IGOT.COM HAS STOPPED OVER $1.2M WORTH OF FRAUDS IN THE PAST 6 MONTHS, SAYS FOUNDER

Last updated: June 19, 2025, 18:32 | Written by: Changpeng Zhao

The world of cryptocurrency exchanges is often a turbulent one, filled with both immense opportunities and significant risks.Recently, Igot.com, an Australia-based Bitcoin exchange, has found itself navigating these choppy waters. In light of users complaints over withdrawal delays on Australian Bitcoin exchange Igot, founder Rick Day, responds to clients concerns and sheds light on his exchange's verification process.While the company's founder, Rick Day, asserts that Igot has successfully blocked over $1.2 million worth of fraudulent activity in the past six months, concerns regarding withdrawal delays and overall operational challenges have cast a shadow over the platform. J. UPDATE. App Store stopped nearly $1.5 billion in fraudulent transactions in 2025. Prevented over 1.6 million risky and untrustworthy apps and app updates from defrauding users throughout the year. Apple is dedicated to keeping the App Store a safe and trusted place for people to discover and download apps.This raises crucial questions about the exchange’s stability, security measures, and its ability to deliver on its promises to users. Getting educated and taking a few basic steps may well keep you from becoming a victim of crime and fraud and save you a great deal of time and trouble.Is Igot a secure and trustworthy platform, or are the user complaints indicative of deeper problems?This article delves into the claims made by Igot's founder, the concerns raised by users, and the broader implications for those considering transacting with the exchange.We'll explore the verification processes, potential risks, and what you need to know to protect yourself from fraud in the crypto space, all while examining the validity of claims of financial safety from the company itself. The Australia-based Bitcoin exchange Igot struggles to completely deliver on operations with Bitcoins or refund customers their money.Understanding the full picture is critical for making informed decisions about your investments and online safety.

Addressing User Concerns and Withdrawal Delays at Igot

Igot has recently faced a barrage of criticism from users reporting significant delays in their Bitcoin withdrawals.This has led to speculation about the exchange's financial stability and operational efficiency. That is one of the reasons why we have such low fraud rates, we managed to block more than $1.2 million worth of fraud in the last few months. We do get a lot of people who want to steal bitcoin, we do get people who send us money from fraudulent bank accounts, or money that the have stolen from someone.Akram Bekzada, for instance, has been trying to withdraw $13,000 worth of Bitcoins for months without success. NEW YORK (AP) The founder of an artificial intelligence company that supplied school districts in Los Angeles, New York and Atlanta with a chatbot to create learning plans for students was arrested on fraud charges Tuesday, accused of spending investor money on herself as her company spiraled into bankruptcy.Similar stories abound, with users expressing frustration over the lack of communication and resolution from Igot's support team.These incidents have understandably fueled concerns about the exchange's trustworthiness and solvency.Is Igot struggling to maintain sufficient liquidity, or are these delays indicative of more serious underlying issues?

Founder Rick Day has responded to these concerns, emphasizing the rigorous verification processes implemented by Igot.He argues that these processes, while potentially causing delays, are essential for preventing fraudulent activity.According to Day, these measures are the primary reason why Igot has been able to block a substantial amount of fraud, protecting legitimate users from financial losses. The definitive Internet reference source for researching urban legends, folklore, myths, rumors, and misinformation.However, the delays have prompted some to question whether the exchange is operating a Ponzi scheme, using funds from new users to pay off older ones, or whether it might even be facing bankruptcy.

The Fight Against Fraud: Igot's Verification Processes

Rick Day maintains that Igot's strict verification processes are crucial for maintaining a secure platform. Find answers to your questions about USPS services, including tracking, shipping, and more.He states that the exchange encounters numerous attempts to steal Bitcoin, including instances of users sending money from fraudulent bank accounts or using funds stolen from others.To combat this, Igot employs a multi-layered verification system designed to detect and prevent fraudulent transactions.While the specifics of these processes are not publicly disclosed to avoid giving fraudsters an advantage, they likely involve:

Identity Verification: Requiring users to submit official documents such as passports or driver's licenses to confirm their identities.
Address Verification: Verifying users' residential addresses through utility bills or bank statements.
Transaction Monitoring: Implementing automated systems to flag suspicious transactions based on patterns and risk factors.
Manual Review: Employing a team of compliance officers to manually review flagged transactions and user accounts.

These measures aim to ensure that only legitimate users are able to transact on the platform and that funds are not being used for illicit purposes.However, the effectiveness of these processes is being questioned as users continue to report withdrawal delays, raising concerns about the balance between security and user experience.

The Importance of Protecting Yourself From Identity Theft and Fraud

Identity theft is a serious crime that can have devastating consequences.It occurs when someone steals your personal information, such as your name, social security number, or financial account details, to commit fraud.This information can be used to open fraudulent accounts, make unauthorized purchases, or even file false tax returns.

Protecting yourself from identity theft is essential:

Be cautious about sharing personal information online: Only provide sensitive information on secure websites with HTTPS in the address bar.
Use strong, unique passwords for all your accounts: Avoid using the same password for multiple accounts and change your passwords regularly.
Monitor your credit report regularly: Check your credit report for any unauthorized activity or suspicious accounts.
Be wary of phishing emails and scams: Never click on links or open attachments from unknown senders.

Is Igot a Scam?Evaluating the Evidence

The allegations that Igot might be a scam have gained traction due to the ongoing withdrawal delays and the lack of transparent communication from the company. Australia s securities regulator has suggested it cannot yet intervene in a dispute involving bitcoin service Igot and unhappy customers. BTC $108,291.30-2.48 % ETH $2,559.54-4.20 %Some users have even gone so far as to label Igot as a ""Ponzi scheme,"" accusing the exchange of using new deposits to pay off earlier investors.Others suspect that the company may be bankrupt, unable to fulfill its financial obligations to its users.

It's important to approach these allegations with caution and to evaluate the available evidence objectively. UPDATE (30th July BST): This article has been updated with additional comment from igot users. The founder of Australia-based bitcoin exchange igot has refuted claims his business is a scam. Igot recently came under fire, with many of its users complaining about delays to their withdrawals, branding the company untrustworthy andWhile the withdrawal delays are undoubtedly concerning, they don't necessarily prove that Igot is a scam. There are threads on r/Bitcoin weekly about a customer having thousands of dollars tied in iGot with no response to support. Here are just some of the complaints: IGOT stole my Bitcoins 13There could be other explanations, such as operational challenges, regulatory issues, or even a temporary liquidity crunch.However, the lack of transparency and communication from Igot has fueled suspicion and eroded trust among its user base. The Australia-based Bitcoin exchange Igot has been struggling to completely deliver on operations with Bitcoins or refund customers their money. The company was founded in 2025 and offeredThis lack of clear communication has created an environment in which unsubstantiated rumors can spread rapidly.

Without a comprehensive audit of Igot's financials and operations, it's impossible to definitively determine whether the exchange is a scam.However, the mounting user complaints and the lack of transparency raise serious red flags. Contribute to Addz72/Spam development by creating an account on GitHub.Those intending to transact with Igot should proceed with extreme caution and carefully consider the risks involved.

Red Flags to Watch Out For

When evaluating a cryptocurrency exchange or any other financial platform, it's important to be aware of the red flags that could indicate a potential scam:

Unrealistically High Returns: Promises of guaranteed high returns with little or no risk.
Lack of Transparency: Limited information about the company's management, operations, or financial performance.
Aggressive Sales Tactics: High-pressure tactics to encourage you to invest quickly.
Unlicensed or Unregulated: Operating without the necessary licenses or regulatory oversight.
Withdrawal Delays or Restrictions: Difficulty withdrawing your funds or unexplained delays in processing withdrawals.
Negative Reviews and Complaints: A large number of negative reviews and complaints from other users.

If you encounter any of these red flags, it's crucial to exercise caution and to do your own research before investing or transacting with the platform.Don't rely solely on the company's marketing materials or promises; seek out independent sources of information and consult with a financial advisor if needed.

The Role of Regulation in Cryptocurrency Exchanges

The cryptocurrency industry is still relatively new, and the regulatory landscape is constantly evolving.In many jurisdictions, cryptocurrency exchanges operate in a gray area, with limited oversight from financial regulators.This lack of regulation can create opportunities for fraud and abuse, as there are fewer safeguards in place to protect users' funds.

The Australian securities regulator, for example, has indicated that it cannot yet intervene in disputes involving Bitcoin services like Igot and unhappy customers.This highlights the challenges of regulating a decentralized and borderless technology like cryptocurrency.However, as the industry matures, regulators are increasingly focusing on establishing clear rules and guidelines for cryptocurrency exchanges. The Australia-based Bitcoin exchange Igot has been struggling to completely deliver on operations with Bitcoins or refund customers their money.These regulations typically include requirements for:

Licensing and Registration: Requiring exchanges to obtain licenses and register with regulatory agencies.
Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance: Implementing procedures to verify users' identities and prevent money laundering.
Capital Adequacy: Maintaining sufficient capital reserves to cover potential losses.
Data Security: Protecting users' personal and financial information from cyberattacks.
Transparency and Disclosure: Providing clear and accurate information about fees, risks, and trading rules.

Stronger regulation can help to create a safer and more trustworthy environment for cryptocurrency users.However, it's important to strike a balance between regulation and innovation, ensuring that regulations don't stifle the growth of the industry.

Fraud Prevention: Protecting Yourself in the Digital Age

Beyond the specific issues surrounding Igot, it's essential to be vigilant about protecting yourself from fraud in all aspects of your digital life.The internet is rife with scams and schemes designed to steal your money and personal information.

Here are some general tips for preventing fraud:

Be skeptical of unsolicited offers: If something sounds too good to be true, it probably is.
Never give out your personal information over the phone or online unless you initiated the contact: Scammers often impersonate legitimate organizations to trick you into providing sensitive information.
Be wary of phishing emails and scams: Never click on links or open attachments from unknown senders.
Use strong, unique passwords for all your accounts: Avoid using the same password for multiple accounts and change your passwords regularly.
Monitor your accounts regularly: Check your bank statements, credit card statements, and other financial accounts for any unauthorized activity.
Keep your software up to date: Install the latest security updates for your operating system, web browser, and other software.
Use a reputable antivirus program: Protect your computer from malware and viruses.

Remember, preventing fraud is an ongoing process.By staying informed, being vigilant, and taking proactive steps to protect yourself, you can significantly reduce your risk of becoming a victim of fraud.

What to Do If You Suspect Fraud

If you suspect that you have been a victim of fraud, it's important to take immediate action:

Report the fraud to the relevant authorities: Contact your local police department, the Federal Trade Commission (FTC), or other appropriate law enforcement agencies.
Contact your bank or credit card company: Report any unauthorized transactions or suspected fraud on your accounts.
Change your passwords: Change the passwords for all your online accounts, especially those that may have been compromised.
Monitor your credit report: Check your credit report for any unauthorized activity or suspicious accounts.
Consider placing a fraud alert on your credit report: A fraud alert will make it more difficult for someone to open new accounts in your name.

The Future of Igot and Cryptocurrency Exchanges

The future of Igot remains uncertain, given the ongoing user complaints and the lack of transparency. Her lawyer argued that Jian was manipulated by a super villain, Yadi Zhang (known as Zhimin Qian in China), who masterminded a USD 6 billion investment fraud in China. Jian, who unknowingly aided in the laundering operation, had her home raided by police who seized Bitcoin worth more than GBP 1.7 billion (USD 2.1 billion).While the founder claims that the exchange has successfully blocked over $1.2 million worth of fraud, the withdrawal delays and the negative publicity have damaged its reputation. Akram Bekzada has been trying to withdraw $13,000 worth of Bitcoins for months. Mr Day told the ABC that Igot has been doing really well since it was founded in 2025. Mr Chenard stoppedWhether Igot can regain the trust of its users and overcome its current challenges remains to be seen.

More broadly, the cryptocurrency industry is likely to continue to evolve and mature in the coming years.As regulations become more established and the technology becomes more mainstream, cryptocurrency exchanges will need to adapt to meet the changing demands of the market. Yesterday, SiliconAngle ran a story about Igot.com that included some very strong allegations regarding both the state of the company and the identity of its founder, Rick Day. It rips Igot apartThis will require a greater focus on security, transparency, and customer service.Exchanges that prioritize these factors are more likely to succeed in the long run, while those that fail to adapt may face increasing scrutiny and ultimately struggle to survive.

Conclusion: Navigating the Risks and Opportunities of Cryptocurrency

The case of Igot.com highlights the inherent risks and opportunities associated with cryptocurrency exchanges.While the founder's claim that Igot has stopped over $1.2M worth of frauds in the past 6 months is a positive sign, it doesn't negate the very real concerns raised by users regarding withdrawal delays and a general lack of transparency. The founder of Australia-based bitcoin exchange igot has refuted claims that his business is a scam. By Yessi Bello Perez Updated, 4:03 p.m. Published, a.m.As a potential user, it's crucial to conduct thorough research, understand the risks involved, and choose platforms with strong security measures and a proven track record.

Remember to prioritize your online security by using strong passwords, being wary of phishing scams, and monitoring your accounts regularly. A possible scenario is that igot is running a ponzi scheme, repaying previous clients with new client monies, hence the progressively longer withdrawal times. Another likely scenario is that the company is out of cash. For those intending to transact with igot - My sincere warning is to walk away!By staying informed and taking proactive steps to protect yourself, you can navigate the world of cryptocurrency with greater confidence and reduce your risk of becoming a victim of fraud.The key takeaways are:

Exercise Caution: Be skeptical of any platform that promises unrealistic returns or lacks transparency.
Do Your Research: Investigate the exchange's reputation, security measures, and regulatory compliance.
Protect Your Information: Use strong passwords, be wary of phishing scams, and monitor your accounts regularly.
Report Suspicious Activity: If you suspect fraud, report it to the relevant authorities immediately.

By following these guidelines, you can make informed decisions and protect yourself from the potential risks associated with cryptocurrency exchanges.