I’ve been contacted by a few people over the last couple of months who’ve ‘invested’ money with Monafoli – a purported crypto exchange.
Monafoli claims to offer a cryptocurrency trading platform which is user friendly, features the latest trading tools and is suitable for all trader types, from beginner to professional.
But be warned, it’s a scam and the Monafoli cryptocurrency exchange is fake.
The individuals who I’ve been talking to have all been scammed by Monafoli to the tune of tens of thousands of pounds.
The most recent exchange I had was with a professional worker who had ‘invested’ with Monafoli and ‘bought’ £10,000 of Ethereum.
A few weeks later when the price of ETH had increased they decided to withdraw their funds, but this is when the problems started.
At first they were sent a faked Coinbase screenshot showing the deposited funds and told that the transaction was complete.
However, a quick block explorer check revealed that the wallet address was actually empty and that no crypto had been transferred.
The scammers then demanded 17.5% of the value of the investor’s crypto in order to transfer their funds back to them.
This is the oldest trick in the book and is simply a way to con further money out of the scam victim.
After chatting through the situation with them, they fortunately decided against this course of action and accepted that their money had been stolen and was likely lost forever.
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The Monafoli scam website.
Is Monafoli legit or a scam?
Monafoli is a scam website and should be avoided at all costs.
I’ve scoured the website for details about who is running it, if the company is registered anywhere and what the corporate structure is, but of course none of this is available.
For example, if you click on the company information link you get a simple page of poorly written waffle which tells you nothing about who is behind the business.
This is another red flag as scammers tend to use cookie cutter websites filled with generic content which at a cursory glance sounds legitimate.
A domain name lookup also sets alarm bells ringing as any information about the registrant or their location has been redacted for privacy so there’s no way of telling who’s behind it.
Monafoli is not a legitimate cryptocurrency exchange and will likely disappear when enough people become wise to the ruse.
But for now it appears as if people are still falling for the scam which is why I felt the need to write this.
Should I invest in the Monafoli crypto platform?
No. Do not send any funds to this scam operation as this will be the last you see of them.
Having done some digging and read other reviews of this site online, I’m 100% convinced that Monafoli is operated by individuals whose sole aim is to steal from others.
Unfortunately, there’s very little that can be done to recover funds lost to scammers such as Monafoli, especially as the world of cryptocurrency is still largely unregulated.
How can I spot a scam cryptocurrency exchange?
If you’re thinking about investing in cryptocurrency it’s vital that you conduct extensive research before parting with your funds.
But how do you spot a scam website?
Check out online reviews, ensure the company is registered and licensed if necessary, establish how long it’s been operating for and who is behind it.
There’s a glut of information available online which will help you choose a legitimate crypto exchanges so educate yourself first before taking the plunge.
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