We recently received a complaint regarding a fraudulent trading platform, TNEGCOIN, found at tnegcoin.com.
The scam involved a person trading on this platform, initially depositing $973 on March 8, 2024, and gradually investing up to $8,046 by April 26, 2024.
The account balance allegedly grew to $173,378.21 over three months of trading, but the victim has been unable to withdraw any funds.
They were instructed by individuals posing as Professor Kevin Davis (phone: 209-447-7839) and Aileen Miller (phone: 307-220-2909) to deposit an additional $5,634 to “comply with US policies” before withdrawing their balance.
However, after repeated attempts, no withdrawal has been possible.
The fraudulent website provides fake registration details to appear legitimate.
It claims to be registered with the IRS under EIN 99-1459512 and with the State of Colorado under TNEGCOIN Global Cryptocurrency Investment Foundation Inc. (ID number 20228199185).
Additionally, their customer service is listed as service.tnegcoin@gmail.com, and the registration number is supposedly 31000265085839.
These details are clearly part of an elaborate scheme designed to gain trust and prolong the victim’s involvement by creating an illusion of legitimacy.
The platform operated through a WhatsApp group called “Winstock for New Era,” which was led by scammers. These scammers provided fake trading signals to lure victims into continuous trading and higher investments.
Once the victim had accumulated a significant balance on the platform, the scammers blocked any attempts to withdraw, inventing excuses such as U.S. policy requirements and health issues with the so-called Professor Davis.
Complaints We Received
The complaints we’ve received about the trading platform m.tnegcoin.com make it clear that the scam is highly sophisticated.
One victim reported sending $10,000 to Kraken before transferring an additional $10,000 in USDT to m.tnegcoin.com for cryptocurrency contract trading.
Over time, the victim’s account balance grew to $20,000, but the entire amount disappeared before they could withdraw their funds.
This pattern reflects a common cryptocurrency scam in which victims are enticed by impressive returns only to find their funds gone when they attempt to cash out.
The complaint further emphasizes how trust was built through the platform’s initial appearance of legitimacy, ultimately a tactic to lure victims into depositing more considerable amounts of money.
Once a significant balance has been built, the platform either becomes unresponsive or, in this case, simply erases the funds, leaving victims with no recourse. Despite multiple attempts to follow up, including calls and emails, the victim has been unable to recover their funds.
This is not the first time we’ve seen such deceptive practices from cryptocurrency trading platforms that prey on individuals hoping to invest and grow their assets. The platform, m.tnegcoin.com, seems to operate similarly to other scams we’ve encountered, where growth promises draw in victims but ultimately are blocked from accessing their own money.
The details of this case reflect a well-organized and intentional scam designed to exploit investors.
Other TNEGCoin Scam Reports
A Californian became involved in a cryptocurrency scam through a WhatsApp group promoting a platform called tnegcoin.com.
The group, led by a person identifying themselves as “Professor,” provided trading signals that appeared to be highly successful.
Other group members claimed to have made substantial profits and successfully withdrawn large amounts.
After observing these messages for weeks, the victim was encouraged to set up an account on tnegcoin.com with the help of the Professor’s assistant, “Eleena.”
Following the Professor’s trading advice, the victim’s account balance seemed to grow significantly, eventually reaching over $1.5 million.
However, when the victims attempted to withdraw their funds, they were informed that a $60,000 commission payment was required, which had to be sent separately to the Professor’s crypto wallet.
After complying with this request, the victim was persuaded to make one more trade on the platform, which resulted in losing their entire account balance.
The scam escalated when the Professor proposed creating a joint trading account for the group, asking members to contribute additional funds.
Trusting this new offer, the victim sent another $50,000 to the Professor’s wallet.
Although they were told that the joint account had generated a massive profit, the Professor and Eleena vanished from the WhatsApp group before any withdrawals could be made.
In total, the victim lost close to $200,000 in retirement savings. The fraudulent website tnegcoin.com is no longer operational. However, the scam left the victim financially devastated, exposing the deceptive and manipulative tactics employed by the scammers to gain trust and steal large sums of money.
The Bottom Line Regarding TNEGCOIN
Given the growing number of similar cases, we advise you to avoid platforms like TNEGCOIN that demand further deposits to process withdrawals.
This tactic is a hallmark of scams, especially when platforms try to mislead you into thinking that they need additional payments for tax purposes or compliance with non-existent policies.
In this case, everything points to TNEGCOIN being a scam.
The details are highly suspicious, from the inability to withdraw funds to the additional deposit request and the fabricated legal information.
As we continue to investigate this complaint, it’s evident that these scammers will stop at nothing to prevent victims from recovering their money.
If you’ve had any interactions with TNEGCOIN, we strongly recommend reporting them and avoiding any further financial dealings with them.
Protect yourself from falling into the trap of paying more to access your funds. This is exactly what these criminals want.
If you are a victim of online scams, please let us know by commenting below. Do not lose hope if you have lost a significant amount of money. We can help trace your funds!
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