Amplify Exchange Scam
Candlestick chart of BTCUSD

Amplify Exchange Scam

By Michael_Brown | Wallet Security | 10 Feb 2021


For the first time, I believe I have just been made a victim of crypto fraud.

I purchased some coins for a couple of hundred pounds about a year ago from amplifyexchange.com, and thought I would transfer them from the exchange as they no longer had a market for ADA (Cardano). I made a transfer request, the transaction failed, and ever since the funds have been showing as "on hold", which prevents me from accessing them.

Technical issues happen, no big deal. I raised a ticket, received the templated acknowledgement email advising:

Thank you for being patient with us as our extraordinary support team works your request. We are letting you know that someone is currently working on your request and we estimate that the next response you will receive will be in 24 hours. Please understand that we are working as fast as we can to resolve your request in a timely manner.

After a couple of days, I thought I would send a chaser email asking for an update. Waited a couple more days. No response. At this point I began to become concerned with the prospect that maybe they had shut up shop and done a runner. I tried to contact Justin Tabb (CEO) on Twitter, no response. Sent more emails to Amplify customer support, and yep, no reply. 

I noticed on their community page someone had posted about the lack of response on a ticket they raised, I left a comment with my situation and another member has said they are in the same position but with no contact for a month now. At this point it's hard to imagine this is not a scam. If it is not, it's a case of some of the worst customer service I have ever experienced. 

I'm fortunate that what I have invested is not a significant amount of money, but at the same time it's still a loss and it's incredibly frustrating to see ADA going up and not be able to access the coins. This highlights the importance of keeping your coins in a hardware wallet, as no matter how safe you think they are all it takes is one rogue agent in an exchange and everything could be gone.

Does anyone else here use Amplify and have the same experience, or do you know more information regarding the status of Amplify? 

 


Michael_Brown
Michael_Brown

Physics graduate, with a passion for programming in Python.


Wallet Security
Wallet Security

A guide to ensuring your coins remain your coins.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.