Rising Scam: Users’ Crypto Withdrawals Blocked on Coinsbit Exchange

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Rising Scam: Users' Crypto Withdrawals Blocked on Coinsbit Exchange
  • Coinsbit failed to list LMF tokens after reportedly taking listing fees.
  • Akash Network’s founder reported being harassed by Coinsbit for listing fees.
  • Coinsbit receives backlash for blocking users’ access to funds, sparking community concern.

The European crypto exchange Coinsbit has come under fire in the crypto community amid its concerning practices, including blocking users from accessing their crypto funds.

Greg Osuri, the founder of Akash Network, renewed the conversation around Coinsbit by highlighting his recent encounter with a representative from the exchange. Osuri shared a snapshot of their conversation, in which Coinsbit offered to list AKT tokens for a fee. 

However, the Akash Network founder believed the request was concerning as AKT had secured a listing at more prominent exchanges such as Coinbase and Kraken, supposedly at no monetary cost. Coinsbit attempted to talk Osuri out of the idea of free listing, stating that no trading platform endorses a project without demanding a fee.

An aggrieved Osuri stressed that AKT is listed on Coinbase and Kraken at no cost, and Coinsbit should either follow suit or desist pressing for fees. Sharing the conversation on X, Osuri remarked, “Is it really a bull market until third-grade exchanges start harassing devs for listing fees?”

In response, ZachXBT, a renowned crypto investigator, brought attention to other troubling developments surrounding Coinsbit. The investigator shared snapshots of multiple Coinsbit users lamenting their inability to access their funds on the exchange. Complaints about delayed crypto withdrawals have been a recurring issue with Coinsbit, with many users branding the exchange as fraudulent. 

Lamas Finance, a dApp games platform, recounted how Coinsbit refused to list their LMF token despite payment of the required listing fees. Attempts to secure a refund were futile, as Coinsbit allegedly blocked Lamas Finance from their Telegram handle.

Lamas Finance concluded that Coinsbit may not be upholding the integrity and professionalism expected of a reputable exchange.

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