A lot of cryptocurrency enthusiasts will have heard of the Altcoiner website. The platform claims to offer investment programs for its users, all of which are allegedly linked to popular alternative currencies. However, it appears the platform is running into trouble already. One user reached out to us to show how withdrawing funds from this platform can be incredibly difficult.

Altcoiner Loses Funds When Migrating From Blockr?

Any investment program in the cryptocurrency space needs to be scrutinized properly. To be more specific, very few of these programs are legitimate. Most of these investment offers are major Ponzi schemes which will run out of money eventually. It is unclear if this is what is happening to Altcoiner right now. We do know some users are suffering from long withdrawal delays without proper explanation.

Moreover, it appears the Altcoiner team is making a lot of excuses whenever they can. The company even told this user how he is violating the platform’s terms of service. Things started to go awry for this particular user once a Bitcoin deposit was suddenly reset. He was five days into his investment and the site suddenly changed it to 2 days. That is a bug the Altcoiner team could easily fix if they were inclined to do so in the first place.

Moreover, it appears his account was subject to a random deposit originating from a different wallet. When contacting the Altcoiner team, they claimed the platform is bug-free. Clearly, that is not the case. However, Altcoiner escalated the issue to their IT department. It is doubtful the company even has such a team in the first place, though.  Things only got worse when the same user reported he was not properly receiving interest rates. This is putting the Altcoiner platform in a bad daylight

The Scam is Very Real

Requesting a withdrawal of the user’s principal did not do much either. Said transaction was never processed in the first place. Altcoiner keeps mentioning the IT team is working on the account, although that has been going on since mid-April. The team stated how fixing the problems could take “10 days maximum”. It is evident this platform is stalling as much as possible for an unknown reason.

About two weeks ago, the company sent this message:

“It’s unfortunate that you have decided to discuss this only now. The damage has been already done, if you don’t realize it…We lost BTC in Block.io & during migration to other payment option we could not accept BTC too. We can have further discussion only if you accept our terms & act in accordingly. If you confirm that you accept this, then we will prepare our calculation & submit for your review.If your answer is no, then we can’t help it.”

Fast forward to a few days ago, and it has become evident the issue is still not settled right now. Altcoiner has turned into a full scam by now and no one should invest in the platform. The investment opportunity they offer is very shady, and getting money out seems virtually impossible. It is unclear how many have been affected by this Ponzi scheme right now.

Header image courtesy of Shutterstock

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