My post is in regards to this ad but the guy has ads all over the USA
And this profile https://localbitcoins.com/accounts/profile/Coinflip100
It is an obvious scam profile. Red flag #1 is it has 30+ trades with only 2 trade partners. Red flag #2 is somehow the profile been trusted by 6 other people it hasn’t traded with.
When we contacted Coinflip100 at the 773-800-0106 number listed in their ad they admit they are not local, do not do in person trades and directed us to use one of their BTMs.
My partner and I reported this to LBC including screenshots of texts from Coinflip100.
This was LBC’s response:
“We highly recommend you to keep all communication with trades through LocalBitcoins, if the trader is not available you can always look for more options.“
We pointed out that we weren’t reporting the trader was unavailable but that he was breaking the rules by posting BTM ads and he admitted that he was not doing cash in person trades.
“Thank you for contacting us. We are going to keep an eye on the user. “
Keep an eye on him?
Why not delete it like they have other BTM ads or profiles with fake trades? And he advertises a rate MUCH lower than what he charges at his BTMs, isn’t that also fraud and against LBC rules?
We know there was an incident in the past with one of LBCs support staff deleting local ads in the area around ATMs he owned. We don’t know what the outcome of the incident was but the support staff member still works for LBC.
When we asked on to the LocalBitcoins Reddit, LocalBitcoins deleted the question
Why would Localbitcoins want delete the question?
Is this the same type of thing where LBC staff ignore rules for their own profit?
Or is it something simpler like LBC changing their rules to allow Bitcoin Teller Machine ads?
Let us know what you think by leaving a comment below.