Koneoy review – A copycat SCAM, stay away!

Koneoy review

In this review we warn against the Koneoy cryptocurrency exchange scam and we explain why you have to avoid it.

What is Koneoy

Koneoy is a cryptocurrency exchange that offers multiple services related to blockchains. You can trade digital tokens like Bitcoin or Ethereum, you can buy new cryptocurrencies within initial coin offerings (ICO), you can mine and stake crypto tokens.

Koneoy claims to be headquartered in the United Stats and to have offices in Japan, South Korea and Hong Kong.

The question is: Is Koneoy a legit exchange that you should use to invest your money?

Koneoy is a scam

Upon a quick inspection we realized that Koneoy is a carbon copy of the Sunony scam. Their websites are exactly the same.

Both exchanges offer the same services and promise the same thing. That in itself is already a proof that Koneoy is a fraudulent platform.

Koneoy cloned scam

Unknown exchange

Koneoy claims to be an established exchange based in the US and with offices all over the world. But that is not true.

Established exchanges are listed on crypto monitoring websites like Coinmarketcap.com, but Koneoy is not.

In fact, koneoy.com was first registered on July 27, 2022, so in reality the exchange is not even 2 weeks old! This goes to show that all the claims about an established exchange with offices all over the world are lies.

Unknown exchange

No reserve fund

Koneoy wants you to believe that it is a secure exchange not only because it has a 20,000 BTC reserve fund. But that is a lie.

The exchange has no 20,000 BTC reserve fund that could be used if an incident occurs and cryptocurrencies are lost.

Such a fund would be roughly worth half a billion dollars. So, no, Koneoy does not have it.

No reserve fund

Dangerous iOS app

In a typical fraud fashion, Koneoy could not have their iOS app approved by Apple, so instead, they want you to download and install a profile on your Apple device.

Don’t do it, it is dangerous and scammers could gain partial control of your mobile device and steal your money.

ICOs, staking and mining

To get an account on Koneoy, you need a referral code. Which is a red flag by itself, because what legit exchange does not allow people to sign up without being referred by someone?

This is also what prevented us to fully explore all the services that are being offered. But since Koneoy is a mere copy of Sunony, we can guess what’s on the table.

We expect unrealistic and unsustainable returns, like 10% or more per month form crypto staking and mining. If you see such numbers with Koneoy, you get another confirmation that it is a scam.

Because in the real world there is no way of earning 10% monthly from staking USDT or mining BTC.

How Koneoy really works

Koneoy is a cloned scam, and as it predecessor, it might run as a Ponzi scheme until it is forced to collapse. Or it might be a straight scam that is just stealing money from people. Either way, you want to stay away from it.

If it is paying, it means that it is running a Ponzi scheme that is taking money from people on deposits and using this very money for payouts.

In other words, no real staking, crypto mining or any other activity is going on, Koneoy is just a scam where all the money will be lost in the end.

Koneoy review – Conclusion

Koneyo is a scam crypto exchange, it is a clone of an infamous fraudulent platform. This scam exchange is only two weeks old and it won’t last long, all the money will disappear. You have to stay away from it.

If you are interested in legit crypto trading, try a free demo on a regulated platform. You will get virtual money to train and learn.

You can invest real money only when you are sure that you understand the risks and when you have a strategy that you tested on the demo.

Top regulated investment platforms

BrokerRegulatedFree demoLink

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 71-78% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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