Looks like Crypto.com is about to steal 130 000 euro of our family’s money. May be yours too.

crypto basset hound

Looks like Crypto.com is about to steal 130 000 euro of our family's money. May be yours too.

Take control of your crypto. Kris Marszalek, CEO

This beautiful words were printed on top of the well designed visa card boxes which me an my wife received this Spring when we've become crypto.com clients. We were happy with the service and recommended it to everyone interested. Until both of us have been blocked 2 months ago.

After that point we've had a very intimidating and terrifying experience which I describe in every detail below.

I've heard a lot of stories about blocked accounts both in traditional and digital financial institutions. But it has always been either "you have 30 days to withdraw your money" or "here is your check, get the hell out of here", unless there is some dark stuff. Nothing close to our experience with crypto.com

It turns out that you don't have any control of your crypto at all. This is a deliberate deception.

It started with this email on November 20:

Your account is undergoing a routine review and it has been disabled until the review is finished.Please accept our apologies for any inconvenience caused by this, we will be in touch with further feedback shortly.

Crypto.com support has asked to proof the ownership of the wallet in question later. We have never came across anything like this and it seemed a bit creepy, but followed the terms anyway.The account remained blocked for the whole following week, support has barely replied with template messages. By the end of this week we have become really nervous. The blocked sum was big and we've needed it for our business.


Then we’ve got this one on November 29:

We recently performed a review of your account and found that it does not meet our requirements for user conduct, as outlined in our Terms and Conditions.

After careful consideration, we regret to inform you that we can no longer provide you with our services, and will move forward with closing your account.

To be able to complete the closure, please provide the following details:

  1. Please provide us with external addresses which you want to withdraw your available cryptocurrency assets to, along with a preferred network.
  2. Please confirm whether it is a private wallet or custodian wallet, along with the ownership of the wallet.

Please accept our apologies for any inconvenience caused by this, as we will revert with feedback shortly.

Account termination has been a bit inconvenient at the moment. However there are a lot of other places to exchange crypto for fiat, so no big deal really. But the insult of the whole situation was another thing. As law abiding citizens we've been very much eager to know the reason. But there is no way to, there are whole sections in the Terms and Conditions legally allowing crypto.com to do literally anything to your account and get away with it.


Anyway, we've had 130k euro blocked and wanted it out ASAP. We have provided all of the requited data (we've had to take a picture of our hardware wallet!) and waited for the refund. This is where it started to get interesting.


From November 30 till December 18 we were getting a template messages "we are still working on your case" by numerous people (or bots) with a strange names. It doesn’t take a lot of time to send crypto, so we’ve started to suspect something must be wrong.


We've decided to contact Kris Marszalek, crypto.com CEO, directly on LinkedIn. He hasn't bothered himself with a reply but apparently punched one of his managers to deal with us. For the next week, Precious (that's the name of his manager) pinballed us between numerous lower level managers who pushed our case to the higher level, then to the highest level and finally to the Officer and Arbiter whatever this means. I guess we will reach level 80 next week and have a chance to meet a Higher Priest of Crypto himself.


By this point one and the half months have already passed since the account was blocked and we are pretty sure crypto.com has no plans to return our crypto or fiat whatsoever. Their support behavior exactly matches a scammer's working pattern: make an impression of the active communication so the victim will not suspect anything and report to the police for as long as possible. Maybe they are running out of money. Maybe they have simply decided to appropriate ours because they can.


Terms and Conditions literally allow them take away your assets just because they don't like you, for any reason that they allowed to not disclose, and this doesn't even has to proved by law. Even if that is not the case, there is no time frame specified for the refund to happen so it literally can take forever. There is no physical office to go to. Nobody knows where they really are.

They have total control of your crypto.

We think there is no need to urge anyone already having or planning to have crypto.com account to do something. The case is very well documented in the screenshots above. Draw your own conclusions.

And before anyone asks what kind of people are we and what have we done with crypto to deserve all of this: we are a middle class German residents exchanging our crypto savings for fiat and withdrawing it via SEPA. My wife have withdrawn a bigger sums for her business purposes, I mostly used the card to buy a groceries. Nothing special to talk about.

We will appreciate any advice from the anyone who came through similar situation.

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