Anish Singh (NA) 05 December 2017

Bitcoin & crypto currency fraud

Dear All, I am seeking some legal advise here. I buy and sell cryptocurrencies on one of the Bitcoin Wallet named "Bitcoin India" based out of Hyderabad. I had more than 7 lakh Rs currencies in my account, few bitcoins, IOTA and some cash. There had been several negative feedbacks regarding my bitcoin wallet that they are fraud and doing scam and do not let you transfer your bitcoin to any other wallet etc.. So i got scared and today decided to send my bitcoin to other wallet "Unocoin", however as soon as initiated the transfer today, they have blocked my account and when i raised a ticket through their customer support that why have they done so, i received their response that "they found my behavior against company terms and condition hence blocking my account for 30 days." where as i did not do anything new today as i have been using their wallet from last 2-3 months and i have transferred my bitcoin earlier as well and they were transferred easily. Now after reading all the negative reviews from several people and everyone is talking about the same problem and taking a legal action against them, i am very scared and confused as i have lot of money stuck in their wallet that i cannot withdraw and i really dont know if i can take a legal action in this case. I have their formal emails of purchase and sell that i receive for every transaction that i have made with them. Can someone please suggest something. thank you very much everyone in advance.

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6 Replies

(Guest)

I don't know much about Bitcoin so some experienced person can guide
you .

But one great investor once told " Never invest money in scheme which you don't understand 100% " and Bitcoin in reality no one knows what exactly it is . This is fact

Additionally who is controlling there is some serious doubt and why he is hiding it create one impression that he is afraid of getting caught for some thing wrong.

Better be away from it

Sorry others can call stupid person but honestly myself not able to understand funda

2 Like

P. Venu (Advocate) 05 December 2017

The issue require professional consultation.

1 Like

Andi Duferense 02 August 2021

Thanks for the information

Oleksii 28 May 2024

Hello,

I'm sorry to hear that you got into such a situation. It seems like you are dealing with a problematic Bitcoin wallet provider. It's understandable that you're worried, especially if you've read negative reviews and now your money is blocked.

I would recommend you to read the articles "Learn how to accept bitcoin payments". It explains how to handle cryptocurrencies safely and what measures you can take to avoid such problems.

Sharon F Napolitano 02 September 2024

I'm really sorry to hear about the trouble you're experiencing with your cryptocurrency wallet. It can be incredibly stressful when a platform suddenly blocks your account and you're left wondering what to do next, especially when there's a significant amount of money involved.

Given your situation, there are a few steps you might consider taking:

Document Everything: You've already mentioned you have formal emails for every transaction. Make sure to keep all correspondence and screenshots related to your account and interactions with their customer support. This will be crucial if you decide to take legal action.
Seek Legal Advice: Considering the amount of money involved, it might be worth consulting with a lawyer who specializes in financial or cryptocurrency-related matters. They can advise you on the best course of action based on the specific laws in your country and your rights as a consumer.
Contact Regulatory Authorities: If the platform is regulated or supposed to be regulated by any financial authority in your country, you can file a complaint with them. Sometimes, a regulatory body can exert pressure on companies to resolve such disputes.
Explore Alternative Services: While you're dealing with this issue, it might also be a good idea to look into alternative platforms that are known for their reliability and customer service. One platform that I have personally found to be quite trustworthy for transferring funds is paykassma.com. They offer a range of services that could be useful to you as you navigate through this situation.
Public Awareness: If you notice that other users are experiencing similar issues, sometimes raising awareness through social media or forums can help. It could put public pressure on the company to resolve your issue more quickly.