This is mostly a duplicate of my summarised responses to that exchange's original announcement threads here and in /nanotrade submitted by
**.** The owners of that new exchange are welcome to downvote this new posting of mine, but everyone else can make their own decision about whether to upvote this for posterity's benefit, so that my post gets found in months to come (given that Reddit's search engine is really bad at searching comments.)
Here's what's dodgy about this exchange, and why anyone who remembers BitGrail should be very afraid:
I emphasise that I'm not saying this is a scam
. But I am saying it looks like what a scam website would look like and appears to be operating illegally under UK law:
* The domain NanoTrade.co.uk
was registered only two days (one working day) before the site went live - meaning it only could have been tested very briefly, (Edit: and could not have been secured against accidentally being taken by another person, which implies incredible lack of planning)
* The domain was registered by NameCheap, with an obscured registrant
* The site was not pre-announced on /Nano
Currency nor /NanoTrade
* The site was announced
first on /nanotrade
(6k subscribers), but only announced here on /nanocurrency
(44k subscribers) three days later, demonstrating a lack of knowledge of Nano relative subscribers
* The announcer Paradise2GE
claimed Google and Facebook Ads existed prelaunch - but no one of you here saw them because you would have excitedly told us if you had
* No such advertising for the site was noted by me, yet I would have been a key target for it
* Since the domain was not registered, such advertising could not have included, say, a [[email protected]uk
) mail form, which is incompetent in itself
* Nano Associates Limited was registered with Companies House on 2018-02-28 (as company number 11229688
) - to a London mail-forwarding company's central London address (a postcode with 11,000 companies registered at the same address)
* Its sole Director 'Orlando Carugo' has no Google history of being associated with Nano, Cryptocurrency, or finance at all
* Orlando Carugo's profession is listed as 'Sales Director'
* The Google
and LinkedIn history of an UK-based 'Orlando Carugo' (a sales professional) can
be found, with no reference to cryptocurrency but with references to being willing to work for stock options or commission
* The announcement on /NanoTrade
was made by Paradise2GE
- an account with a few questions on Bitcoin two years ago, a single comment one year ago, then absolutely nothing until this weekend.
* We know nothing of the overall reputation of the company owners
* The company uses a payment processor https://en.bitcoin.it/wiki/VirWoX
which has a daily limit on PayPal withdrawals of 2500EUR. The NanoTrade website however states that up to 90,000 Nano can be sold per PayPal transaction. It seems impossible to reconcile this for me. If 90,000 Nano is sold to PayPal, when would the seller get their money?
* If the answer is that such payments cannot be made, when were the company planning to tell the sellers?
* On being asked on /Nanotrade
has avoided answering this question in their dissembling answers
* The company is not registered by the FCA
* The company is not registered by HMRC as a money service
* It is a legal requirement for UK based companies to register as money services.
* It is not a get-out to just deal in USD and not GDP, yet Patadise2GE
has attempted to use that get-out in their answers
has dissembled when answering questions as to why Nano Associates is not registered with FCA or HMRC
claimed 1000 trades on their first day... for an unannounced site...purely from a posting that had around 40 up votes at the time. It's a lie. Not even Nanex gets that many trades on a good day.
* Given a supposed 1000 trades in a day, 1440 minutes in a day, and 25% of Nano staked on Binance, we should expect to see >5Nano transactions coming out of the Binance hot wallet at least every 10 minutes or so. I don't see those
* The site works poorly on Android, showing a lack of technical skill in its developers
* The announcement of the exchange on /nanocurrency
was by SMcArthurs
- a one year old account, with very few postings, and no history in the /nanocurrency
* Someone downvoted my reasonable questions on /nanotrade
. I can think of only one person who would want to do that, if malicious
* Someone downvoted someone thanking me for my questions on /nanotrade
. I can think of only one person who would want to do that, if malicious
* User astricali
at 2018-12-03 05:00GMT that they made a successful sale of 999.99 Nano. I performed a text extraction of the posted image address, which they were apparently instructed to send to
, but I notice that although that address indeed Received a 999.99 amount from the Binance Representative at 2018-12-04 02:17:01 (Timezone unknown), the address has never actually Pocketed
999.99 Nano - the payment is still Pending.This is odd, since once might expect an efficient provider to pocket the Nano they receive asap, to sell it on the markets
* The address
has however received a range of 8 payments ranging from 1.99 Nano to 1,847.99 Nano. That surprises me, because I would expect a payment provider to use a unique address for each received payment.
* The address
has only ever sent a payment once, to KuCoin, on an unknown date before 2018-07-25
have been extremely quiet in response to these complaints levelled against their site
* Edit: Why would they be selling Nano at 1.00 USD at the moment when Nano is on Binance at 0.94?
* Edit: Seeing 403 Forbidden error 2018-12-05 23:38GMT
* Edit: Don't even get me started on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations Regulations 2017
* Edit: It's 12 days later - 18-Dec-2018. The 999 Nano still hasn't been pocketed at address
. In 12 days neither promoter has denied that's it's their account. They are therefore probably incompetent even if non-malicious.
* Also noticed something I should have picked up before: That address is Represented by Nanowallet.io - which means it's probably
an account created on Nanowallet.io. Any 'real' exchange would need, at the very minimum, to run it's own node so that it can be online 24/7 - and if so would most likely Represent itself. Specifically choosing Nanowallet.io as their Representative after installing a full node would be an odd decision, given that they could help decentralize.
'm at way over 22 red flags here. I hope I save someone.
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