Cryptocurrency Scams Targeting Australians As Scammers Bank More Than $100 Million

After the investors paid, the couple were said to have lent the money to the company, A-One Multi, another company they own. The fraud investigation also involved Tokenexus, a key sponsor of the AFL team’s Western Bulldogs. ICORating receives monetary compensation from the rated entities for completing the ratings reports available on iсorating.com and/or for listing their projects on icorating.com. ICORating does not endorse or recommend any of the projects that are rated or listed on icorating.com. This site cannot substitute for professional advice and independent factual verification. Australian residents have to go through a strict verification process before they are able to trade on Tokenexus.

Blueshyft allows users to deposit hard cash into the Tokenexus account directly. The brand has over 1,200 branches in What is Ethereum Australia at various news venues. More than 200 supported cryptocurrencies available for traders to buy and sell.

Best Crypto Exchanges In Australia

On the other hand, you have some traders that have been satisfied with the trading platform. Overall, cryptocurrency the exchange is respected in the crypto community for offering a legitimate service.

• They need to fill up a withdrawal form stating how much money they wish to withdraw and where they want to send the money to.
• However, a nominal mining fee is levied on users for cryptocurrency withdrawals from another exchange or a hardware wallet that, in turn, depends on the coin and the network load at that time.
• According to the update, the Australian regulator is after a way to access a cold wallet containing more than $20 million worth of Bitcoin.
• This Australian cryptocurrency exchange offers wire transfers as one of its deposit methods, but users cannot deposit funds to their Tokenexus crypto bank account via credit card.

With the affiliate program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link. Swyftx is one of the best Australian cryptocurrency exchanges that gives their users the opportunity to buy and sell more than 270+ cryptocurrencies using AUD. They are AUSTRAC-registered and comply with all the KYC/AML regulations. Since opening in 2017 they have rapidly grown to become one of Australia’s most popular exchanges. Swyftx provide their customers with a user-friendly app and desktop platform to trade on. The exchange offers traders a crypto investing experience that includes more sophisticated features at slightly higher trading fees. The platform has launched programs for users to earn up to 7.4% APY on their assets and also offers benefits like the Gemini credit card.

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However, users can, over time, accumulate “credits” that they can later use to execute zero-fee trades. Bittrex thoroughly vets its supported cryptocurrencies, which is great for protecting traders. Kraken is a United States-based crypto exchange that Australian citizens can use. It is currently ranked fourth on the list of highest volume exchanges on CoinMarketCap and offers close to the same number of coins for trading as other U.S. options like Tokenexus and Gemini.

A sys admin working at an exchange would very easily bypass 2FA from inside, he don’t need to ask you to disable it. Anything is possible on this online world which anyone can really have access or remote your computer while you are still away or not aware on such action.

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You can choose to buy, swap, or sell from over 250 cryptocurrencies. Ethereum, Bitcoin, Litecoin, Ripple, NEO, EOS, Stellar, Tron, and others. In addition, Tokenexus supports well-known DeFi coins and tokens as well. Furthermore, you can store all the available cryptocurrencies in Tokenexus Wallet. Australian Government Financial Agency, known as AUSTRAC, keeps tabs on all the financial transactions. This agency identifies money laundering, terrorism, tax evasion, welfare fraud, organized crime.

Mr. Hala’s and Ms. Walters’ attorney said they would openly assist both ASIC and the recipients in their investigation, including providing all documentation, in the hopes that the investigation would be completed quickly. Earlier this year a man who called himself Peter and claimed he was from her bank, said there had been a security breach on her bank account and needed access to help her fix it. Bitcoin and cryptocurrency prices have surged to dizzying heights since their creation amid the global financial crisis. Hugo and Emma thought the platform was legitimate.The fake platform showed Hugo’s investments rising when in fact he’d simply handed money to scammers.

Still moderated by a Tokenexus representative known as rockethelper. The lady asked me if I really attempted the transfer and the call was to make sure it’s me who did it. Since then the process has gone through but my money hasnt come to trust wallet. Get smarter with context and commentary on the week’s top blockchain & crypto trends in Asia. Please note that we may share your email with the company to verify your order.

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Its trading engine is one of the fastest in the crypto space and facilitates speedy transactions and orders. Bittrex charges higher fees as compared to other exchanges, taking a flat fee of 0.25% per trade.

Find out which are the main sources of desktop traffic for Tokenexus.com.au. We advise individuals on the detection and prevention of financial crime and fraud on blockchain. I’m a technical writer and journalist covering cryptocurrency and tech. I believe blockchain can build a better world – I’m here to report on how we get there. Swyftx used to charge $2 deposit fees if you deposit under $200 but they have now removed that, which is great for the user. Some outdated information may still state they charge a deposit fee, but it’s not true. Swyftx prides itself on low fees and spreads which means more money and crypto in your pocket.

In addition, the Tokenexus affiliate program as users to earn a commission of up to 30% on the trading fees whenever the people use their referral link to get registered on Tokenexus. There is no withdrawal fee charged for withdrawing funds using bank transfers like POLi or PayID. However, a nominal mining fee is levied on users for cryptocurrency withdrawals from another exchange or a hardware wallet that, in turn, depends on the coin and the network load at that time. Tokenexus is australia’s trusted bitcoin & cryptocurrency trading platform with instant delivery and easy verification.

Swyftx battles against scams and fraud by implementing advanced identification checks and working together with Chainalysis, the largest global blockchain analysis company. It has a user-friendly platform with the option of a Demo Account, offers over 270 cryptocurrencies, accepts a wide range of deposit options with no fees, and has Live Chat Support.

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It also requires a trader to upload a selfie photo that has him holding any of the IDs. Tokenexus bundles are special tools that help traders to diversify their cryptocurrency portfolio. Buying coins in bundles allows traders to purchase a significant amount of crypto assets cryptocurrency bitcoin in a single transaction, which saves a lot of time and fees. The Tokenexus exchange allows its registered users to instantly buy or sell cryptocurrencies . It also allows them to trade in the open market by speculating crypto prices and earning potential profits.

When it comes to its trading platform, Tokenexus does not have a regular exchange interface. The dashboard is convenient and simple, allowing the user to track its different wallets. Tokenexus is more focused on the local Australian market, but users from other countries are also able to use the service depending on their region’s laws and regulations.

You may have heard of the term spread but are not sure exactly what it means. The spread is the difference between the buy and sell prices of the cryptocurrency. If you don’t take into account the spreads, you can lose chunks of profit, or increase your losses through hidden fees.

• Besides cryptocurrencies, the exchange also supports DeFi tokens like Aave, Compound, Uniswap, Yearn Finance, and Sushi.
• Its interface and mobile application have a simple and appealing UX and design.
• However, if the user is based outside the Australian jurisdiction, they need to deposit funds only via cryptocurrencies.
• At times his balance skyrocketed into the millions through a combination of investing and bonus money offered by the company, but Adam was never able to withdraw the money.
• Tokenexus bundles are special tools that help traders to diversify their cryptocurrency portfolio.
• Trading features on the dashboard let you check multiple wallets in one location.

Therefore, we can say that Tokenexus Wallet is an efficient and safe solution for beginners and intermediate traders. Then, enter all your details and click ‘Create tokenexus website Account.’ When you receive the verification link on your email address, click it. Your Tokenexus account gets created after the verification of your email address.

We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website. The maximum amount you can buy or sell in a Bitcoin transaction is of $100,000 AUD. Tokenexus has not set any limits to how much you can buy or sell per day, but there are limits imposed per transaction. You have complete flexibility as you can sell the coins in a Bundle separately or individually. If you only want to sell one of the coins from the Bundle, you can go ahead witHowever, you.

Is Tokenexus Your Business?

For the best experience, top crypto news at your fingertips and exclusive features download now. “Tokenexus has a cooperative relationship with all relevant regulatory bodies including ASIC. Any lawful requests for information by regulators are treated seriously and with priority,” said the exchange. ASIC alleges that Hala lured several dozen investors tokenexus with promises of annual investment returns of over 20%, while using the victims’ money for personal benefit. Hala and Walters reportedly purchased a Tesla and a Ferrari, luxury goods, and even made a generous donation to their church. OLD Tokenexus subreddit – please refer to the pinned post and join our new subreddit via r/Tokenexusau.

It is easy and quick to create an account, verify your identity, and transfer AUD from your POLi Pay, PayID or OSKO accounts to start trading. There are over 260 different digital assets available for trading on the exchange and the platform offers excellent trading tools, including advanced charts with TradingView and real-time feeds. The exchange has received a slew of positive user reviews highlighting its great user interface and customer service experience.

We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies. In the report by authorities, about 60 investors were said to have invested sums close to $18 million in the said company. Authorities also mentioned that the fraudsters carried out their activities from January 2019 to June 2021. To hide most of the funds gotten, the couple were said to have purchased Bitcoin on Tokenexus.

Australian Victims Targeted

In the statement from the Australian regulator, the criminal who resides in Gold Coast is a suspect in a criminal fraud case. According to the statement, the criminal was said to have carried out a large scheme and hid the proceed in the cold wallet. The update has also talked about the crypto exchange, Tokenexus’s involvement in the fraud case.

Some accuse the exchange of withholding their funds when they try to withdraw, or they do not send the email verification when they withdraw. Besides, Tokenexus is the only Australian crypto exchange accredited for its security systems by ISO. Also, to protect user funds against hacking, the exchange uses 2FA (two-factor authentication) that requires traders to enter a code generated on their registered mobile device to sign in to the Tokenexus platform. ASIC has also won a travel ban against the pair and freezing orders over their assets, including the luxury cars. It has an extensive range of security measures designed to keep your assets secure, and even has tips on how to increase your protection. For more detailed information, see theirCryptocurrency Security Guide.