Welcome to our NGOex Review in which we investigate the website used to be found at ngoex.com.
On April 4, 2023, a Louisiana, USA person reported to the Better Business Bureau (BBB) that they fell for a cryptocurrency scam on ngoex.com. The victim invested in a supposed cryptocurrency exchange and made profits through trading. However, when attempting to withdraw funds, the scammers used stalling tactics and claimed that the victim owed taxes on a much larger sum of money without providing any proof. The victim’s account was ultimately closed and they were unable to access their funds.
They write:
If you invest in a legitimate cryptocurrency exchange, you can buy or sell any currency you choose. When you make a purchase or sale, you can either make money or lose money. This is the reality of trading, and if you are skilled at it, like myself, you can make substantial profits in a short amount of time. However, the problem arises when you attempt to withdraw your money.
In my experience, the exchange scammed me by stalling the withdrawal process with small amounts, citing operational procedures each time. This happened not only to me, but also to my fellow traders. When I attempted to withdraw a larger sum of $100,000, they claimed that I needed to pay taxes on $2.3 million first. They provided no profit/loss statement to support this claim. How can I simply walk into the IRS and tell them I owe taxes without any documentation?
After a lengthy argument, they closed my account and stated that I needed to pay my taxes first. How is it possible for them to do this without my express consent? Furthermore, my account is now inaccessible and my funds are nowhere to be found.
The scammer’s reported information is:
- Location: Redmond, Washington, USA 98052
- Email: juanjuan00110@gmail.com
- Telephone: (202) 391-3200 (a District of Columbia, USA number)
- Business name: NGOEX
- Website: ngoex.com
So is ngoex.com a SCAM?
The domain Ngoex.com was registered on January 23, 2018 for 6 years through GoDaddy.com, LLC. It is hosted by Amazon.com, Inc., but is currently offered for sale for $4,095 on hugedomains.com.
Currently, not only is ngoex.com not available, but it’s no longer even indexed on Google so the only way we can learn anything about it is by checking out other websites that mention it.
NGOex Reviews
Surprisingly, we do not find many mentions of ngoex.com online, even though this domain has been around for 5 years now, and most of the existing mentions are in Chinese.
Our search reveals that there may have also been a ngoex.net domain name, but there’s no information about it as well.
Cnblogs.com mentions they offer 7 trading pairs and that they are based in the Cayman Islands.
According to a Github list, the manufacturer named NGOEX has a domain name of ngoex.com and is categorized as level D with a manufacturer ranking of 0. They offer serious top rewards of 600 BUX for high-risk products, 300 BUX for mid-risk products, and 50 BUX for low-risk products.
Another list says they offer serious top rewards of 1000 BUX for high-risk products, 500 BUX for mid-risk products, and 50 BUX for low-risk products.
There’s a Twitter page called @ngoexcoin from May 2018. It has 5 followers. They have posted tweets about the importance of technology for enterprise development and finding a balance between centralization and decentralization in blockchain technology.
Apparently, NGOex is a blockchain-based platform that offers rewards for reporting counterfeit and illegal products. They also have a Telegram, WeChat, and QQ group for communication and updates.
Based on additional information that we are able to find online, NGOex is a global digital currency trading platform that provides multi-functional trading services. They even had a promotional photo displayed on the NASDAQ screen in Times Square as part of activities commemorating China’s reform and opening up.
NGOEX has established local transaction service centers worldwide and offers fiat currency transactions and digital asset point-to-point OTC transaction services.
The exchange was founded in Singapore in 2018 and offers trade and investment services for over 100 digital assets, but some users have reported it as potentially fraudulent.
The platform can circulate and trade top virtual currencies like Bitcoin (BTC), Ethereum (ETH), and Yuzu (EOS). The platform currency, NGB, can be exchanged for mainstream currencies and used to purchase VIP privileges on the NGOEX platform.
NGOEX provides value assurance services such as regular repurchasing of NGB to protect asset value and offers VIP privilege services, points exclusive activities, and popular currency transactions.
NGOEX also launched on the EOS main network, providing a green channel for all tokens based on the EOS public chain to be listed first and enjoy trading rights immediately.
Based on coincarp.com, NGOEX is a digital asset exchange based in Singapore that provides financial services to global clients since 2018. They offer trade and investment services for over 100 digital assets and have gained investments from leading enterprises.
However, some users report that this may be a fraudulent exchange, so investors should be cautious and avoid red flags such as guaranteed returns, excessive communication, and unusually high fees.
So it appears that NGOEX is a cryptocurrency exchange that has ceased its operation.
According to a review on WikiBit, it has been verified that the exchange currently has no valid regulation, indicating that it is unregulated. Moreover, there have been reports from users about withdrawal issues and suspicious regulatory licenses, which could indicate high potential risk.
The NGOEX Token (NGB)
NGOEX (NGB) is an ERC-20 token on the Ethereum blockchain. According to Etherscan, NGB has a maximum total supply of 2,100,000,000 tokens, and there are currently 18 holders and 50 total transfers.
Ngoex Scams
There have also been Ngoex scams on websites such as:
- ngoex-club.com
- ngoexpro.com
- ngoexpro.cc
Even though they were registered in 2023 for one year through Gname.com Pte. Ltd., they are no longer available and are not indexed on Google.
Bottom Line
In conclusion, ngoex.com, a cryptocurrency exchange platform, has been reported as a scam by a victim who invested in it and was unable to withdraw their funds.
The complainer fell for a “crypto investment scam” where fraudsters create fake cryptocurrency exchanges or investment schemes that promise high returns. Victims are lured into investing through various tactics, and scammers use stalling tactics to delay withdrawals and persuade victims to invest more or prevent them from withdrawing altogether. The lack of regulation and anonymity of cryptocurrency transactions makes this type of scam prevalent, and it’s important to thoroughly research investment opportunities and use trusted and reputable platforms.
Upon investigation, it was found that ngoex.com is currently not available and not indexed on Google. There are few mentions of it online, and most of them are in Chinese. The available information suggests that this was a global digital currency trading platform that integrated multi-functional trading services, but there are reports of it potentially being fraudulent. As such, caution is advised when dealing with the platform or any similar websites.
If you have are a victim, please let us know by commenting below.
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