What happened::

being a successful but privacy-minded trader, I kept hopping derivative exchanges when eventually all would introduce KYC requirements.. of course my beloved brother got wind of my success, and he asked me to copy-trade my trades on his funds on a separate account. so I did.

so we went from bitmex to bybit and made nice gains over the years, then when bybit didn't let us withdraw more than 2btc, we needed to look out for new exchanges, luckily basefex seemed legit enough to try, so I did check it out, and it seemed and still seems great, fast, secure, good reviews, looked super professional, volume was low, but that was not enough of a red flag to deter me, nor my brother who trusts my judgement (cause it made him good money I guess). so I made two accounts, and I basically copied the trades, did one long, a limit order, no shenanigans or tricks. it filled rather quickly albeit low volume. this was some time ago. So I had transferred about 8 BTC per account to cover the 500k position on each account, and when when price went close to 50k recently, I tried to take some money off the table, cause I was expecting the market to rise further and there was already more than enough in it. long story short, around Aug 10 I received the last promotional mail (or any mail for that matter) from basefex.com - I tried withdrawing a small amount and kept hitting "resend" for the email confirmation code, but the system would not send any withdrawal confirmation request code. I tried it with the account I manage for my brother, no luck there either, no mails. failed attempts to contact support or attempts to create another account made me realize the whole email system is either down or the exchange is trying to exit-scam / pull the rug.

today I decided to close our longs, and both accounts now hold roughly 10BTC, a lot of money for me an my bro.. anyways, there currently seems to be no way of either

withdrawing
signing up
getting responses from the team via email
getting hold of the team on twitter (account got suspended sometime in the past, had not checked prior)
getting hold of the team founder CEO and whatnot on linkedn (profiles hidden)
getting hold of support or responses on their telegram channel

so today I decided to write two mails to support, urging basefex to manually withdraw our funds to a specified address for each account. I will likely post a copy of the mails in here without the addresses for privacy reasons.

as it stands now, I have to assume this is a fraudulent rug-pull and scam attempt by the exchange. they might have just walked away with our money. this accusasion remains intact, until I either get email reponse to my inquiry, or basefex chimes in to defend against this accusation.

until this happens: STAY THE F. AWAY FROM BASEFEX.COM. YOU CAN'T WITHDRAW and they likely STOLE a lot of money.

Scammers Profile Link:
https://bitcointalk.org/index.php?action=profile;u=2549992
Reference Link:
https://bitcointalk.org/index.php?topic=5171514.0
https://bitcointalk.org/index.php?topic=5356102
Amount Scammed:
20.3962 BTC
Payment Method:
Bitcoin
Proof of Payment:
will follow in case BaseFEX disputes this accusation - for reasons of privacy this will not happen right now.
PM/Chat Logs:
none so far, exchange has not communicated at all, email-system seems down or this is a rug-pull-scam. no comms so far. - if exchange representative disputes my accusations, or calls me a liar, I will post proof of my side of communication attempts. for privacy reasons I will not post this right away.
Additional Notes:
if someone steals your money, make sure he pays back by whatever means necessary. if you are not willing to go this length, then don't trust any exchange with amounts in this example, and hold your BTC in cold storage which is way safer than trading anyways. I gained and lost a lot of money in the past, as trading is more like a past-time hobby of mine that turned profitable cause I usually spot macro-trends quite well. I usually also never get scammed. crypto is a minefield though, and I am still confident I can get back the money for me and my brother. should this thing not resolve and turn out into the worst case (confirmation it was a scam/rug-pull) I will likely sell the debt to anyone interested, maybe even at a discount. I don't care how anyone collects what they owe them at that point, but if those people stole from me and my brother, they will pay one way or another. we won't leave it at karma, not in this timeline. I hope everyone learns something from this. will keep everyone updated and truly hope the basefex representatives chime in here to quickly solve this issue pronto. will also answer questions to forum members if anything is unclear or anyone is just curious.

@BaseFEX: you can PM me if you want to save face, you can also publicly answer to my accusations or via the two mails I sent you (of which I have proof of having sent them to you of course).

naturecollision

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