Welcome to our COSCOIN review regarding the website at coscoins.com.
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On November 29, 2023, one of our partners received the following complaint from a person who reported being scammed for $27K:
I am writing to file a formal complaint regarding a significant financial loss I’ve encountered with a cryptocurrency entity named Coscoin. The total amount I’ve lost is $27,000.00 USD. My experience with Coscoin has been highly distressing, as it appears to be a scam operation.
Coscoins.com was registered on June 29, 2006, updated on August 25, 2023, and is set to expire on February 8, 2024. Privacy services by Domains By Proxy and Cloudflare protect it. The registrar is GoDaddy.
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On SimilarWeb, its description is:
this website is for sale! coscoins.com is your first and best source for all of the information you’re looking for. from general topics to more of what you would expect to find here, coscoins.com has it all. we hope you find what you are searching for!
The company is listed as: “coscoins.com – this website is for sale! – coscoins resources and information.” It has 11-50 employees.
The global rank is 1,907,271, while in Brazil, it ranks at 170,353. In October 2021, it received over 24,000 visits from Morocco, the United Kingdom, Australia, Germany, Brazil, the United States, and other countries.
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Its SEMrush Authority Score is 8%, with 541 backlinks from 249 referring domains.
Apparently, this domain has been for sale for many years. For August 12, 2019, Wayback Machine already displays a cached version of the homepage with the message:
BUY THIS DOMAIN
The owner of coscoins.com is offering it for sale for an asking price of 20000 USD!
The price was increased by November 28, 2021, to $23000 USD.
Finally, on March 25, 2023, the domain looked as it looks today, November 30, 2023.
COSCOIN, positioning itself as a leader in AI quantitative trading and blockchain transaction services, warrants a thorough examination to understand its offerings and potential pitfalls. The platform’s emphasis on artificial intelligence and blockchain technology, promising enhanced trading strategies and secure transactions, is a significant draw. However, critical analysis requires delving into the transparency and effectiveness of its AI systems, ensuring they are more than just marketing jargon. A key aspect to consider is whether COSCOIN substantiates its claims with tangible performance data and user testimonials, which are essential in assessing the platform’s reliability and effectiveness.
User experience is another crucial factor. COSCOIN claims to provide a user-friendly interface and robust customer support, including WhatsApp and email communication channels. The ease of use for both novice and experienced traders, along with the responsiveness and helpfulness of customer support, plays a vital role in determining the platform’s credibility and approachability.
In the volatile realm of cryptocurrency trading, platforms like COSCOIN often face skepticism, especially regarding promises of high returns. It’s vital to scrutinize such claims for realism and to understand the associated risks. Additionally, transparency in regulatory compliance is a non-negotiable aspect, especially in an industry rife with regulatory scrutiny.
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COSCOIN presents itself as a leading technology company, focusing on artificial intelligence (AI) quantitative trading and blockchain transaction services. Founded in 2015 in Washington, USA, the company emphasizes its commitment to using AI and blockchain technology to revolutionize the digital asset ecosystem. Its platform claims to offer a world-class AI quantitative trading experience with low-latency software connected to major cryptocurrency exchanges like Binance, FTX, and Coinbase. (We wonder if they haven’t heard of FTX’s collapse…) COSCOIN’s AI system reportedly includes built-in algorithms for high-frequency trading, arbitrage, and customizable AI quantitative trading strategies.
The website also highlights COSCOIN’s strong team, boasting of senior analysts and financial analysts from the National Key Financial Laboratory of Digital Currency in the United States. They claim to have expertise in artificial intelligence, blockchain, finance, and technology, with a history of successful predictions including the 2020 US financial crisis. COSCOIN asserts that their AI quantification system is highly accurate and operates 24/7, aiming to steadily increase monthly profits. They emphasize security, reliability, and efficiency in their services, aiming to provide a user-friendly digital currency quantitative trading platform.
Contact details provided on the website include an email address (firstname.lastname@example.org) and their location in Washington, United States. However, specific physical addresses or phone numbers are not provided, nor are any social media accounts mentioned.
Based on the information provided by the Secretary of State’s Washington Corporations and Charities Filing System, COSCOIN LLC is listed as an active WA Limited Liability Company with the UBI Number 605 169 719. The company was registered on March 30, 2023, and has a principal office located at 4505 Pacific Hwy E Ste C2, Fife, WA. It is classified under the nature of business as providing professional, scientific, and technical services. The registered agent for COSCOIN LLC is listed as INCORP SERVICES, INC., with the same address as the principal office. Additionally, Jackson Blaze is noted as a governor associated with the LLC.
The filing history includes an initial report and a certificate of formation, both filed on March 30, 2023, suggesting that the company is relatively new. The effective date for these filings is also the same as the formation date.
The matching details between the certificate and the Secretary of State’s records are a good sign; discrepancies in such information would be a red flag. However, this doesn’t completely rule out the need for due diligence.
In terms of red flags, several aspects of COSCOIN’s presentation could be cause for concern:
- Overstated Claims: The website makes broad claims about AI capabilities and connections with major cryptocurrency exchanges. However, there is a lack of detailed evidence or verifiable case studies to support these claims.
- Lack of Transparency: There is a notable absence of detailed information about the team, their specific qualifications, or regulatory compliance details. For a company dealing in financial services and technology, such transparency is crucial.
- Limited Contact Information: The absence of a comprehensive set of contact options (like physical addresses, phone numbers, or social media presence) limits the ability to verify and engage with the company directly.
- Generic Content: Much of the website content appears generic and repetitive, lacking in specific, detailed information about their services or operational methodologies.
These red flags do not conclusively prove that COSCOIN is a scam. However, they are indicators that potential users and investors should approach the platform with caution, seeking additional verification and clarity on these points before engaging with their services.
On Coscoins.com, if you click on the “Download on the App Store” button, it redirects to a different site designed to appear like a mobile app: coshman.com.
Coshman.com was registered on October 24, 2020, updated on October 7, 2023, and is scheduled to expire on October 24, 2024. Cloudflare protects it, while Gname is the registrar.
It has a SimilarWeb global rank of 1,547,269 and 23,084 in Egypt. In October 2023, it received 32.7K visits from the United Kingdom, Germany, Morocco, Romania, Australia, Turkey, and other countries.
It has a 2% SEMrush score with 41 backlinks from 8 referring domains.
Cosetek.com is a Coshman.com clone.
What is Coshman.com (& Cosetek.com)
The website coshman.com, associated with Coscoins.com, promotes an app that ostensibly offers substantial bonuses for cryptocurrency deposits, with a clear emphasis on a Thanksgiving feedback event. The site promises that large deposits in USDT (a stablecoin pegged to the US Dollar) will yield equivalent bonuses, a claim that is often too good to be true and indicative of promotional tactics commonly seen in fraudulent schemes.
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The site mentions a need for COSCOIN to pay taxes and wait for tax department verification, which seems to serve as a pretext for a newly implemented [72-hour T+2] withdrawal review system. This could potentially be a delaying tactic to prevent users from accessing their funds promptly. Additionally, the mention of a “major upgrade” to the withdrawal system during a period with a high volume of transactions is suspicious and may be designed to create a false sense of security and legitimacy among users.
The website’s claims about the automatic issuance of rewards by the system and the extension of the Thanksgiving bonus event are red flags. The promise of surprise rewards for completing certain levels of bonus events could be a strategy to incentivize users to deposit more funds, with no intention of providing the said rewards.
Moreover, the lack of functional download links on the associated Coscoins.com and the redirection to this website could indicate an attempt to circumvent app store regulations and security checks. The absence of clear, direct contact information and transparent operational details further contributes to the critical assessment that coshman.com, like Coscoins.com, may be involved in deceptive practices, potentially operating as a scam aimed at collecting deposits from unsuspecting users under the guise of a legitimate investment platform. Users are advised to approach such platforms with extreme caution and skepticism.
From the Google search results, it appears that COSCOIN has positioned itself as a technology company based in Washington, USA, claiming to be a leader in AI quantitative trading and blockchain transaction services since 2015. However, multiple sources raise serious concerns about the legitimacy of COSCOIN. Reports from the Washington State Department of Financial Institutions and various scam advisory sites suggest that Coscoins.com may be engaged in fraudulent activities. The platform has been flagged for being potentially unregulated, unlicensed, and possibly operating a scam or Ponzi scheme. User reviews and trust scores from sites like Scamadviser and Trustpilot show a low level of trust and mixed experiences, with some users explicitly labeling the site as a scam.
Critical feedback emphasizes the lack of online presence optimization and poor design, which could affect credibility. There are also warnings from financial content websites and discussions on Reddit highlighting concerns about the platform’s operations. Despite some moderate trust scores and claims of reaching user milestones in regions like Japan and South America, the overwhelming sentiment in these search results is cautionary, with various sources suggesting that potential users should be very careful when engaging with COSCOIN.
The Washington State Department of Financial Institutions (DFI)
The Washington State Department of Financial Institutions (DFI) issued a consumer alert regarding Coscoins.com, suggesting that the cryptocurrency trading platform may be involved in fraudulent activities. The DFI received a complaint about Coscoin LLC, alleging it to be an unregulated and unlicensed cryptocurrency trading entity. While Coscoins claims to be a Washington-based technology company established in 2015, focused on artificial intelligence and blockchain services, these assertions could not be verified by the DFI.
The Coscoins website, which purports to offer innovative solutions in AI and blockchain globally, has several red flags: user comments are disabled, app download links are non-functional, and the provided US address and phone number could not be substantiated. Additionally, the DFI could not confirm the legitimacy of the company’s business activities in Fife, Washington, nor could they validate the claims made on the website.
Jackson Blaze, listed as the Governor in the corporate filings with the Washington Secretary of State, is associated with Coscoin. However, the DFI notes that the phone number provided for the company does not match any valid US listing.
The DFI cautions consumers to be exceedingly careful when dealing with solicitations from unverified investment or financial service entities, especially those offering cryptocurrency trading platforms. They recommend that investment professionals should be licensed and that investment products should be registered with the DFI. They urge residents to use resources like FINRA Brokercheck to verify licensing status and complaints against investment professionals or products.
If consumers suspect any violations of state law or improper conduct regarding investment products or services, they can file a complaint with the Securities Division. The DFI also provides additional resources for consumer education on virtual currencies, digital assets, and avoiding investment fraud.
On the subreddit r/CryptoScams, users discuss their suspicions and experiences with Coscoins.com, with many expressing concern that the platform operates as a Ponzi scheme. The original poster (OP) is seeking advice on how to convince friends who are seemingly making money through the app, which promises profits by simply clicking a button and recruiting others. The OP is rightfully skeptical, identifying red flags such as a poorly constructed website, non-functional app store buttons, and prominently displayed yet dubious business certificates.
Comments from other users echo these concerns, noting the absence of legitimate contact information, the lack of transparency about the company’s location or ownership, and the implausibility of earning returns from minimal activity, which are hallmark signs of a Ponzi scheme. One user suggests involving the police, who have the tools to verify the legitimacy of websites. Another comment points out that even if participants are currently receiving money, it doesn’t validate the business model; rather, it’s likely funded by new recruits, and the scheme could collapse at any moment.
Coscoins.com has accumulated a multitude of negative reviews, garnering a low TrustScore of 2 out of 5 on Trustpilot. The overwhelming majority of customer feedback, amounting to 83% one-star ratings, paints a picture of a platform fraught with issues characteristic of a Ponzi or pyramid scheme. Users report being unable to withdraw their funds, with many labeling the company as “disgusting thieves.” There are accounts of funds being withheld without explanation, withdrawal requests being denied, and a lack of response from customer service.
Multiple reviewers describe Coscoins.com as a scam that promises guaranteed profits through minimal effort and the recruitment of new members—a classic red flag for fraudulent schemes. They also mention a recent event that seemingly promised to double users’ money, after which the platform abruptly ceased withdrawals. This has led to speculations about an exit strategy being executed by the company.
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The grievances include personal testimonies of significant financial losses, with some users claiming to have lost thousands. The platform has been accused of exploiting the investments of new entrants to pay out alleged profits to the earlier participants, without conducting any real trading or investment activity.
Warnings to avoid Coscoins.com are echoed throughout the reviews, with some users advising others to report their experiences to the Washington State finance department, which has already issued warnings about the site. The consensus among the reviewers is clear: Coscoins.com is not to be trusted, and any involvement with the platform is likely to result in financial loss. The repeated use of the terms “scam” and “Ponzi scheme” in the reviews serves as a dire warning for potential users to steer clear of Coscoins.com.
COSCOIN Review Conclusion
After a comprehensive analysis of various sources, including user testimonials, reviews on Trustpilot, discussions on Reddit, and warnings from the Washington State Department of Financial Institutions, there is a significant amount of evidence suggesting that COSCOIN, operating through coscoins.com, engages in practices characteristic of a scam operation, particularly a Ponzi scheme.
The primary red flags include:
- Unsubstantiated Claims: Despite claims of being a leader in AI quantitative trading and blockchain transaction services, COSCOIN lacks verifiable evidence to support these assertions. The absence of tangible performance data or genuine user success stories undermines their credibility.
- Lack of Transparency: The limited availability of concrete contact information, coupled with the absence of detailed information about the team and their qualifications, adds to the concerns. Furthermore, the discrepancy between the company’s presentation and the inability of the DFI to verify its business operations in Washington casts doubt on their legitimacy.
- Issues with Withdrawals: A common thread in user reviews is the difficulty in withdrawing funds from the platform. Users report unexplained withholding of funds, denied withdrawal requests, and non-responsive customer service. This pattern is a classic sign of a Ponzi scheme, where new investments are used to pay returns to earlier investors.
- Warnings from Regulatory Bodies: The alert from the DFI, indicating that Coscoin LLC is potentially an unregulated and unlicensed entity, is a significant warning sign. Regulatory bodies issue such warnings based on substantial evidence and consumer complaints.
- User Feedback: The overwhelming negative feedback on Trustpilot, with a majority of reviews rating the platform poorly, further corroborates the suspicion of fraudulent activities. Reports of substantial financial losses by individuals contribute to the conclusion that the platform is not trustworthy.
- Skepticism on Online Forums: Discussions on platforms like Reddit reflect public skepticism and identify multiple red flags associated with Coscoins.com, reinforcing the notion that it operates as a scam.
Given these concerns, it is advisable to approach COSCOIN with extreme caution. The evidence strongly suggests that COSCOIN at coscoins.com displays several characteristics of a scam, particularly a Ponzi scheme. Users are advised to steer clear of the platform to avoid potential financial losses. As always, it’s crucial to conduct thorough due diligence and consult with financial experts before engaging with any investment platform, especially in the high-risk domain of cryptocurrency trading.
If you are a victim of online scams, please let us know by commenting below, and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!