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Coinmate is a fraudulent cryptocurrency trading platform set up to lure investors into parting with their cash as part of a pig slaughter scam.
Victims are being contacted via social media by members of the scam group, who they have become friends with before being introduced to Coinmate.
They encourage you to deposit large amounts of cash on the platform because you are told that you will earn big profits in a short period of time by investing in cryptocurrencies.
Victims may initially see their cash growing, but ultimately these profits are fake and their accounts will be blocked when victims try to withdraw their money.
In order to return money to the victim, the scammer will ask for various fees – commissions, taxes, mining costs, etc., but in no case will this happen and they will also take additional cash.
Coinmate scam discovered
At first glance, the Coinmate website looks like a typical cryptocurrency trading platform, but there are several red flags beneath the surface.
These include:
- It is a brand-new domain name, despite the platform’s claims that it has been in business for several years.
- The Domain Authority (DA) rating is 1, the lowest possible rating.
- The content on the platform is full of grammatical errors.
- There is no regulatory or licensing information on the site.
- There are no links to information about the team or company behind the platform.
- There is no explanation as to how the unrealistically high returns are generated.
- There are several reports of people losing significant amounts of money due to this platform.
- The official store does not have any social media profiles or apps.
- There is no information about the company location.
Putting these and other things together, it is clear that Coinmate is a scam and you should not deposit your money here.
Can I get my money back from Coinmate?
Getting your money or cryptocurrency back from a scam platform can be very difficult.
However, you should gather as much information as possible about what happened and report this to the police and fraud authorities.
There are also private companies that can help, as I wrote here.
If you suspect a site is fake, contact us.
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