Millions of people strive to find opportunities to invest and increase their capital daily. Cryptocurrency platforms have become an attractive option for those looking for new ways to increase funds. However, among the various offers on the market, there are also fraudulent schemes aimed at deceiving investors and depriving them of funds. In this review, we will look at one of these dubious exchanges called Ouknm, analyze the available information about it, identify negative customer reviews, consider fraud schemes, and reveal signs of dishonest activity.
The Ouknm exchange is a cryptocurrency platform, which, according to stated data, was created in 2018 and registered in the Seychelles. Its central office is located in Dubai, and there are also branches in various countries around the world, including Singapore and Seoul. The official website of the exchange claims that there are more than three million registered users and more than three hundred thousand active clients monthly.
Despite the impressive numbers, many signs indicate that Ouknm may be a fraudulent exchange. First of all, the company’s website lacks legal information and contact details, which is a serious violation of normal practice for a legitimate company.
Negative reviews about the exchange also confirm investors’ fears. Many users complain about the lack of access to their funds and the inability to withdraw money from the exchange. Some also claim that after problems with withdrawals arose, the exchange stopped responding to support requests. In addition, many clients express dissatisfaction with the opaque terms of use and lack of information about the legal status of the exchange. In general, user reviews indicate that Ouknm is not a reliable cryptocurrency trading platform.
The fraud plan used by the Ouknm exchange has several components. First of all, the lack of information about the legal status and contact details deprives users of the opportunity to seek help in case of problems with the exchange. This leaves customers without protection and no chance of getting their funds back in the event of fraud. In addition, the use of incorrect or unreliable translations on the site may mislead users regarding the terms of use and trading rules on the exchange. This may result in unexpected financial losses or other negative consequences for customers.
When it comes to choosing an exchange to invest in cryptocurrencies, checking the reliability and validity of the company information plays a key role. In the case of the Ouknm exchange, there are many signs indicating that the information provided is unreliable. For example, despite claiming to be registered in Seychelles and having an operational office in Dubai, there is no complete and reliable information about the exchange’s legal status, licenses, or regulatory authorities, which is a serious red flag for potential investors.
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The victims of criminals most often are novice investors – people who are far from stock trading and cryptocurrencies.
Sometimes criminals use more advanced technical solutions. Having persuaded the victim to play on the stock exchange or invest in cryptocurrencies, the attackers ask to install an access program on their phone or computer to remotely “teach” the newcomer the basics of investing and withdrawing money. But in reality, they gain access to the victim’s online banking or his digital wallet for storing cryptocurrencies.
Scammers look for their victims on specialized forums on investments, cryptocurrencies, and social networks. To scale up their schemes, in addition to purchased content advertising, scammers use social media advertisements about fake promotions, prizes, or sweepstakes on behalf of famous people or companies.
Before transferring money to a company, make sure that it has a license to conduct brokerage activities. It will be extremely useful to read reviews about the company and learn about real experience interacting with it on specialized sites and forums.
If the money is transferred to an organization registered in another state, then disputes will have to be resolved in a foreign legal field.
If you transfer money to a company account, the bank will not be able to return it. The chargeback procedure, provided for by the rules of payment systems for the return of unreasonably debited funds and advertised by scammers as a mechanism for protecting investors, does not apply in this case: debits from accounts occur at the initiative of the clients themselves, and the service of transferring funds from the card account to a personal account is provided.
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In addition, in some countries, banks do not interfere in contractual relations between payers and recipients of funds, while legislation prevails over the rules of payment systems.
