According to a recent BBC report, a crypto investment app called Coscoin advertises an “AI quantitative trading platform” that promises to double users’ investments, with users across the UK having raised thousands of pounds in total. Some report that they are unable to extract the information, causing anger and confusion.
Coscoin, also known as Cos or Cosetek, operates by users sending money to the app through a third-party cryptocurrency exchange called Kraken. Kraken facilitates digital currency transactions and has not been accused of any wrongdoing. Once funds are deposited into a Coscoin account, users are said to be able to invest the funds to increase their balance.
Many people are no longer able to withdraw funds after Thanksgiving special offer
But after a “Thanksgiving special” offer on Nov. 23 that allowed users to further increase their balances by pressing a button within the app, many found themselves locked out of their funds completely. .
One of the affected users, Nick Pearce from Hartlepool, who urged friends and family to sign up, said he felt “angry” and responsible after it led to an estimated total loss of £3,000. Pearce was skeptical at first, but after trying a small withdrawal it seemed to work and he started investing. “I thought it was legal because I could withdraw my money and my initial investment increased,” he explained. “When we first found out we could withdraw, we told his family and friends and they signed up.”
Another report claims that a number of employees at Nissan’s manufacturing plant in Sunderland have suffered losses due to the app. A Nissan spokesperson confirmed the company was aware that staff were affected.
attractive return on investment
Victims say Coscoin offered attractive investment returns and easy withdrawals until the Thanksgiving promotion, but then their account balances remained untouched and inaccessible. Some users have seen their balances exceed £3,000, but attempts to withdraw funds have been unsuccessful. “They have my money and I want it back,” Gateshead resident Ian Brown said. He withdrew money from chips at work at a car repair shop and invested £2,000.
The BBC contacted Coscoyne’s listed Washington address for comment, but there was no response at the time of publication. The app has also been removed from Apple’s iOS storefront.
Featured image credits: Photo by Alesia Kozik; Pexel