CyClean Scammed? – Loses Over 1 Million Dollars to Binance Impersonator

Karan Balwani

August 10, 2018 1:29 pm

Crypto Scam

CyClean Scammed? - Loses Over 1 Million Dollars to Binance Impersonator
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Shocking news has come to light. CyClean, the platform that provides environmentally friendly products has been scammed by a group claiming to be Binance officials.

CyClean is one of the strongest emerging platforms in recent times. Their products and services are aimed towards the greater good of the planet. The company has already been highly acclaimed across the globe for its efforts. As part of their business strategy, CyClean planned to get listed on Binance to make trading of CCL tokens streamlined for potential investors. Additionally, the use of CyClean products gives its users the opportunity to earn tokens as a reward for adopting eco-friendly products and services.

However, the process did not go through as planned. CyClean had signed contracts with Binance on two incidents to get listed on their exchange. As the company did not get listed on the cryptocurrency exchange past the due date. CyClean decided to contact the Binance team for the same. It turns out that the people who were communicating with CyClean were not representatives of Binance. Instead, they were acting as a part of Binance and scammed CyClean out of cryptocurrencies.

CyClean Binance contract

CyClean had paid 84 BTC to the people as a listing fee and security deposit. The company paid an additional 30 Bitcoins in form of CCL tokens as of 30th July 2018. On 5th August 2018, CyClean paid an additional 371.5 ETH as a listing fee to the people whom they believed to be Binance representatives.

Though Binance acknowledged that CyClean was scammed, there were a lot of ignored emails from the exchange that were sent to [email protected]. The company claimed that no emails were received by them, causing increased confusion.

Instead of an official statement from Binance, CyClean was contacted by Zhao and He Yi regarding the scam via SNS. Zhao clarified his standing on the issue by saying “I do not get involved in listing and I do not sign.”

There have been accusations made on both sides. However, that fact remains that CyClean lost significant money as a result of this scam. CyClean claims that the trail of the crypto transaction leads to Binance’s accounts, there may be internal corruption at the company. CyClean also published its official statement on its website.

According to CyClean, there’s an ongoing issue of internal corruption in the company. Meanwhile, Binance says that CyClean was scammed by a third party that is not associated Binance in any way. CyClean is determined to identify the culprit behind the scam and is certain that it was an inside job.

This news came to light through a Medium post published on 9th August 2018 that was written by David Young, Founder, CyClean. CyClean also published a Twitter post on this issue. CoinDelite was the first news outlet to report this incident. More details to follow as the news develops.

Cryptocurrency scams have seen an exponential increase in the past year, millions of dollars worth of investor money has been lost to these scams and the hackers do not show any signs of slowing down.

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