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Soo I have seen a lot of issues being brought up on r/kraken and I’ve been deep diving on this, especially as a lot of negativity is out there.

There’s a Ponzi/Pyramid scheme at large spread by friends and family. Very clever ploy involving WhatsApp groups run by group leaders.

It’s basically spread by a link to a hidden site that looks genuine and secure and has a portfolio per person, you put $100 in to kraken, convert to Tether and upload it to this sites wallet, and converted to a coin called COSCOIN!!!

This in turn has the group chat leaders asking them to spread the word and onboard new investors and rewards were given to you for each new person you brought in.

They pump up the holdings and allowed people to withdraw and they were getting money out but the more you left in, the more you made, all seems legit. All done through moving tether to your wallet on kraken.

Over thanksgiving and here’s the kicker, the FOMO push, they promised amazing rewards and pushed people to increase their holdings and almost doubled their investment. This pulled in new people with guaranteed rewards and dreams.

Then people tried withdrawing to Kraken but COSTECH blocked the withdrawals and shut out their accounts. kraken caught wind of this and blocked the Ponzi scheme leaving a lot of people losing a lot of money, and their friends and family got caught up in it.

Kraken was in the right and this is why you see a lot of posts on here of people losing money and blaming kraken.

There was no tether held, they basically were caught up in a Ponzi scam.

When will people learn that if it’s too good to be true…it is!!!

TL:DR kraken being blamed on here but people have been caught in a major crypto Ponzi through COSCOIN on COSTECH. Causing Kraken to shut down accounts

submitted by /u/Eldeanio100
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