Consumer complaint received 2022-07-19
Company: Winklevoss Exchange LLC
State: WI
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I am resubmitting my claim as directed by CFPB as there were concerns about third parties entering the claim for me. I am submitting this claim and as a victim please don't ask me to do this again. I can be reached by phone or email to verify that I am the person filing this claim. 

In XXXX of 2021, I was approached on a XXXX group by an account manager from a XXXX  mining site called XXXX. The account manager named XXXX explained to me how lucrative XXXX XXXX  is and most people arent investing in it because its new and the part of the future. With promises of making large of amounts of money exceeding six figures a month I invested a small amount to get started. After the first mining cycle the site showed me that I had made significant money on my investment and XXXX encouraged me to invest more money to compound what I made so that I can get up to making six figures a month. So, I invested more money and continued investing more money with XXXX advice and the investment page showed my investment was showing large increases in my investment. XXXX walked me through the withdrawal process and I withdrew a small amount in an attempt to show me the site is credible. 
Then XXXX suggested I start an account for my wife, but start off investing a larger amount of money so that I can start making larger returns on my investment quicker. So, I followed XXXX advice and continued to invest in both of the accounts and watching our investments grow quickly. 
XXXX then offered me what he called a XXXX  contract and I would be investing the entire account balance from each account. He promised at the end of the XXXX  contract our account balances would be well into the six-figure range and we could make a significant withdrawal. So, I bought the mining contract on both accounts and waited for the mining cycle to complete. Shortly after the mining  process began XXXX informed me that I need to top up the account to finish mining. He stated we had to top up {$22000.00} on both accounts and we couldnt make a withdrawal until we did. XXXX offered me the opportunity to invest {$22000.00} in my account and then after the mining completed I could transfer funds into my wifes account to finish mining. Soon after making the {$22000.00} deposit XXXX informed me I needed to invest another {$6000.00} in top up money. I was out of money and to invest and XXXX told me this was the only way to withdraw our money. So, my friend invested {$7000.00} to help me out. Then I was notified by XXXX that my account and my wifes account were combined and we wouldnt be able to complete mining or withdraw money until we paid a top up of {$28000.00} into my wifes account. At this point I was broke and now realized I was scammed out of our money. 
Ever since we were scammed I have been XXXX  and barely sleep. I don t feel like I was ever protected from the scam as I continued to invest money into the site. My family is struggling financially and mentally. XXXX and the site continue to asked for money despite scamming me out of our money. My wife and I are working additional hours to try and make ends meet as we rebuild our finances and emotional health. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation