JuBi.com releases public statement on freezing of customer funds

This morning, some media reported that the copycat coin trading platform Jubi.com was suspected of online fraud. The report said that Mr. Huang, a Shark Coin player, encountered difficulties in withdrawing funds on Jubi.com, resulting in more than 900,000 yuan of funds and some virtual coins being detained by Jubi.com . Jubi.com officials asked Mr. Huang to bring documents to Beijing for verification. After that, the negotiations between the two sides did not make substantial progress. At the end of the report , the head of a certain city’s Consumer Council was quoted, implying that Jubi.com was an informal website and suspected of online fraud. This afternoon, Jubi.com officially issued an official announcement on the matter, stating that the user surnamed Huang had previously defrauded a Jubi user of a large amount of Shark Coins through fraud, and the deceived user had reported to the police for recovery, so Jubi.com took the measure of temporarily freezing the user’s assets .

The announcement is as follows:

Dear JuBi users:

Hello everyone!

JuBi.com was launched in January 2014 and it has been nearly two years since then. During these two years, the slander, defamation and even attacks against JuBi have never stopped. Today, some people have used public opinion to strongly attack us. As a team that wholeheartedly hopes to contribute to the virtual currency industry, we feel it is necessary to explain to everyone.

First of all, you can take a look at the so-called "exposure" method this time: publishing news advertisements, publishing online news releases, DDOS Jubi, what a familiar scene. As people in the currency circle, we should have seen many similar methods before.

Then, let's talk about the real situation of this matter. This user had previously defrauded a Jubi user of a large amount of Shark Coins through fraud. The deceived user has reported to the police for recovery. At the same time, Jubi.com received the application of the deceived user and conducted corresponding investigation work, and temporarily froze the user's assets. At the same time, according to the "Notice" issued by the Central Bank and five ministries and commissions in 2013 and the "Anti-Money Laundering Law of the People's Republic of China", Jubi.com requires users to provide corresponding real-name authentication and proof of virtual currency source to ensure the safety of both parties, but this user has been unwilling to cooperate in providing proof of source.

Jubi.com and BitcoinExchange.com are long-established virtual currency exchanges in China. They handle over 10 million yuan worth of business for users every day. Our aim is to provide users with a safe and convenient trading experience. We will resolve this incident through legal means . Please understand.

The following is part of the chat record:

Finally, we reiterate:

In order to protect the safety of funds of normal trading users, and in accordance with the requirements of the central bank to include Bitcoin in anti-money laundering supervision, JuBi.com has conducted corresponding reviews on recharges and withdrawals.

1. The account name of the bank card you use to recharge RMB must be consistent with the real name of your account on JuBi.com, otherwise JuBi.com will return your recharge to the original bank card, and the bank's handling fee will be deducted from the recharge amount.

2. Jubi.com will review your deposits and withdrawals according to the anti-money laundering audit standards. If your operations or account status trigger the corresponding rules, we will require you to complete advanced certification or on-site certification. If the certification is rejected or does not meet the standards, Jubi.com will return your deposit to the original recharge bank card; if the audit is passed, Jubi.com will process it for you immediately.

Jubi.com

Tuesday, September 22, 2015

Original report:

  Internet fraud emerges in endlessly, millions of yuan of citizens' funds are unreasonably withheld by trading platforms

     Online transactions are risky, and there are many cases of being cheated through online trading platforms. Recently, Mr. Huang, who lives in Nancheng, Dongguan, encountered such a situation. He had collected Shark Coins (a kind of virtual currency) for more than a year and had made good profits this year. However, after he successfully traded the Shark Coins on the online platform, more than 900,000 yuan of funds were withheld by the platform for various reasons and have not been recovered so far.

Shark Coin surges 500 times, worth nearly one million

     Mr. Huang told reporters that more than a year ago, due to the rise of Bitcoin, he learned that there were many kinds of similar copycat coins in the market, and everyone could mine these virtual digital coins through computer calculations. So he used computers to mine and purchase on trading platforms to obtain and collect various virtual currencies. But later, due to the bad market conditions, the prices of virtual digital coins continued to fall, so he kept these coins in his e-wallet and no longer paid attention to these virtual coins. In June and July of this year, these digital coins ushered in a small market, and Mr. Huang found that his collection of shark coins rose sharply, and the value of each rose from a few cents to more than 3 yuan. The market value of 370,000 shark coins in the e-wallet has reached nearly 1.4 million yuan. So he immediately transferred these coins to the trading platform Jubi.com for sale. In the end, all these coins were sold for more than 1 million yuan, and then Mr. Huang applied for cash withdrawal.

     "Because Jubi.com limits the maximum withdrawal amount to 50,000 per transaction and charges a 1% handling fee, it has to be separated into more than 20 transactions." Mr. Huang said that the first three withdrawals were received within 24 hours after the withdrawal, but there was no movement for the rest. So Mr. Huang called Jubi customer service. The customer service initially replied that the finance department was not there and the money would be transferred later, but there was still no movement after a day. He called the customer service again, and the customer service still used this reason to prevaricate. When he called the customer service again the next day, the customer service had already refused to answer the phone. Mr. Huang contacted the customer service staff of Jubi.com through QQ. The customer service staff also said that the finance department was not there at first, but later changed the words and said that the withdrawal amount was too large and required professional finance. Later, they directly said that they had no right to answer and never answered again. It was not until here that Mr. Huang realized that he might have encountered an online scam or that Jubi.com was going to cheat.

A huge amount of payment was withheld by the trading platform and people also threatened me online

     Not long after, a person named Wuliang contacted Mr. Huang through QQ, saying that he wanted to verify the legitimacy of his coin. Mr. Huang found it incredible, because this kind of data coin is an open source project, and most of the copycat coins are just foreign codes that are changed and put online for netizens to participate in mining. Moreover, only the participation of netizens in calculation and mining can produce coins. Without the participation of netizens, this coin has no vitality. The distribution of coins is to distribute the corresponding number of coins through the computing power of each netizen's computer. It is a decentralized thing. How can it be verified? Who can legally authorize anyone to play this verification role? But considering that the money is in their hands, Mr. Huang can only be angry but not speak out, so he had to cooperate with the other party's request and give the other party the relevant information.

"The other party didn't expect that my information was so complete. He was helpless and came up with a new reason, asking me to take the information to Beijing to find him to verify the currency." What Mr. Huang didn't expect was that the other party not only refused to leave contact information, real name, and contact number, but also left a threatening message, "If there is a problem with the verification, don't even think about going back!", and then directly blocked Mr. Huang on QQ.

     In desperation, Mr. Huang found Zhang Shousong, the person in charge of Jubi.com, and reported the situation to him. Zhang Shousong initially asked him to send the information to him, but later changed his mind and asked Mr. Huang to take the information to Beijing for verification. However, Mr. Huang repeatedly asked about what to inspect, what the process was, and even what information to bring, but the other party ignored him.

     The reporter then contacted Zhang Shousong, the person in charge of Jubi.com, and other staff members of the website, but received no response. So far, Mr. Huang has worked hard to collect Shark Coins for more than a year, but after the transaction was successful, more than 900,000 yuan of funds and some virtual coins were detained by the platform and have not been recovered so far.

     The reporter interviewed the Municipal Consumer Council on this matter. The person in charge of the Consumer Council checked the website and found that the webpage had neither the Internet Police logo nor the Red Shield logo, not to mention the marks or links of the filing website, the trusted website and the illegal and harmful information reporting center. The Consumer Council reminded that some regular trading websites, such as Taobao, have these logos at the bottom of their homepages. Citizens must identify regular websites when consuming or trading online. Many non-standard websites and trading platforms take advantage of loopholes and prevent users from withdrawing money, or even abscond with the money. Consumers are often in a weak position and have no way to complain.