Consumer complaint received 2023-05-15
Company: CEX.IO CORP.
State: MD
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
XXXX XXXX XXXX, XXXX. 
XXXX XXXX XXXX XXXX XXXX XXXX, MD XXXX XXXX XXXX Consumer Financial Protection Bureau ( CFPB ) RE : Request to Investigate Fraud with CEX.IO XXXX XXXX XXXX Dear Sir/Madam, My name is XXXX XXXX XXXX XXXX XXXX a resident of XXXX XXXX XXXX XXXX above. I write to report a fraud incident that affected me while doing business with the above-mentioned Company ( CEX.IO ). A digital Cryptocurrency company I was doing business with I.D # : XXXX & made multiple deposits dollar amounts to my account number mentioned. Each time I made this deposit of dollars amount that was supposed to be withdrawn each, the account XXXX with the partner company with CEX.IO who was directly assigned to me will subsequently request that I need to add some more amount because my total amount has accrued profits and I need to pay the interests difference that accrued to the total amount I had in my account. This Account XXXX name was XXXX XXXX, cell XXXX & email ( XXXX ) and the personal who originally contacted me and initially convinced me that shes a XXXX XXXX and encouraged me to get involve by starting with a {$500.00} as initial deposit that will every week generate {$2500.00} as profit besides the principle amount {$500.00}. At first I was not interested, but promised I was going to research and give it a thought after researching it. After I lost my job in XX/XX/XXXX with XXXX, I did look the company out and read a little bit about them as a cryptocurrency company because I was looking for a means of income as a single parent ( Father ) ; so eventually we started communicating back and forth frequently. Eventually as time went by I was convinced by XXXX XXXX, the account Manager so I made contact with her as she subsequently instructed me with opening accounts, and started making deposits to my account hoping to withdraw but each time I made deposits the Manager ( Grace ) would request another extra amount for me to deposit in order to withdraw and I did not have money because I was already unemployed. So, most of the deposits were monies I raised from pawning my personal properties ( Laptop, my vehicle, XXXX ) to a Title Pawn shop called XXXX in Delaware with XXXX to withdraw. 

However, since we started in Late XXXX early XX/XX/XXXX, we were in frequent contact by WhatsApp texting until early XX/XX/XXXX I made the last deposit with XXXX XXXX over the phone as she normally instructed me about how to go about making deposits since I am not an expert, neither understands this sort of trading. After my last deposit in XXXX, I stopped hearing from XXXX XXXX who was constantly in touch with me. She stopped responding to my text, neither could respond to my calls. So I contacted CEX.IO regarding the matter and they informed me that Ive been frauded and needed to report immediately to my local Police Department so as to initiate an investigations, including they also mentioned the had the detail information 's about who, and how my money total of {$56000.00} was withdrawn from the account, but they can only corporate with information sharing with the police department directly to XXXX with formal information rather than me. I contacted the XXXX XXXX Police Department and reported the incident at case # : XXXX. They initially responded by sending XXXX XXXX XXXX XXXX # XXXX and email : XXXX who had contacted CEX.IO via the link, a medium they recommended the local police department to use for contacting them about the situation. After weeks of ongoing email communication b/w CEX.IO and I informed me that they had not received any inquiries from the Police department but anticipated the inquiries so as to move further. I eventually contacted the Officers XXXX, XXXX. XXXX XXXX badge # : XXXX and email : XXXX including we spoke over the phone as he was informing me the nature of this kind of cases and what can be a preferred manner to apply in pursuing, and addressing my case while we hope for a response so they can initiate a formal investigation but up to now the company has not responded to me regarding receiving of the Police official inquiries regarding my case, which is why I have decided to report this case to your organization, because I am a consumer and have been violated, and frauded so as to assist me Investigate CEX.IO regarding transaction! This situation has caused a very serious devastating economic impact to me because my vehicle was taken away from me since I could not make payments. I really need you to conduct a very serious investigation with due diligence. I also recommend that you contact the XXXX XXXX Police Department and officers assigned my case regarding updates, including do not hesitate to contact me at any point at my contact information above or by mail. 

Sincerely, XXXX XXXX XXXX, XXXX.

Company response to consumer: Closed with explanation