Cosetek Review – One Ponzi Scheme Less In The Crypto World
This would-be exchange quickly found itself on the radar of prominent financial regulators. In turn, this caused the host website to be shut down by the authorities. Not much information is left about the exchange itself, yet the internet is still buzzing in the wake of this crypto Ponzi.
Without further ado, let’s examine how fraudsters like this one operate in our Cosetek review, and more importantly, let’s look into how you can get your money back.
|Unregulated Crypto Exchange
|Is This Company Safe?
|No, this company is unregulated and dangerous so watch out.
|cosetek.com – inactive
|Have Warnings from:
|UK – alleged
|Free Demo Account:
|How to Withdraw from This Company?
|You should better contact our legal service for help, otherwise you will have a hard time recovering your assets.
FCA Alerts Public About the Fraud
It is not enough to just claim to be incorporated in a particular country and provide zero proof of that. Since these arrogant swindlers had the nerve to claim they operate out of the UK, it was easy to determine that these claims were entirely fake.
After checking with FCA, we found out that the firm is not only unlicensed by the state regulators, but was also blacklisted for illicit crypto activities.
Soon after the warning was published the website was taken down. It was about time that happened, considering the conduct was an anonymous MLM scheme that robbed traders blinds. We can only hope the same fate awaits another similarly operating fraudster – Simplii Cryptos.
Shifting The Blame
The domain hosting the platform was first launched in 2017 as an online consumer electronics store. It became the threat we see today in July 2023, targeting the citizens of the following nations:
- United Kingdom
Online fraud platforms often use boiler room agents to attract new victims, another example being TraderMinds. Cosetek crypto Ponzi abused various social sites like X and LinkedIn to influence potential investors.
After the truth about the platform came to light, cosetek.com turned against their agents in a truly backstabbing move. We can see this unfold in the current slur campaign that’s been going around, where the owners hold their agents responsible for alleged hacking.
Ratings Going Downhill
If we take a look into the history of Cosetek reviews we can see that the fraudsters used fake comments to boost their reputation. On TrustPilot, the overall score has started to drop dramatically once the con artists gave up on the cover-up.
Many traders have already sniffed out the fraud a long time ago, with multiple Reddit boards having voiced their concerns for everyone to see.
None of this will bring the scam victims any closer to recovering their funds, however. If you require assistance in this matter, feel free to contact our experts.
Abnormal Fees On Every Step
You had to watch out for sudden fees whatever move you were about to make on this platform. Since the portal was not clear on the fee structure, we could only guess the real costs based on the majority of customer reviews.
Every single client was lured in by promises of low costs and fee-free transactions and then made a deposit and had a painful reality check. The sudden fees would eat up the entire account balance and the profit remaining, as well as the initial payment were zero.
Recruiting as Part of MLM
What brought the most profit to the owners of the scam project was the affiliate program. It was designed in such a way to have big prizes, commissions and bounties motivate existing customers to spread the word about the platform.
For example, the website owners claimed to give between 2% and 2.8% daily income from the commissions if you were to recruit a “team” of at least 40 people.
The more users would join through their referral links, the greater their rewards. Needless to say, the entire scheme was a dream that never realized in reality as the swindlers snatched all the profits.
What Scammers Had To Offer
Websites like this one are packed with promises of exceptionally reliable and fast software that do all the work for you. Then, there’s a supposed pallet of diverse instruments to choose from. In reality, the whole site can’t be any less equipped.
Everyone Joins The AI Craze
Although it’s true that we’ve seen incredible developments in the field of computer technologies, and most interestingly AI, it’s far from what common scammers will have you believe.
The Cosetek platform was allegedly empowered by a proprietary AI software that could guarantee profits.
In reality, this sort of a holy grail computer program is still in the realm of science fiction. After millions in funding and decades of development these programs are still far from guaranteeing any investment will ultimately pay out.
As a crypto platform, this online trading portal was promising to deliver the most popular digital currencies available today.
It remains a question if the exchange also had crypto against FIAT currencies available for leveraged trading. Either way, most frequently mentioned digital assets were BTC, ETH, LTC, ETC, ADA, DOT, DOGE, SOL, LUNA and XRP.
Hidden Vip Levels
The packages on the site weren’t explained well, and in general, there was only one known account type – the live trading one. That meant that whoever wishes to even test any of the services and features first had to invest money.
However, that isn’t the entire story. One often sells the idea of special access called premium, or vip, or whatever fancy name they stole. This allegedly special treatment required more cash. Sadly, all of the promised services turned out to be cheap lies!
No Withdrawal Information
While some of the early clients state that their payouts did materialize, this is another part of the Pyramid scheme bait. The con artists will let you withdraw some of your initial investment, and in some cases a portion of the earnings in an attempt to encourage you to find more people to join.
If you belong to the group of people that still have money stuck with the now defunct platform, consider getting in touch with our experts.
Poor Customer Treatment
The Cosetek scam wasn’t known for particularly developed and customer-oriented service. On the contrary, the firm was rather infamous for their rude attitude towards clients. Also, it often happened that the appeals and support requests remained unanswered, despite the claims about providing 24/7 support.
Don’t Delay – Get Your Money Back Today!
Seeing how the entire fraudulent scenario played its course, it is now easy to deduce how it all worked. People tend to say that every general is clever after the battle is over, however.
Now’s the time to take action into your own hands, and start working on getting your money back. We have provided a 24/7 live chat option, which you may use to book a free consultation with our experts.
What is Cosetek?
This was a known Ponzi scheme that targeted crypto investors and their family members.
Is Cosetek a Regulated Crypto Exchange?
No, the company has never managed to acquire a virtual asset provider license from any Tier 1 body.
Can I Recover Money From a Crypto Fraud?
Thanks to our advanced technology and software you can do so with a bit of our help, so contact us at your convenience.