Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4761342

Complaint Overview

Complaint ID: 4761342

Company: Foris Dax, INC.

Product: Money transfer, virtual currency, or money service

Sub-Product: Mobile or digital wallet

Issue: Fraud or scam

State: Tennessee

ZIP Code: 37207

Date Received: 2021-09-28T12:00:00-05:00

Date Sent to Company: 2021-09-28T12:00:00-05:00

Company Response: Closed with non-monetary relief

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Hello, My issue is with the app / crypto platform " Crypto.com '' a trading / storage platform for assets such as XXXX XXXX XXXX and the like ( " Company '' ). In XXXX of XXXX my account was disabled and my assets " frozen '' ( or transferred to ) the Company without any explanation or reasoning. When I tried to figure out what the issue was, I was simply told " we are allowed to do this because it is in the terms and conditions and we have determined you " breached the contract '' ''. For the last year and half plus, I have been trying in every possible way to remedy the situation, including attempts to solve the issue that caused the problems ( they would never confirm exactly what it was, but I had believed it was due to their taking of massive transaction fees using a variety of " entities '' that were never fully disclosed, thus prompting me to shut down my checking account for fears that someone had hacked my account and would continue to take large sums ). To simply state " you have breached '' and then take the money / assets from my account without any explanation is not something that you can validate simply by including the desired action ( here, taking assets without any information / reason ) in a extremely long / arduous terms and conditions provision. Ultimately, they have continued to repeat the same lines and state that they are well within their rights to steal my assets without providing any legitimate reasoning. While a company like Company can say that " terms and conditions '' are fully binding, I know that one can not have their assets frozen or confiscated without due process ( or at the least, full and complete explanation of what was breached ) in the US and I believe that since they are incorporated in XXXX, they feel they are outside of US laws/ regulation. However, Company is very much doing business ( and has employees/ offices - recently bringing in a high profile music executive based in XXXX XXXX XXXX to handle their NFT partnerships ) in the U.S. and targets U.S. consumers via online ads, partnerships ( see their joint credit card with VISA released recently and available to US applicants ). When Company shut down my account and " froze '' my assets, my digital currency was valued at roughly {$4000.00}. Of course, with the rise in prices of XXXX XXXX and digital currencies/ assets over the last year and a half, that number could be well over {$6000.00} at this point ( one in particular was a good bet with an increase of over 200 % in a matter of months back in XXXX - XXXX XXXX ) and given the rise in certain assets, in the future, this could be wildly profitable - something I would miss out on completely. I am doing my best to scour my emails for details of each transaction so I can get a more definitive amount / number of " coins '' ( so to speak ) but based on my knowledge of my account to date, that is a reasonable estimate ( if not on the low side ). I have tried to be reasonable and even offered to simply have my assets transferred to my new wallet and then they could do what they wish with my account but I continue to get the same answer. While I understand that crypto currencies and the marketplace is with it's risks, the Company is one of the biggest players in the industry and makes hundreds of millions off of people like myself ( based in the US and all over the world ), so it was supposed to be safe and secure ( they actually make that a big part of their advertising - that they are the " safe and secure '' platform for trading and storing crypto ). I am very concerned that this has probably happened to a lot of people like myself and it is extremely frustrating to feel like you have zero recourse, hence my desire to submit this formal complaint and put it on record. Hopefully this will put a stop to their fraudulent activities and their believe that theft is OK, so long as it is included in their " terms and conditions ''. I am not some extremely wealthy partner of theirs or trader who has the resources to sue/ bring suit against someone like Company, and it is clear they know that or else I believe they would never have included the language they have in their signup " contract ''. I have all of the correspondence back and forth between myself and various members of their support team and am happy to provide any additional documents that may be required. In the meantime, I have provided two specific emails where they said they were shutting me out and where they re-reference the specific part of their terms and conditions that they believe gives them the ability to do what they are doing without recourse. Thank you again for your time in assessing my complaint and I will look forward to hearing from someone soon.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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