EscrowLab – TOR Scam Report (1)
Onion Link: http://protectbi4naqpeqbw3rybddrmqfwo2pk4fmwrznav65pac3jmmdtmad.onion
Scam Report Date: 2024/08/04
Client Scam Report Breakdown
Original Report Summary:
The client reported an issue involving a delay in the transfer of Bitcoin (BTC) into their account on a specific site. After the BTC was finally credited, the client placed an order to purchase a product. However, two weeks passed with no updates or delivery of the product. Subsequently, the client requested a refund. After another long wait, they received an email indicating that the withdrawal was completed. Upon checking their wallet, they found that the funds were not returned. The client concluded that they were defrauded by the escrow service on the site. Despite extensive research that revealed only positive comments about the site, the client’s personal experience was one of fraud.
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Terminology and Terms Defined
BTC (Bitcoin): Bitcoin (BTC) is a type of cryptocurrency, a decentralized digital currency that operates without a central bank or single administrator. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. In this report, BTC refers to the funds the client used for their transaction.
Escrow Service: An escrow service is a financial arrangement where a third party holds and regulates the payment of funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met. In this case, the escrow service is accused of not returning the client’s funds.
Wallet: A cryptocurrency wallet is a device, physical medium, program, or a service which stores the public and/or private keys for cryptocurrency transactions. In this context, the wallet is where the client expected to see the refunded BTC.
Withdrawal: In the context of cryptocurrency and online transactions, a withdrawal is the process of transferring funds from an account to a personal wallet or another account. The client received a notification of completed withdrawal but did not see the funds in their wallet.
Fraud: Fraud involves wrongful or criminal deception intended to result in financial or personal gain. The client describes their experience as fraudulent because the funds were not returned as expected despite a confirmation email.
Detailed Report Analysis
The client’s experience began with an initial delay in the transfer of Bitcoin into their account on the website, which is not uncommon in cryptocurrency transactions due to network congestion or site-specific issues. However, the prolonged delay might have been the first indicator of underlying problems with the site or its processes. Once the BTC was finally credited, the client proceeded to place an order, which led to an extended waiting period of two weeks without any updates or delivery. This significant delay is atypical and concerning in online transactions, where clear communication and timely delivery are crucial.
After the two-week period with no product or communication from the site, the client decided to request a refund. The second delay occurred during the refund process, which culminated in the client receiving an email indicating that the withdrawal was completed. This email would generally imply that the funds were successfully transferred back to the client’s wallet. However, upon checking their wallet, the client found that no such transfer had occurred. This discrepancy between the email notification and the actual wallet balance is a critical issue, as it directly impacts the client’s trust in the site’s escrow service and overall reliability.
In the client’s research phase, they found only positive reviews about the site, which starkly contrasts with their personal experience. This discrepancy raises questions about the authenticity of the reviews or the possibility of selective reporting. Positive comments could either be genuine endorsements or potentially fabricated to maintain a favorable public image. The client’s conclusion of being “robbed by the escrow service” underscores their perception of the incident as a deliberate act of fraud rather than a mere technical glitch or administrative oversight. This experience highlights the need for more robust measures to ensure transparency and security in online transactions involving cryptocurrencies, as well as the importance of authentic, comprehensive reviews that can provide a more accurate picture of a service’s reliability.
