[SCAM Alert] LATOKEN

[SCAM Alert] LATOKEN Exchange Review

Centralized

[SCAM Alert] LATOKEN Exchange Rating Analysis

  • WARNING - THIS IS A SCAM EXCHANGE

    They are promoting scam IEOs.

    They are promoting IEOs promising growth of 100% to 500%.

    They are cheating and lying to founders and employees.

    They are misleading founders to think they will have successful IEOs while it never happens.

    They will not disclose who are the shareholders or directors of the company.

    We urge you to stay away from LATOKEN and not entrust them with any of your funds!

    LATOKEN is a cryptocurrency exchange aimed at those who prefer a very wide range of coins to trade from, and boasts low fees among seemingly attractive features. It was launched in 2017 and in October of that year completed its ICO, raising $19.6M in Ether by selling its LA token. To this day, LATOKEN have not provided concrete evidence or documentation that presents viable token economics which justify the value of the token and its title of "utility token", although they are constantly trying to convince users that it is one.

    LATOKEN's User Experience is average. No KYC is required to start trading (a bonus for some and concern for others) and the website quality is fair. Customer support are quick to reply and answer your question. The platform's performance is average at best: many outlets claim LATOKEN is reporting fake volume numbers which are coordinated by the exchange itself to boost its rankings. If true, it must mean that the representation of the platform's performance is questionable - The trade matching engine might appear to withstand a heavy load, but if and when "real" volume comes along we have no way of determining if the infrastructure upon which the exchange is built is capable of handling such situations without hiccups.

    Features on LATOKEN are lacking; While there is a wide range of coins to trade, the vast majority of them are illiquid, and if the volume-faking reports are to be believed, then these pairs might even have no liquidity at all. The exchange offers no other trading options other than spot trading and no mobile app, and its only real extra feature is the ability to purchase crypto with a credit card.

    The LATOKEN team is large and most are based in Moscow. However, we have received personal testimonies from former LATOKEN employees detailing the sad reality of working at the company: Daily scrutiny from higher ranking employees, a mafia-like behavior by top executives and unheard of business practices endorsed by the company. After cross-examining these type of reports from many different sources, we are sad to report that we believe the human factor at LATOKEN is unworthy of doing business with.

    LATOKEN manages to create a considerable social media presence, providing promotions to encourage trading, listing new coins frequently and maintaining several communication channels.

    Finally, our Trust in LATOKEN's ability to safeguard user funds is extremely low. While they were never hacked, LATOKEN's regulatory status is quite unclear: it is incorporated in Singapore, where crypto laws could be seen as a bit "loose". They do keep some user funds in cold storage, although they don't mention how much. Additionally, there seems to be a significant amount of users who report that the exchange is making it hard for them to withdraw their money, with the withdrawal system either not working or withholding user funds altogether, and no real help offered or given by the customer support team. We do believe something in the "let-users-withdraw-their-own-money" workflow is broken or at least not functioning as well as it should, and it also might even be a deliberate attempt by the exchange to take money out of users’ pockets.

    Finally, we have directly received reports from projects who worked with LATOKEN alongside internal employee testimonies which describe the terrible state of affairs inside the company, the way they deliberately try to scam money out of projects and into their own pockets and so for us - LATOKEN is currently best avoided.

     

    Examples:

    First hand testimony by a person that LATOKEN scammed for over $18K.

    Trustpilot - A trust rating aggregator, on which 61% of LATOKEN reviews are negative, while the positive ones have been suggested to be orchestrated or funded by the exchange team.

    Bitcointalk - One of many threads on the forum site with multiple accounts of users accusing the exchange of being a scam, stealing tokens from them, etc.

    A warning from a concerned Reddit user

    LAToken's daily trading volume and holdings figures don't match

    Twitter thread breaking down LAToken's behavior

    LAToken reviews on CryptoCompare

    LATOKEN rubbishes KICK ICO’s LATOKEN fraud claim

    Revain: negative reviews

    Trust Mamma: negative reviews

    CyberFM Announces Proactive Delisting From LAToken Exchange

    LAToken's subreddit

     

    [SCAM Alert] LATOKEN Team Members

    Valentin Preobrazhenskiy - Founder and CEO of LaToken

    Valentin Preobrazhenskiy 
    Founder and CEO of LaToken

    Roman Zhdanov - Managing Partner at LAToken

    Roman Zhdanov
    Managing Partner at LAToken

    Sonny (R) Mohanty - Regional Director LATOKEN Singapore

    Sonny (R) Mohanty
    Regional Director LATOKEN 

    Mary A. - Global Events Manager

    Mary A.
    Global Events Manager

     

    [SCAM Alert] LATOKEN Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      21,050.07 BTC

      • [SCAM Alert] LATOKEN Total Trading Pairs

        N/A

        • [SCAM Alert] LATOKEN Margin Trading

          No

          • [SCAM Alert] LATOKEN Deposit Fees

            No Deposit Fees Applied

            • [SCAM Alert] LATOKEN Trading Fees

              0.05% for pairs in LA 0.1% for all other pairs.

              • [SCAM Alert] LATOKEN Fiat Deposit

                No

                • Accepted Payment Methods

                  Crypto to Crypto Only

                  • [SCAM Alert] LATOKEN Native Token

                    Yes

                    • Native Token Smart Contract

                      N/A

                      • [SCAM Alert] LATOKEN Trading Markets
                        • [SCAM Alert] LATOKEN Stablecoins Trading

                          [SCAM Alert] LATOKEN Withdrawals

                          • Daily Withdrawal Limit

                            1000 USD

                            • [SCAM Alert] LATOKEN Withdrawal Fees

                              The withdrawal fee is going to be deducted from the transferred amount. The fee is displayed below the minimum amount.

                              • [SCAM Alert] LATOKEN Withdrawal Fees Discount

                                50% trading against LA

                                • Proof of Reserves

                                  N/A

                                  [SCAM Alert] LATOKEN Overview

                                  • LATOKEN is a blockchain-based platform and protocol that enables the exchange or trade of cryptocurrencies. It also claims to enable tokenization of assets. A LATOKEN exchange review reveals that it has its own native ERC20 token, namely LAToken (LA) token. 

                                    LATOKEN claims to encrypt user credentials and private keys using AES-256 – a security standard, algorithm or specification based on the Advanced Encryption Standard (AES). They also encrypt passwords in their database by using Salted SHA-256 (super secure “salted” password hashing via SHA-256 – a cryptographic hash algorithm). This while the bulk of user funds are kept offline in multi-sig wallets or wallets that require multiple or more than one signature - again, according to claims made by the exchange, which are impossible to verify without performing an external security audit (which was never done, as far as we know).

                                    The company behind LATOKEN is LAT Foundation PTE, which is mentioned on their website. The exchange is overseen by CEO Valentin Preobrazhensky, who has little previous entrepreneurial experience in the cryptocurrency world. Such information is available on their website, as well as on other online platforms.

                                    [SCAM Alert] LATOKEN Exchange KYC and AML

                                    [SCAM Alert] LATOKEN IEO launchpad

                                    IEO Start date End date Fundraising
                                    Green Funding Coin

                                    Green Funding Coin

                                    Apr 02, 2019 - Apr 30, 2019 N/A
                                    7Eleven

                                    7Eleven

                                    Mar 28, 2019 - Apr 30, 2019 £20M
                                    Volum

                                    Volum

                                    May 17, 2019 - Jun 17, 2019 n/a
                                    ClinicAll

                                    ClinicAll

                                    Mar 20, 2019 - Jul 03, 2019 $100M
                                    Tron Game Global

                                    Tron Game Global

                                    Jun 13, 2019 - Jun 14, 2019 $60M
                                    MECA Coin

                                    MECA Coin

                                    Apr 15, 2019 - May 31, 2019 $5.5M
                                    SocialRemit

                                    SocialRemit

                                    May 01, 2019 - May 31, 2019 $2M
                                    GStar

                                    GStar

                                    Jan 01, 2019 - Mar 20, 2019 $20K
                                    Zeux

                                    Zeux

                                    Jun 07, 2019 - Jul 05, 2019 ETH10K
                                    Monarch

                                    Monarch

                                    Jun 07, 2019 - Jun 30, 2019 $50M
                                    Octera

                                    Octera

                                    Jun 01, 2019 - Aug 31, 2019 $11M
                                    Agrolifecoin

                                    Agrolifecoin

                                    May 29, 2019 - Aug 23, 2019 $250M
                                    AllSesame

                                    AllSesame

                                    May 21, 2019 - Jun 15, 2019 $6M
                                    Tokenmom

                                    Tokenmom

                                    Jan 31, 2019 - Jun 07, 2019
                                    CENTEX

                                    CENTEX

                                    Jun 18, 2019 - Jul 18, 2019 7.7K ETH
                                    Bitenny

                                    Bitenny

                                    Jul 29, 2019 - Aug 19, 2019 $25M
                                    iOWN

                                    iOWN

                                    Apr 01, 2019 - Jul 03, 2019 $3M
                                    Coinshare

                                    Coinshare

                                    Jun 18, 2019 - Jul 31, 2019 $13.13M USD
                                    EarthBi

                                    EarthBi

                                    Apr 09, 2019 - Jul 26, 2019 $48M
                                    Dreamr

                                    Dreamr

                                    Aug 08, 2019 - Sep 09, 2019 $1.175M
                                    Rapidz

                                    Rapidz

                                    May 14, 2019 - Jun 13, 2019 $450K
                                    FashionCoin

                                    FashionCoin

                                    May 02, 2019 - Jun 20, 2019 $80M
                                    Coin Island Air

                                    Coin Island Air

                                    May 25, 2019 - Jun 24, 2019 $7M
                                    Betmatch

                                    Betmatch

                                    Jul 05, 2019 - Aug 05, 2019 $25M
                                    Bitway

                                    Bitway

                                    Jul 01, 2019 - Dec 01, 2019 $21M
                                    Bither

                                    Bither

                                    Jul 08, 2019 - Aug 04, 2019 $28.713M
                                    MAS COIN

                                    MAS COIN

                                    Jun 23, 2019 - Sep 24, 2019 $20M
                                    Silica neXus

                                    Silica neXus

                                    May 25, 2019 - Aug 20, 2019 50K ETH
                                    PixelBit

                                    PixelBit

                                    Jun 11, 2019 - Aug 31, 2019 $20M USD
                                    Zest

                                    Zest

                                    Jun 10, 2019 - Dec 17, 2019
                                    iProtocol Network

                                    iProtocol Network

                                    May 16, 2019 - Jul 29, 2019 $40M
                                    Coinxes

                                    Coinxes

                                    Apr 01, 2019 - Sep 30, 2019 $21.6M
                                    AIZEUS

                                    AIZEUS

                                    Mar 01, 2019 - Sep 30, 2019 $10M
                                    Creditcoin

                                    Creditcoin

                                    Jan 14, 2019 - Sep 30, 2019 $20M
                                    ROC2

                                    ROC2

                                    Mar 01, 2019 - Dec 01, 2019 $55M
                                    Ubecoin

                                    Ubecoin

                                    Apr 12, 2019 - Aug 20, 2019 $30M
                                    Fr8 Network

                                    Fr8 Network

                                    Apr 16, 2019 - May 22, 2019 $15M
                                    Smart Trade Coin

                                    Smart Trade Coin

                                    Dec 15, 2018 - Oct 15, 2019 $99M
                                    DexAge

                                    DexAge

                                    Jun 22, 2019 - Jul 08, 2019 $24M

                                    [SCAM Alert] LATOKEN Exchange Additional Information