This review reveals that the Koneoyp crypto exchange is fraudulent. We explain how it is made and why you should avoid it.
What is Koneoyp
Koneoyp is an exchange for cryptocurrencies. You can trade different digital assets, such as Bitcoin or Ethereum.
But it also offers new tokens from initial coin offerings, crypto mining and staking.
The exchange says it is headquartered in the United States with offices in Japan, South Korea and Hong Kong. Can you trust it, is it legitimate?
Koneoyp is a scam
Unfortunately, Koneoyp is a fraudulent platform that was created as a clone of an infamous scam. It is dirty and it will make you lose money, if you don’t stay away from it. This review bring you all the details you need to know.
Copy of an old scam
The first instance of this scam we reviewed was called Sunony Exchange. Then we discovered a copy called Koneoy. And this latest one Koneyop clearly is the copy of those two, as you can see in our picture below.
Besides, the story told by victims of these exchanges is always the same, they are approached by somebody who first tries to become a friend, then tells a story about how they or their family member is making big money on a certain crypto exchange…
What is the offer?
Since we first exposed this scam, people who are running it became a little more careful. They are no long displaying publicly on the Koneoyp website how much they supposedly will make you.
But usually they promise around 20% monthly returns on your deposit. Which supposedly will come from either automated trading, mining or crypto staking.
In reality it is not possible to generate profits of this magnitude in legitimate crypto trading, mining or staking. No trader is that capable and mining and staking have their limitations which don’t allow for 20% monthly returns, that’s just the way it is.
In fact, you can be pretty much sure that every investment offer with 20% or higher monthly returns is a scam.
Full of lies
On its official website, Koneoyp claims that it uses secured storage for you cryptocurrencies and that it has a dedicated 20,000 BTC security reserve fund. But that is a lie.
Koneyop is not even a real exchange, let alone secure. The biggest lie is the claim about the Bitcoin security fund. The exchange does not have any reserve fund, it was made to steal money from people, that’s all it does.
How the Koneoyp scam works
People who work for the Koneoyp scam randomly target new victims on social media. They tell fake stories about how they or their relatives or friends make tons of money on Koneoyp and they will ask you to sign up and deposit money.
You will have to make your deposit in USDT or another cryptocurrency. Once you make your deposit, your money will be lost.
Sure, they can show you some profits on their platform to make it look like you really are earning money, but everything will be fake. Everything will be a lie with one purpose: to make you deposit even more money.
Behind Koneoyp scenes, there is no cryptocurrency mining, staking or trading. All the deposits go directly into the pockets of fraudsters who run the entire scheme.
And because all the transactions happens in cryptocurrencies, there is no simple way of getting your money back. Only law enforcement can do something about it, but they often face a very difficult task because scammers can hide online very well and they often reside in countries where it is difficult to get to them.
Koneoyp review – Conclusion
Koneoyp is an investment scam that was born as a copy of an infamous scheme. It can’t earn you anything, it will just take your money in the form of a cryptocurrency and make it disappear.
It is impossible to make 20% monthly in cryptocurrency staking or mining, every such offer simply is a scam.