How Reliable Are Promotions On Yobit Exchange?

Yobit

There have been several allegations of scam against Yobit, the Russia based exchange that has been in operation since 2015. The latest of these is the purported 1700 USD giveaway which the exchange displays on its site.

Fake USD Giveaway Promotion

According to a number of users of the platform who made a report, this is a deceitful giveaway that entails mainly worthless coins that have little or no value. In fact, it has been reported that Yobit is in the habit of making shitcoins with which users are lured to part with their cryptocurrencies.

Here is the experience of a user as reported on Bitcointalk:

It is not the first shitcoin they make, they already made a dozen, but with this one it’s easier to scam people because people think it’s dollars !

Yes, it is the same exchange that runs the official pump and dump of tokens.

They are fed up with accusations against them so they launched their own forum and news site, where they can pretend they are not a scam!

If you’re in their email list, you probably have come across one of Yobit’s promotional emails that promise their users that they would be rewarded with a money if they register in any of their promotions. What you may not be aware of is that what you get when you invest in any of their campaigns are worthless tokens that you won’t even be able to sell at Yobit’s own exchange.

It is important that you understand that Yobit is one of those exchanges that do not really care about the impression that they create in the minds of their customers. This is why their 1700 USD giveaway is essentially tokens that the buyer won’t be able to sell in any exchanges. Neither can these tokens such as their DLSR which was promoted as being equivalent to the USD be sold at Yobit.

Why This Is Deception

What many crypto investors do not know is that if an asset is valuable, it is practically impossible that anyone would give them away such as Yobit claims. A 1700 USD giveaway to 1000 users is equivalent to $1,700,000 and no exchange would willingly give away such an amount of money unless it was hacked.

This is why you should know that if any proposition seems too good to be true that it most probably isn’t true. No business has the capacity to give away huge amounts of funds to their customers indefinitely as Yobit claims that they’re capable of doing.

The 1700 USD giveaway ad is still regularly displayed on the Yobit site. This means that as an exchange, Yobit does not really care about the review that they receive from their customers. They are only interested in making as much profit as possible, even if it means operating based on unethical principles.

More Intrigues

Users have to understand that all promotions targeted at users o0f Yobit are programmed to benefit the exchange. Previously, they had credited old accounts at the exchange with 7 million Dice tokens. What the users didn’t know was that the token was paired to DOGE which when airdropped was valued pennies.

Weird Claims

There is no shortage of adverts and promotions at the Yobit website. It is no surprise that they’re also promoting gambling and adding some weird incentives for those who are interested.

We pay Dice Tokens 7 days after Plays! If you have (at the moment of playing time) and hold 500 Mln Dice Tokens – you’ll got 125к Dice Tokens per Play, 1000m – 250k Dice Tokens per Play, 2000m – 500k Dice Tokens per Play, 5000m – 700k Dice Tokens per Play. Max plays – 200 / day.

To be fair to Yobit, it is important that you note that people who fall for this sort of shitcoin schemes are those who want to make instant profit without work. Nevertheless, it has become obvious to the coin community that Yobit doesn’t operate based on high ethics. For instance, there were several inside job allegations that lure users to invest in their Investbox, a scheme that they operated a couple of years ago.

Here is the experience shared by a user:

I was contacted via PM on Yobit.net by someone called Placebo77 telling me about an exclusive 5% Daily BTC investbox that was invite only and limited amounts available. His username is very similar to Placebo1977 who is a regular trader / chatter there and quite respected from what I can tell. I have already used other Investboxes there so thought that this was legitimate. He told me to contact @WardenYobit – Alexander Warden (https://t.me/WardenYobit) on Telegram. He initially told me that 0.075 BTC was OK as a minimum but later said that there was a mistake and that it had to be 0.2 BTC. So I sent the extra 0.125. Then I needed to send a 0.1 BTC ‘activation fee’ to mount the ‘smart contract’.

Yobit

Conclusion

Even though we have not seen a recent allegation that Yobit routinely freezes the account of the users, what is obvious is that the exchange doesn’t mind pushing the ethical boundaries in the quest to make profit. This includes deceitful claims that they’re aware wouldn’t benefit the participants.

They’re massively promoting their services in social media and there are a lot of new users that wouldn’t know that the promises made by Yobit are akin to building castles in the air. This is why we encourage users to research before making cryptocurrency investments.

You can check the exchange that we recommend for your cryptocurrency investments.

 

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.