COTP Collapses! How to Withdraw Balance?

COTP withdrawal

COPT Exchange, Crypto Trading OTC Platform Closed. COTP investors are facing withdrawal issues, unable to access app and are unable to withdraw their trading balance

COTP was started in November 2021 and operated from 2 websites, cotps.com and cotps.net.

Around May 20, 2022, COTP’s websites and the app got shut down and investors are unable to access their accounts.

COTP was a cryptocurrency-based MLM scheme and millions of people invested in it and now COTP Ponzi Scheme has closed now.

COTPs is supposed to be a billion-dollar scam as 16 Million people visited Cotps.com in April month. Now investors want to withdraw their funds and get their investment back.

COTP Trading platform legit
Cotps.com (SimilarWeb Stats)

Earlier on 13 May, COTP said, we are facing some SMS errors so investors are unable to withdraw their balance.

Later on 22 May, COTP appears with a new excuse and closed all its operations.

At 23:05 US time on May 22nd, we were attacked by an illegal network and received a ransom email from an unknown hacker.

The attack resulted in the loss of user data and the platform is no longer functioning properly.

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What is COTP?

COTP stands for Cryptos OTC Trading Platform, which asserts to be an online platform specialized in over-the-counter trading.

Here are some bold claims made by COTP.

  • 3 to 4% guaranteed daily returns using artificial intelligence and algorithms to trade in digital currencies.
  • COTP built the first high-frequency transaction digital exchange in the world and also uses High-Frequency Trading to make a profit from every trade irrespective of the market trends.

According to Similarweb stats, the majority of the traffic on cotps.com is from the United States (37.85%), Colombia (8.80%), the UK (4.77%), Australia (4.46%), and Nigeria (4.20%). Within 5 months, millions of people invested in it, without understanding its legitimacy.

COTP investors who looking for fund withdrawal have to face a hard time now. As it was not regulated and all transactions were made in crypto, any particular judicial country does not interface with such matters.

So it’s next to impossible to get investment back from COTP.

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Company Profile

Company NameCryptos OTC Trading Platform
FounderUnknown
When Started2021
Head OfficeColorado, USA (Not Verified)
Websitecotps.com
cotps.net
ProductsInvestment Scheme

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COTPS Investment Plan

To join COTP Exchange, people have to register on their website site.

COTP image

An individual has to invest a minimum of 9 USDT in their COTP wallet to initiate the trade. USDT (Tether) is a stable crypto coin whose price revolves around $1.

Below are COTP Investment Agreement with guaranteed returns and the fund lock periods.

crypto-OTC-trading-platform

For these guaranteed returns, COTP reveals that they use High-Frequency Trading to transact a large number of orders in a second. COTP buys the tether at a low price and sells them at higher prices to earn profit from the differences.

COPT investors have to trade orders every 2 hours. Thus, they complete 12 trade orders daily. By the end of the day, investors receive 3.6% profit of the amount they started with.

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Referral Commission

COTP users receive a fixed percentage of commission from the profit of their downline referrals of up to three levels.

LevelsCommission
Level 1 (Direct Downline)15%
Level 2 (Level 1 referrals)10%
Level 3 (Level 2 referrals)5%

To Be Concluded

COTP seems like a lucrative investment scheme, but there is a list of reasons which simply imply that COTP is a cryptocurrency-based MLM Ponzi scheme fraud.

Operators are Hiding

We couldn’t find any information about the owner of the platform, only a video on the COTP official site available, where a guy naming himself “Dariush”, acting and pretending to be the Technical Director of COTP.

cotp legit

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Extraordinary Returns

COTP guarantees investors a daily ROI of 3%. As crypto markets are highly volatile, the 100% return guarantee is a huge redflage.

COTP also claims that it trades digital currencies but it didn’t mention any trade pairs which are used for trading. Investors can only deposit USDT, whatever happens in between is not mentioned.

Sametime, if COTP has built such an extraordinary so-called High-Frequency Trading system, then why they are risking general public money and not making the profits on their own investment.

Securities Fraud

For a while, if we believe that, every claim of COTP is valid and they actually want to make this world rich, even then they are not allowed to do so.

Raising public funds and offering investment services required authorization from financial regulators of countries and regions.

Any person with little law or finance knowledge can understand this and identify COTP as a securities fraud.

That Canadian MSB certificate makes no sense, in front of the scam COTP has done.

In April 2022, more than 16 Million people visited the COTP website and in the very next month, it gets shut down. COTP is a billion dollars scam.

COTP is Ponzi Scheme

In our all reviews related to Crypto-MLM investment programs, we warned our readers to understand the logical aspect of guaranteed heavy returns.

COTP investment scheme clearly seems unrealistic and just luring maximum people to invest.

COTP is a Ponzi scheme, where old investors got paid on the money from new investors. Its MLM referral commission program was the way to perform money circulation.

Ponzi schemes function until operators want and later take an easy exit where 99% of investors lose their money.

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