otherwise, my account will be permanently frozen.

@OP best option in such case is just to talk with a lawyer specialized in this kind of arguments.
I don't think there is the real interest to scam this amount, otherwise you can try to find an agreement to avoid such loss. I will focus on a solution in real life and not just a complaint here on forum - "my 2 sats"

Regardless of your claim that it's not an amount that means anything to you, I still wouldn't waste money so easily without first checking who I'm sending the money to. Considering that you have been involved in all this for more than 10 years, I am surprised that you have put yourself in such a situation - although if you were to repeat the same thing with any CEX, each of them would ask you to prove the origin of the funds, because for most of them it is still a significant amount of money.

Technically speaking, they are not the ones to blame, because it is up to you to prove where the $100k came from.

Thats true , most of tokens trading volume is generated by fake way. All these fake volume is just to rank up and attract new projects to launch tokens here. Bitmart listing rules are not strict and they will list any exchange paying good money. I also once cheated by fake trading volume and sold tokens in low rate then market rate


Would you like to share the screenshot of your fund in the bitmart and also deposit and withdraw history screenshot to make this case more clear. I am using this exchange for three or four year and didn't faced any withdraw problem but my withdrawal fund not bigger than 1k$ ever in this exchange.


Yes of course they will lose reputation and at least i will never take risk in this exchange ever but I will suggest try your best to satisfy support team. This fund is not big for you but its your right and you should fight for your right in better way.

Well, it sounds like you tried to reason with them using logic but your screenshots wasn't enough to sway them. But still, that's a lot of money! I can't believe you'd just give up like that. Have you considered hiring legal support? Lawyers usually have a common language that they understand.

By the way, you still haven't shared with us what exactly they asked of you. Can you copy the entire email conversation or at least the most important parts?

Dear User,

So far we have not received any requested information and documents so we cannot reactivate the withdrawal functions of your account.
This is our last reply to you and your withdrawal request is denied.

Best,
BitMart Legal

I explained them, that as nobody keeps the receipt of t-short purchased 10 years ago, as I do not keep the history of my bitcoins, most of them was mined/purchased at 2012-2013. But I have a photo of my first miners I have been registered here on bt on 2013. I just returned to trade and checked various exchanges for futures trading. Because the binance account has a certain limits. I sent them my binance account screenshots showing a profit of more than $100k/month.
Also I suggest them to verify my bitcoins by AML Bot, that showing LOW RISK. Nope

They just stole money

Ok, it is not a big sum for me, I just want to warn the community. Anyway they will loose more on reputation.
Have a good day for all!

This is what I wanted to know more before weighting things, OP's background story is still very shallow in context and has little to no basis of supporting evidences. Screenshots of those emails will help us understand better what they actually demanded and what's probably happened.

OP, have you just started to be active in crypto space again? because it does look like it from your post.

Hate to bring this to you but in general, CEXs can be intrusive and trigger-happy. With that amount, one could say you'd be ringing most CEx's alarm bells and may have gotten the request of source of funds as well. In the future, you'd need to keep this in mind if you wanna dabble into centralized exchanges again.

It would be a different story if they aren't cooperating though. Could you post your conversation with them?

Have you tried stating your situation to them as well? perhaps you could also find something on your old email accounts that could be a supporting evidence.

It might astonish you to learn that around 98% of centralized exchanges manipulate trading volume, deceiving investors. Even Bitmart, among the poorest exchanges, engages in substantial volume falsification. It's disheartening to hear that you've been ensnared by their tactics. Consider pursuing legal measures against them and sharing your experience on their social media platform. By doing so, other users can become aware and raise awareness about this matter.

How can you make such a mistake when you are so experienced in the crypto world, why would you deposit such a large amount of funds in an exchange that you don't know about in detail. The experience of users in this exchange is not good, there are many complaints against them in recent times on Trustpailot, if you do a little research before depositing this fund, you may not make this mistake. However, you should keep in touch with their support team, see if they can show you another way.

https://www.trustpilot.com/review/www.bitmart.com

Providing the screenshots of the letters [I'll assume you're referring to an email chain] might help add more context and understanding here. With the current description you gave, is it possible that they're asking for Source of Wealth instead of the origins of the 100k USDT back to the very beginning? Like your employment slip, or some inheritances, whatever documents to prove the source of your wealth. Or, if they indeed asked for the origins of the funds in sense of the source of deposits, perhaps they're not requiring you to give a full detail of entire transaction back to a decade ago? Perhaps the last two or three transaction chains?

Their 24-H volume for spot trading according to CMC is USD 1,127,413,542.60, and though you've said that their futures trading volume is fake, thus that number is probably also fake, the small numbers of raised complaints here [I just did a quick keyword search and glanced at the numbers, haven't look at each of the threads to see what's they're about] and that they've been around for several years tends to give them --big or small-- benefits of doubt that it might be a case of miscommunication. Thus, repeating what I said earlier, giving more context will likely helps us understand the situation better.

I guess anyone willing to use a centralized exchange should just get ready to get annoyed all the time, as they will always come up with anything at anytime as a reason to freeze and withhold your funds.

The exchange might not be aware if the source of fund is no longer available or can't be accessed. When ever they detect any huge suspicious deposit from anyone they will definitely request for such documents, since they are also under some government regulation in other to protect their exchange and licensed. 

I guess their T&C quoted below is one of the things they usually use to hold their customers.

The annoying thing about verification is when exchanges ask for unreasonable source documents that are even older than the exchange they were founded on.

I have their account and actually their verification system sucks, I signed up for level 2 with random KYC and it passed. I don't know if with these clue they can also accept any documentation. What if you kept a historical record of all the txids associated with the fund?

That's pretty bad do you know where your coins came from or what exchange you bought them?

If it was from the 2012 exchange and the exchange is already gone then you have zero chance to provide any documents and to unblock your coins.

Would you mind to tell us what exchange your BTC came from?
And maybe we can find some contacts who runs that exchange before.

And I'm sure Bitmart is interested about deposited $100k because it's big money. I think almost all exchanges have withdrawal limits you might already reach the maximum limit that cause this issue you can maybe avoid it if you gradually withdraw them to small amount of $10k or $5k.


If you are fully verified there I suggest open a lawsuit against them or report it to SEC here https://www.sec.gov/tcr

Well, I would say thanks for the warning, and I think others would learn from your mistake too. Having to deposit over $100k to a centralised exchange is not even a good idea for me, unless maybe it's an exchange you have been using for a very long time and you know you really trust the exchange and you also know it's a good, reputable exchange. But despite being a reputable exchange or not, it's not even wise to have such a huge amount on a CEX.

I don't think I have used Bitmart before, but even the name alone sounds like it's not a very popular exchange. Any time am using  CEX for trading and the traded amount is huge, like $20k+, I don't usually carry out the trade at once; I sell or buy and withdraw in fractions. I don't go one at a time but rather bit by bit. For example, if I want to buy Bitcoin worth $20k, I would rather buy $5k first and withdraw it to my account, up until I have exhausted the $20k four times. Any time I also want to sell, I do the same thing. The reason is because I don't even trust any CEX with my assets. CEX is full of excuses and issues; you can make some huge deposits, and they will just come up with one issue that can lead to your account being restricted, just like in your case. By the way, I'm sorry for the situation.

It's a bit of surprise that you sent over $100K to an exchange you knew less about, yet there are several much better exchanges.

Now, that being a lot of money, you have no choice but send them the required documents. Maybe you should try to explain to them where your Bitcoin comes from or how far you have come in the crypto industry.

I have been using Bitmart for a very long period of time; I can't remember how long, but I know it's been more than 2 years now, even before my huge exposure to crypto. I passed their KYC verification and have been using the exchange to trade a few coins without complaints.
 
The only time I have issue with this exchange is when I lost access to my Google authenticator bind with the exchange and I can't apply for for it to be disabled reason being that I was not close to my required documents, so I decided to create another account which I used to make a deposit and tried trading the coin which took me there before the price will go against me.. but after my trading I was not allowed to withdraw my funds saying I must pass my KYC, when I contacted there support I was given just one option, which was in other for them to be sure I didn't use the exchange to launder money I should convert back my assets to the currency method I deposited with, and use the same wallet I use for finding as withdrawal address which was embarrassing to me but I had no choice, at the end of the day I took back my coin. 
 
If you can make provision for their demands, try having a friendly chat with their live support, to which they are quick to reply. Maybe give them the suggestion of giving you back your deposited amount directed to the wallet used in funding the exchange.