CoinsPaid
We are investigating CoinsPaid for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices. This includes potential violations such as impersonation, fraud, and perjury.
PARTIES INVOLVED : CoinsPaid
ALLEGATIONS : Perjury, Fraud, Impersonation
INCIDENT DATE : 16 Aug 2024
INVESTIGATED BY : Ethan Katz
TOOLS USED : Lumen, FakeDMCA, SecurityTrails
CASE NO : 1213/A/2024
CRIME TYPE : Intellectual Property Scam
PUBLISHED ON : 21 Nov 2024
Is This About You?
What We Are Investigating?
Our firm is launching a comprehensive investigation into CoinsPaid over allegations that it has been suppressing critical reviews and unfavorable Google search results by fraudulently misusing DMCA takedown notices. These actions, if proven, could constitute serious legal violations—including impersonation, fraud, and perjury.
We conducted comprehensive analyses of fraudulent copyright takedown requests, meritless legal complaints, and other unlawful efforts to suppress public access to critical information. Our reporting sheds light on the prevalence and modus operandi of a structured censorship network, often funded and used by criminal enterprises, oligarchs and criminal entities seeking to manipulate public perception and bypass AML checks conducted by financial organisations.
The fake DMCA notices in this investigation appears to have been strategically deployed to remove negative content from Google search results illegally. Based on this pattern, we have reasonable grounds to infer that CoinsPaid - or an entity acting at its behest - is directly or indirectly complicit in this cyber crime.
In most such cases, such ops are executed by rogue, fly-by-night 'Online Reputation Management' agencies acting on behalf of their clients. If evidence establishes that the subject knowingly benefited from or facilitated this scam, it may be deemed an 'accomplice' or an 'accessory' to the crime.
What are they trying to censor
CoinsPaid, a cryptocurrency payment gateway and wallet service, has faced several allegations and adverse news stories that have raised red flags and potentially harmed its reputation. These issues primarily revolve around security breaches, regulatory scrutiny, and allegations of facilitating illicit activities. Below is a summary of the major concerns and their implications:
1. Security Breaches and Hacks
In July 2023, CoinsPaid reported a significant security breach resulting in the theft of approximately $37 million in cryptocurrency. The attack was attributed to the North Korean hacking group Lazarus, known for targeting crypto platforms. This incident raised serious questions about CoinsPaid’s security protocols and its ability to safeguard user funds.
The breach not only damaged CoinsPaid’s credibility but also eroded trust among its users and partners. For a company operating in the high-stakes crypto industry, such a lapse in security can be catastrophic, leading to loss of clients and revenue.
2. Allegations of Facilitating Illicit Activities
CoinsPaid has faced allegations of being used as a conduit for money laundering and other illicit activities due to its relatively lax KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. Critics argue that the platform’s ease of use and anonymity features make it attractive to bad actors.
These allegations, whether proven or not, tarnish CoinsPaid’s reputation and could attract regulatory scrutiny, potentially leading to fines, sanctions, or even a shutdown of operations.
3. Regulatory Scrutiny
Operating in the cryptocurrency space, CoinsPaid is subject to evolving and often stringent regulations. There have been concerns about whether the company is fully compliant with international financial regulations, particularly in jurisdictions with strict crypto laws.
Non-compliance or perceived non-compliance can lead to legal challenges, loss of licenses, and a damaged reputation, making it harder for CoinsPaid to operate globally.
4. Customer Complaints and Service Issues
Some users have reported issues with transaction delays, poor customer support, and difficulties in resolving disputes. While these complaints are not uncommon in the crypto industry, they contribute to a negative perception of the platform.
Persistent customer service issues can drive users to competitors and harm CoinsPaid’s market position.
Why CoinsPaid Might Want to Remove Damaging Information
Reputation is critical in the cryptocurrency industry, where trust and security are paramount. Negative stories about security breaches, regulatory non-compliance, or facilitating illicit activities can scare away users, investors, and partners. If CoinsPaid were to resort to unethical or illegal means, such as cybercrime, to remove damaging information, it would likely be to:
Regain Trust: Removing negative content could create the illusion of stability and security, helping to retain users and attract new ones.
Avoid Legal Consequences: Erasing evidence of regulatory violations or security lapses could help the company avoid fines, sanctions, or investigations.
Protect Revenue: A tarnished reputation can lead to a loss of business, and removing damaging information might be seen as a way to protect revenue streams.
However, such actions would be highly unethical and illegal, potentially leading to even greater reputational damage and legal repercussions if discovered. The crypto industry, already under scrutiny, cannot afford to condone such behavior, and companies like CoinsPaid must prioritize transparency and accountability to rebuild trust.
- https://lumendatabase.org/notices/43858296
- Aug 16 2024
- FinTelegram
- https://fintelegram.com/investigative-report-allegations-of-money-laundering-tax-fraud-and-compliance-issues-against-crypto-payment-processor-coinspaid/
- https://wienerzocker.com/2024/05/09/potenzieller-krypto-skandal-in-osterreich-oder-wer-kennt-coinspaid-und-alexander-horst-riedinger/
Evidence Box
Evidence and relevant screenshots related to our investigation
Targeted Content and Red Flags
wienerzocker.com
Potential crypto scandal in Austria or who knows CoinsPaid and Alexander Horst Riedinger?
- Red Flag
fintelegram.com
Investigative Report: Allegations of Money-Laundering, Tax Fraud, and Compliance Issues Against Crypto Payment Processor CoinsPaid.
- Adverse News
About the Author
The author is affiliated with Harvard University and serves as a researcher at both Lumen and FakeDMCA.com. In his personal capacity, he and his team have been actively investigating and reporting on organized crime related to fraudulent copyright takedown schemes. Additionally, his team provides advisory services to major law firms and is frequently consulted on matters pertaining to intellectual property law.
He can be reached at [email protected] directly.
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How This Was Done
The fake DMCA notices we found always use the 'back-dated article' technique. With this technique, the wrongful notice sender (or copier) creates a copy of a 'true original' article and back-dates it, creating a 'fake original' article (a copy of the true original) that, at first glance, appears to have been published before the true original
What Happens Next?
The fake DMCA notices we found always use the 'back-dated article' technique. With this technique, the wrongful notice sender (or copier) creates a copy of a 'true original' article and back-dates it, creating a 'fake original' article (a copy of the true original) that, at first glance, appears to have been published before the true original.
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Average Ratings
2
Based on 7 ratings
Rishabh Tiwari
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UNRELIABLE PLATFORM
Manisha Singh
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Lack of transparency and constant delays in customer service make me regret even trying CoinsPaid
Neha Kapoor
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I have been waiting weeks to get my withdrawal..If you care about your funds, avoid CoinsPaid.
Daniel Young
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I had a disappointing experience overall. The communication was consistently poor, with delays in responses and unclear updates. Additionally, several promises made during the process were not fulfilled, which left me feeling frustrated and let down. I expected a more professional and reliable approach but unfortunately didn’t receive it.
Yvonne Adams
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I had a disappointing experience with this company. I paid the full amount, including all the required fees, but received nothing in return. To make matters worse, 24 hours later, my invoice was canceled without explanation. I reached out to their support team for assistance, but they were unhelpful and didn’t resolve the issue. Overall, I wouldn’t recommend using their services.
Haritha Rao
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Withdraw isues..bad cervice
Sonal Rani
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CoinsPaid is under serious regulatory scrutiny. If they’re not complying, that’s a massive problem.I’ve seen so many complaints about transaction delays.