CoinSpot
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WARNING: CoinSpot Hijacked My Crypto and Locked Me Out – DO NOT TRUST THEM
I was a loyal CoinSpot user for over a decade—since 2013. I’ve traded, sent, and received crypto without issue. I’m not a novice: I’m a seasoned investor and Web3 developer, with over 12 years in the crypto space. I use secure offline wallets, I’ve authored whitepapers on smart contracts, and I know how to protect my assets. But two days ago, CoinSpot turned from a trusted exchange into a nightmare. I attempted a routine transfer of 10 XRP to my Ellipal cold wallet to test a new Web3 app I’m building. CoinSpot blocked the transaction, froze my account, and banned me from withdrawing any funds—crypto or fiat. Their reason? They suspected I was being scammed. No evidence. No due process. Just a blanket restriction. I was forced to re-onboard like a new user, told the transaction would be approved. It wasn’t. The XRP vanished from my account, never appeared on the blockchain, and support refused to help. A “specialist” finally called—only to inform me my account was permanently restricted. They threatened to report my cold wallet address to other exchanges and have it blacklisted unless I moved all my assets back to CoinSpot. They claimed transferring crypto to my own offline wallet was a “financial crime.” Let that sink in: CoinSpot now considers self-custody a criminal act. Then came the email: I could no longer withdraw unless I submitted a full justification—ID, bank statements, crypto account details, and proof I wasn’t being scammed. Even then, they reserved the right to deny access and confiscate my funds without explanation. 🚨 This is not protection. This is coercion. This is asset seizure. CoinSpot has now closed my account with my funds still inside. Worse, all my Ellipal wallet addresses have been blocked from sending or trading. I now get “Invalid Sender” errors across all my offline wallets—effectively locking me out of millions of dollars in crypto. I am currently seeking legal advice and filing formal complaints with AFCA and ASIC. CoinSpot claims they’re protecting users from scammers. But from where I stand, CoinSpot is the scammer. If you value your financial freedom, privacy, and control over your own crypto—stay far away from CoinSpot. They are no longer a safe exchange. They are a risk to your assets.