N Exchange + Exodus trying to scam me

[Meeroh1]

Hey everyone, I’m reaching out because I’ve run into an issue while swapping ETH to BTC using Exodus about 18 days ago. The swap was routed through n.exchange, and since then, my funds have been held with no resolution ( I checked all the posts here and it seems that people faced the same problem )

I’ve submitted all requested KYC documents—this includes proof of car sale, bank statements, payslips, company information where I work, and wallet transaction history. Despite providing everything, my funds are still being withheld. I’ve contacted both Exodus and n.exchange multiple times, but I keep getting the same vague response: “Your case is under review,” with no clear timeframe for release.

What’s especially concerning is that n.exchange appears to be unregulated. Upon further research, I found they are associated with an individual named Oleg Belousov, who operates several entities registered to the same questionable address in the UK:

YOA LTD. (10009845)

CRYPTO NEXCHANGE LTD. (10671791)

TRANSFORT LTD. (10673971)

KAPARA LTD. (10673973)

If anyone here has experienced a similar situation and managed to recover their funds, I would greatly appreciate any advice or steps that worked for you.

It just feels like there is nothing I can do if they just decide to hold those funds.

[acroman08]

after searching around the forum, it looks like this is not the first time that this happened. this guy bvg96634 posted this thread "EXODUS + N.Exchange = SCAM | STAY AWAY" talking about the issue he encountered while swapping BTC to ETH on exodus. like you, he was also asked to perform KYC and was asked more information about his withdrawal history, chat logs, pictures, etc... in the end, the guy was able to get his coins back after 51 days(according to his thread). so maybe just continue contacting their support and wait for them to finish their review.

to be honest, if you asked me, this is suspicious and concerning.

[Shishir99]

the guy was able to get his coins back after 51 days(according to his thread). so maybe just continue contacting their support and wait for them to finish their review.

to be honest, if you asked me, this is suspicious and concerning.

I am glad that at least that guy was able to get his funds. I would be frustrated if I were him. We often ask people not to use centralized exchanges because those exchanges ask for documents. But sometimes this kind of exchange (N. exchange) crosses the limit. I am sure most of the centralized exchanges won't take more than 48 hours to verify your documents if everything is fine.

It seems Exodus and N. Exchange providing terrible service and support to their customers. Thanks for sharing this OP, even though I do not use them. I would also suggest OP not to lose hope and continue to contact the support ask for an update.

[Coyster]

I don't use Exodus wallet and i didn't even know they have an internal swap feature, but if you look online, you'll find complaints about this N. Exchange, though i have also not personally used them, so i am curious why Exodus still uses this platform to perform internal exchange for their customers. You just have to continue pressing support for a response and hopefully your case gets solved eventually, though it might take sometime, so you have to be patient.

I’ve submitted all requested KYC documents—this includes proof of car sale, bank statements, payslips, company information where I work, and wallet transaction history.

It is bad enough that they are hodling your money for no valid reason, and it is crazy that you had to give these personal details to a shady exchange like this one. The only consolation would be if you get your money back, if not that's a total bummer.

[Trêvoid]

Exodus uses third party providers like n.exchange for swap services but in their system (application) itdoes not clearly disclose this upfront to usres, which can led to users unknowingly dealing with a platform that has a poor reputation and many scam accusations. I would strongly avoid using Exodus, also there is many reports for lost funds.

[Potato Chips]

It just feels like there is nothing I can do if they just decide to hold those funds.

It be like that especially how difficult it is to take a legal action on these businesses. You're pretty much under their mercy.

Typically, victims just continue keeping in touch with support team in question + apply public pressure in online communities. The thing about public pressure is, it can get buried among other posts. If you wanna up your game, try to make your post catchy and perhaps try to get help from folks with decent following—if on CT— to share your story for extra exposure. For subreddits, target the popular ones and share it alot.

... so i am curious why Exodus still uses this platform to perform internal exchange for their customers.

Must be for the slice of the pie because they're probably getting commisions for trades. Last I check, n exchange is not the only obscure exchange exodus has onboarded. For instance, there was also Intercambio which I believe has a valid scam accusation/s here as well.

[Zwei]

I would strongly avoid using Exodus

i agree, but for a different reason. mainly because it's closed source and they refuse to remove the shady third party exchanges they use for swaps.
but as a wallet Exodus is fine as long as you don't keep a large amount on it and do not use the swap feature.

also there is many reports for lost funds.

to be fair, most of those reports of lost/hacked funds are actually the users fault (downloading fake version, malware on their device, exposing seed phrase, etc...)

... so i am curious why Exodus still uses this platform to perform internal exchange for their customers.

Must be for the slice of the pie because they're probably getting commisions for trades. Last I check, n exchange is not the only obscure exchange exodus has onboarded. For instance, there was also Intercambio which I believe has a valid scam accusation/s here as well.

that's exactly why. as far as i know most of their revenue comes from the commisions they get from those swaps, and they choose the scammiest exchanges because they pay the most.

[logfiles]

This is quite sad. I have come across other complaints involved Exodus and N Exchange before. In fact, In another thread I even pointed out that the exchange had earlier on been listed on BestChange but then got delisted after some time and today when I checked the links. They don't exist! Bestchange literary wiped off everything or any feedback that has ever existed in their platforms.

Somebody, help me get this right. I tried checking bestchange, but I don't seem to see n.exchange listed there, but instead on their website (https://n.exchange/partners-and-media) i see a link from the bestchange banner leading to another seemingly different exchange (https://www.bestchange.com/yoa-exchanger.html)
are n.exchange and yoa.ltd the same?

write reviews on Google n.exchange. Yes, they have an adapter for viewing another exchanger (this is also their property), https://www.bestchange.ru/nexchange-exchanger.html?review=2484391 (Here is the direct link if you need it)

Thanks, I can now see their exchanger on the English version of BestChange though it's disabled at the moment (https://www.bestchange.com/nexchange-exchanger.html). I think this is probably due to the ongoing disputes. I can see a couple of recent reds on the Russian version of the exchange monitor.

What still confuses me is why they don't use their profile link and instead use that of another exchange... unless of course if it was an error or if they are sister exchanges.

[Coyster]

I would strongly avoid using Exodus, also there is many reports for lost funds.

I second that as well, they should be aware that some of these exchanges are shady and there are a lot of negative reviews about them, that is enough reason for them to take them off and stop using them for swaps, but for the fact that they don't do this, they definitely do not care about their customers.

The first reason i don't use Exodus is because they are closed source, now this is another proof that my initial decision was the right one.

[acroman08]

I am glad that at least that guy was able to get his funds.

Yeah, the amount is not a joke too, it would probably devastating to lose that funds just because the third party platform sucks.

It seems Exodus and N. Exchange providing terrible service and support to their customers. Thanks for sharing this OP, even though I do not use them. I would also suggest OP not to lose hope and continue to contact the support ask for an update.

From what I've read, it seems that Exodus is just fine, the issue comes from the third-party platform they are using when their user is using the swap feature. That being said, it would be better to just avoid Exodus, especially if you like swapping crypto.

[Shishir99]

From what I've read, it seems that Exodus is just fine, the issue comes from the third-party platform they are using when their user is using the swap feature. That being said, it would be better to just avoid Exodus, especially if you like swapping crypto.

Nah, bro, Exodus is not just fine. A well-reputed service should collaborate with another well-reputed service. If you are collaborating with bad-reputed platforms, no matter how well-reputed you are, you are going to lose your customers because of that. Exodus is the face value here, which is used by that exchange. I believe Exodus collaborated with them because they get a commission from that exchange swap. Otherwise, there is no reason to use such faulty service.

Exodus cannot make money just by providing a wallet service. So they are using different ways to make some good money. That exchange probably paying fees to Exodus so they use that exchange. This is a dirty business tactics and people should avoid using these services.

[BitcoinGirl.Club]

to be fair, most of those reports of lost/hacked funds are actually the users fault (downloading fake version, malware on their device, exposing seed phrase, etc...)

Understanding the basic internet security and follow the "Do nots" are important when someone is handling crypto currency. Otherwise banks are safe for them.

[Meeroh1]

Thanks to everyone who participate in the discussion. I've also posted on Reddit and Trustpilot, and have been reaching out to them almost daily. Unfortunately, I keep receiving the same response that the case is under review and they’re following “regulatory obligations,” despite not being a regulated entity ( no license etc). No timeframe has been provided yet, but I won't lose hope.

[CryptSafe]

after searching around the forum, it looks like this is not the first time that this happened. this guy bvg96634 posted this thread "EXODUS + N.Exchange = SCAM | STAY AWAY" talking about the issue he encountered while swapping BTC to ETH on exodus. like you, he was also asked to perform KYC and was asked more information about his withdrawal history, chat logs, pictures, etc... in the end, the guy was able to get his coins back after 51 days(according to his thread). so maybe just continue contacting their support and wait for them to finish their review.

to be honest, if you asked me, this is suspicious and concerning.

This is suspicious to say because I see no reason why there should be such a long time delay in releasing the funds for the beneficiary. These are clear signs that both parties are kind of having financial challenges and the possibility of an exit scam being imminent. All these are just warning signs being ignored by members, and from the looks, newbies are mostly victims of all these swap and delay challenges, which there is nothing we can do about it since they are not part of this platform.

OP should be patient and see how it goes, as the previous complainant attests to the fact that his assets were released, but after a good number of days, as clearly stated. We hope they really look into it and give it the urgent attention it deserves to make OP receive his assets in time.

[albon]

Thanks to everyone who participate in the discussion. I've also posted on Reddit and Trustpilot, and have been reaching out to them almost daily. Unfortunately, I keep receiving the same response that the case is under review and they’re following “regulatory obligations,” despite not being a regulated entity ( no license etc). No timeframe has been provided yet, but I won't lose hope.

I have been involved in many discussions about third-party exchanges offered on Exodus and many have complained about similar issues to what you have faced.

You should do your own research before using third-party services. Review sites strongly suggest avoiding this CEX which has a bad reputation.

If you have contacted them through their official email address: [email protected], you can also reach out to them via their social media platforms and provide them with your ticket number (Twitter, Telegram, etc.).

I hope they help you in the end and you are able to recover your funds. Please keep us updated on any progress with your issue.

[Meeroh1]

Thanks, everyone. I’ll keep this post updated if there is any development. Their LinkedIn and Facebook accounts are deleted, and their YouTube channel is essentially dead, with only a few hundred views per video..

[Meeroh1]

Update, guys: They still haven’t released my funds and are now asking for more time to “review” the case. I asked about their regulation, and they mentioned the Bank of Costa Rica, but didn’t provide any registration or license number.
They sent me a document that basically waives all my rights and future claims — with no mention of a refund. When I questioned it, they said it’s mandatory to continue the process. The document was sent by Oleg Belousov. I will keep you posted and tips are appreciated

[nutildah]

Keep making noise. Don't be threatening or too obnoxious, but just remind them that you are patiently waiting for them and that you have done everything you can to provide them with the information they requested.

And I know that this doesn't help you in your particular case, but in the future, I recommend keeping the value of each swap relatively small, like under $700 or so, as this seems to be around the threshold for these types of "reviews". In addition, you don't get a discount by conducting the entire swap at one time, and if a transaction gets held up, at least you won't be out the entire amount.

[Meeroh1]

Keep making noise. Don't be threatening or too obnoxious, but just remind them that you are patiently waiting for them and that you have done everything you can to provide them with the information they requested.

And I know that this doesn't help you in your particular case, but in the future, I recommend keeping the value of each swap relatively small, like under $700 or so, as this seems to be around the threshold for these types of "reviews". In addition, you don't get a discount by conducting the entire swap at one time, and if a transaction gets held up, at least you won't be out the entire amount.

yes, this would definitely be a big lesson

[Nexchange.co.uk]

Hi!

We understand how frustrating waiting can be. Your case is currently going through our internal review process, and our support team will keep you updated as soon as the procedures are completed. Thank you for bearing with us.