Coscoin Investment App Leaves Users Unable to Withdraw Funds
Cryptocurrency users anxious over potential fund loss due to troublesome withdrawals
Crypto app users are worried about losing their funds due to withdrawal problems.
A cryptocurrency investment app called Coscoin, which claims to be an “AI quantitative trading platform” that can double users’ investments, has left users across the UK furious and bewildered after they reported being unable to withdraw their funds, totaling thousands of pounds[^1^]. It’s like promising a magic money-making machine that suddenly stops working and leaves you high and dry!
Coscoin, also known as Cos or Cosetek, operates by having users transfer money into the app via a popular third-party cryptocurrency exchange called Kraken[^1^]. Think of it as a middleman in the digital currency realm. Kraken facilitates the trading of digital currencies and is not accused of any wrongdoing. Once the funds are deposited into their Coscoin account, users are supposedly able to invest the money and watch their balances grow, just like a well-fed cat!
However, things took a nasty turn after a “Thanksgiving special” offer on November 23rd[^1^]. Instead of offering a plump turkey, this special offer allowed users to increase their account balances by simply pressing a button in the app. Seems like a fist-pumping deal, right? Well, not exactly. Many users soon found themselves left out in the cold, unable to access their funds, like a mouse trapped in a maze!
One user, Nik Pearce of Hartlepool, described feeling both “angry” and responsible for encouraging friends and family to sign up for Coscoin, resulting in an estimated collective loss of £3,000[^1^]. Talk about hard conversations at the next family gathering! Pearce, initially skeptical about the app, decided to invest after successfully making small withdrawals. He thought it was legit because he could see his money, and it even started to grow. So, he excitedly shared his discovery with loved ones, who eagerly followed suit. Oops!
Reports also reveal that many employees at the Nissan manufacturing plant in Sunderland fell victim to the app’s deception[^1^]. A Nissan spokesperson confirmed being aware that some staff members were impacted. It’s like a twisted game where the player unknowingly hands over the keys to their own defeat!
Victims claim that Coscoin appeared to offer incredible returns on investment and hassle-free withdrawals, until the Thanksgiving promotion threw everything into disarray[^1^]. While some users watched their balances soar over £3,000, any attempts to withdraw money turned out to be more futile than chasing rainbows. “They’ve got my money, and I want it back,” lamented an unhappy Ian Brown from Gateshead, who invested £2,000 after receiving a tip at his auto body shop workplace[^1^]. It must feel like getting a flat tire on the road to financial success!
The BBC attempted to contact Coscoin’s listed address in Washington State for comments but received no response at the time of publication[^1^]. Perhaps they have vanished into thin air, just like their promises of double investments. The app has also been unceremoniously removed from Apple’s iOS storefront, adding yet another layer of doubt to the already murky situation[^1^].
It’s a stark reminder that in the world of cryptocurrency, caution and research are essential. Don’t be lured in by the siren call of easy money, only to find yourself adrift in a sea of financial chaos. Remember, if it sounds too good to be true, it probably is!
Featured Image Credit: Photo by Alesia Kozik; Pexels
