Coinmate is a scam cryptocurrency trading platform that has been set up to lure investors into parting with their cash as a part of a pig butchering fraud.
Victims are being contacted via social media by members of the scamming group, befriended before being introduced to Coinmate.
They’re told they make large returns in a short pace of time by investing in crypto and encouraged to deposit large sums of cash on the platform.
Victims may initially see their cash grow, but ultimately these profits are fake and when the victim tries to withdraw their money their account will be blocked.
The scammers will then demand a variety of different fees, such as commissions, taxes, or mining costs, in order to return the victim’s funs but at no point will this happen and any further cash will be taken as well.
Spotting the Coinmate scam
At first glance the Coinmate website appears like a normal crypto trading platform, but scratch beneath the surface and there are multiple red flags.
They include:
- A very new domain name, despite claims the platform has been in business for years.
- A Domain Authority (DA) rating of just 1, the lowest possible.
- The platform’s content is riddled with grammatical errors
- There’s no regulatory or licensing information on the site.
- There are no links to information about the team or company behind the platform.
- There’s no explanation about how the unrealistically high profits offered are made.
- Several reports from people who’ve lost significant sums of money to this platform.
- No social media profiles or apps in official stores.
- No information about where the company is located.
Can I get my money back from Coinmate?
Getting money or crypto back from a scam platform can be very difficult.
However, you should collect up as much information as possible about what’s happened and report it to the police and fraud authorities.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
