COINFIELD...lawsuit coming!

[OlivierA]

Hello everyone,

It's been a long time without posting anything.

I'll give more details as the situation evolves.

We were waiting (and waiting) for Coinfield to respond to our "illegal" lock of our corporate account. They will liquidate part of our account. It's completely illegal to do so and implies they are doing "things" that I will detail in the next posts.

But just remember a few things

- they pass as a Canadian exchange but after some research I can tell you they are not anymore. Last year, they moved their headquarter to Estonia

- they "shadow" Bitrue pairs but we need to dig further why they do that

- they are doing what looks like wash trading with probably their bots. That's probably the reason they locked our account and probably the reason they will liquidate part of our account.

- they are the same team behind Sologenic (SOLO)

We are so disapointed and angry at their attitude, but we will have our lawyers on this case until resolution.

After Coinsquare wash trading fine last summer, there's not many Canadian Exchanges left to go to. We were duped!

More coming.

Edited February 12, 2021 by OlivierA

[thinlyspread]

Wouldn't surprise me at all to be honest. Keep us updated. 

[thinlyspread]

 

[OlivierA]

@thinlyspread I've found a few charts like that in their pairs. When you look at the Bitrue chart they are pretty similar. They show the same lagging price after the fork. It's like someone "forgot" to adjust their trading bots. The problem is, if that someone is Coinfield, it's called wash trading which is illegal pretty much everywhere in the world.

Edited January 6, 2021 by OlivierA

[Live4xrp]

 

[OlivierA]

On the side, their IP was blacklisted by our server security and flagged as spam by spamassassin. That wouldn't be too much of a problem if it was only blocking some marketing email, but the problem is, when you want to withdraw, they send an email to confirm. After many attempts at customer service without any answer we digged and found the problem ourselves. Finally someone emailed us. We told them they had a problem. We never heard back from them so we had to create a whitelist to let them through which is not perfect at all. So where are their server located and why are they blacklisted now?

[OlivierA]

Our prilimary report seems to indicate Coinfield "stole" around 70 000 CAD$ from our account. Yes, Coinfield, not some hacker. More details to come.

[thinlyspread]

17 hours ago, OlivierA said:

When you look at the Bitrue chart they are pretty similar.

Don't even get me started on Bitrue. It's a total joke of an exchange in every way. 

[OlivierA]

UPDATE.

Coinfield liquidated part of our account. They made many mistakes to their advantage, we're in discussion about that. They still argue that there was a "computer glitch" of some sort and they had to reverse the transactions. We don't agree. If someone wants to sell below the market price, they have the right to do so without any interference from the exchanges. Especially not locking our account, accusing us of taking advantage of a glitch and liquidating our account for their advantage. Arbitrage between exchanges is a common daily (every minute) practice and is not illegal.

When they made the calculation to liquidate, they did not take the price we paid, but the market price at that time. There's a huge difference at their advantage (not sure they would have done the same if the price had crashed instead of going up).

In short, we didn't lose everything, but we lost a lot.

For what was remaining, they opened the withdraw function, but no more deposit or trading allowed, that force us to remove some of our assets at a very steep price (some of their withdraw fees are way above the avg). They also confirmed (to be seen) that they will honor the Flare/Spark token we're supposed to received eventually.

To be continued.

[panmores]

If indeed @OlivierA it has to do with arbitrage trading and Coinfield and Bitrue have a connection, it could be delicate. Bitrue explicitly prohibits arbitrage trading and froze many accounts on that basis. Could not find any arbitrage trading reference on Coinfield's T&C, but you might want to find out more about this. Sorry to hear about your troubles, hope you'll do fine!

[Jack21]

I understand your very concern, but what is the reason to go for them in the first place. There are huge more reputational exchanges

[OlivierA]

1 hour ago, Jack21 said:

I understand your very concern, but what is the reason to go for them in the first place. There are huge more reputational exchanges

I'm Canadian. It was a Canadian exchange with easy CAD withdraw and many CAD pairs like XRP/CAD which is rare. But not anymore. I very recently found out they moved to Estonia last year and CAD withdraws are a pain and very expensive now. They are still registered with Fintrac Canada, but that doesn't make any sense.

 

You can see here https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3135333338392c227072696d617279536561726368223a7b226f72674e616d65223a22436f696e4669656c6420222c2273656172636854797065223a317d7d/

Their old registration.

 

Now their new company and new country of residence here https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3136313837382c227072696d617279536561726368223a7b226f72674e616d65223a22636f696e6669656c64222c2273656172636854797065223a317d7d/

Legal names of MSB: MANTICORE LABS OU

Operating or trade names of MSB: COINFIELD

Main office or location of MSB:TORNIMÄE 5, 2ND FLOOR
TALLINN, HARJU, ESTONIA 10145

Edited January 8, 2021 by OlivierA

[OlivierA]

2 hours ago, panmores said:

If indeed @OlivierA it has to do with arbitrage trading and Coinfield and Bitrue have a connection, it could be delicate. Bitrue explicitly prohibits arbitrage trading and froze many accounts on that basis. Could not find any arbitrage trading reference on Coinfield's T&C, but you might want to find out more about this. Sorry to hear about your troubles, hope you'll do fine!

The link with Bitrue is just that by searching other exchanges trading the same pairs I found some very interesting "clone" trading pattern. I don't have a Bluetrade account and don't expect to have one. The reasons they froze my account was not because of arbitrage. They mentionned a problem with their servers and that we took advantage of it. The only way this would be "possible" is if Coinfield was doing the trade and are not happy that someone in their team screwed up the bots. They won't admit to this (that would be wash trading), but there's no other reason. Otherwise, anyone selling/buying from an unknown user of the same exchange at a difference price then the avg market price is not doing anything illegal. Anyone can be in a hurry to sell for whatever reason and don't care selling at some% loss. Or, what I've seen more often is someone playing with bots and having them "off" during big price variations.

[OlivierA]

And then it begins. Remember Quadriga!

 

[OlivierA]

UPDATE