Liquidity Check (Crypto)

[DarceyK123]

Friends husband has been investing in Crypto for a couple of months, over that time he's handed over about 15k to the trader.

He has now a balance of 42k after a few good trades which sounds lovely.
He started to get a bit nervous and asked the a trader if he could withdraw some (about 10k).

He said he could but would need to have a liquidity check with the bank( B*nance.)
They've come back and said he must send over 10k for just 10 minutes when it would be returned with the further 10k he wants to withdraw.

No way have they got that kind of money and even if they did they are understandably worried he has got himself into some elaborate scam.

They , nor i, know too much about this sort of investment and my first thought was to tell them to run for the hills, but somewhere in the back of my mind i have heard of this before and it is ligit.

Does anyone know anything about this type of thing? They're worried sick.

[bobbinwales]

I'd be worried. Theres been stories of traders who send false statements showing growth but then dissappear with the money.

[Hopkirk]

I would be more than worried. I can hear the scam Klaxons going off.

I think he can kiss goodbye to his £15000.

[Buenchico]

If I ever had enough money to play with, I'd probably be prepared to take a risk and invest (= gamble) in cryptocurrencies. However I'd definitely avoid any (so-called) trader who, for example, I found through a Facebook ad and stick with well-known firms, such as eToro.

So who's the trader and where did your friend's husband learn about him?

[TheChair]

If he sends 10k he can kiss goodbye to 25k. As it is he can kiss goodbye to 15

[Buenchico]

PS: Having to pay a certain amount of money in, in order to then be able to withdraw a greater amount, is a classic scam trick. It was used at least a quarter of a century ago (and probably continues to be used) by 'Nigerian princes' who just needed people to pay 'administrative fees' before they could expect to receive millions of dollars in return (which, obviously, they never did). So any such arrangement would set alarm bells ringing for me!

[gingejbee]

I've no idea if it's genuine (or not)...but really don't understand why anybody gets involved with something they don't fully understand - especially when money is concerned.

[Old_Geezer]

My sympathy. Maybe there is somewhere you can report this ?

[jno]

https://www.actionfraud.police.uk/cryptocurrencyfraud

[DarceyK123]

I fear you are right he can kiss goodbye to his 15k im pretty sure, i really dont know why or how he got himself into it.

I have looked up the Binance Co and they seem legit, thats why i was given a glimmer of hope but i didnt mention it to them as i didnt want to get their hopes up.

[bobbinwales]

there probably just saying binance to make it look legit...the money will go through the scammers i think

[Buenchico]

The real Binance (i.e. binance.com) is 100% legit.

However scammers use similar URLs, such as binnance.com, binance.co, binance.eu, etc, to create fake sites which look very much like the real thing. (They might also use foreign characters in a dodgy URL, such as bînance.com, in the hope that they'll go unnoticed).

It looks like your friend's husband isn't the first to be asked to send money to 'Binance' in order to release funds:
https://www.reddit.com/r/binance/comments/xcmw1q/liquidity_question/

[-SharonA-]

Sounds like a scam. I know of something similar that happened to my son's friend. Lost all his money.

[Peter Pedant]

They've come back and said he must send over 10k for just 10 minutes when it would be returned with the further 10k he wants to withdraw.

I wanna withdraw money - yeah you have to send us more moolah first

obvious scam innit