In June 2024, I ventured into the world of cryptocurrency investments, intrigued by the potential returns. My introduction to the platform CryptoHub came through two individuals I met on social media. Although I had a gut feeling that something might be off, they never directly solicited anything from me, which made me cautiously optimistic.
My initial foray into investing seemed promising. I made six investments, all of which yielded profits. The returns were promptly credited to my CryptoHub account, reinforcing my trust in the platform. However, things took a concerning turn after my most recent investment in early August.
When I attempted to withdraw some of my funds, I submitted a withdrawal request. To my shock, a few days later, I received a notice that my assets were frozen, and the withdrawal was denied. The reason given was that I had not paid commission fees to a supposed brokerage firm associated with one of the women who had introduced me to CryptoHub. This was surprising, as I had previously inquired about any commissions and was told by my 'advisor' that I was on a biannual plan, with the next payment due at the end of August. No invoice or details about the amount due or payment instructions were provided.
Despite my confusion, the 'advisor' claimed that my withdrawal attempt had triggered a review by CryptoHub. They demanded over $65,000 as commission fees to unlock my account. I explained that I didn't have the funds available outside of my CryptoHub account and offered to pay the commission once the account was unlocked. Unfortunately, this offer was rejected, and my account has remained locked for three weeks, with my assets still visible but inaccessible.
One of the most troubling aspects was being provided a digital address to send the $65,000. I couldn't help but suspect that it might be a fraudulent address. The two individuals involved became increasingly insistent, even suggesting they would cover $40,000 if I could manage $25,000. This only heightened my suspicions. Eventually, they ceased communication; the 'advisor' stopped responding about two weeks ago, followed by the other person a week later.
This ordeal has left me with many questions and concerns. I wonder if the account is legitimate and if there is any way to recover my assets. Given that CryptoHub's headquarters is reportedly in Dubai, I am curious whether I have any legal recourse to unlock my account. To protect myself, I have filed reports with the Cyber Crime Division and my local law enforcement, but I have yet to receive a response.
By sharing this story, I aim to highlight the potential dangers of online investments and the importance of thorough vetting. While the allure of high returns can be tempting, it is crucial to ensure transparent communication and verify all parties involved, especially concerning fees and withdrawals. As I navigate this challenging situation, I remain hopeful for a resolution and urge others to be vigilant in their financial pursuits.
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Disclaimer
The information provided in this article is for general informational purposes only and does not constitute legal or financial advice.
Author & Crypto Consultant
Shahid Jamal Tubrazy (Crypto & Fintech Law Consultant)
Shahid Jamal Tubrazy, a certified top expert in Crypto Law from Duke University, specializes in #cryptocurrency and #blockchain. As a #FintechLawyer, his services cover legal guidance for #ICOs, #STOs, #DeFi, #DAO, and more. With a strong track record and published books on #BlockchainRegulation and #cryptocurrencyLaws, he offers comprehensive expertise in navigating fintech's complexities. #CryptoAML #LockedAssets #FrozenAssets 🌐💼.
EMAIL: shahidtubrazy@gmail.com
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