Brief Look at Overbit
The Overbit exchange has face fraud allegations and is currently non-operational. The exchange initially attracted users with its browser-based platform, offering high leverage, bonuses, and a referral program for trading cryptocurrencies and Forex.
The lack of regulation was Overbit’s major red flag for many clients and led to numerous complaints. Traders increasingly reported issues such as withdrawal delays, sometimes indefinitely, execution delays, and suspicious price quotes. This resulted in users losing access to their funds.
Further suspicion arose from the anonymity of Overbit’s owners. Such anonymity became associated with fraudulent schemes, as it allowed the company to avoid accountability to clients. There were also accusations that positive reviews about Overbit were falsified or paid for to improve the platform's reputation.
Ultimately, the combination of financial difficulties, lack of regulation, and eroded client trust likely led to the exchange’s demise, leaving many users unable to recover their funds.
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