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Bankoff continues to withdraw funds

On May 03, 2022 users of the Bankoff service www.bankoff.co received a notice that according to the text of the letter from Visa and Stripe the Bankoff card service is suspended due to the high number of active users and transactions from Russia. Since then Bankoff cards are no longer supported for online and offline payments.

At the same time in chats and various telegram channels associated with Bankoff, clients of the service expressed doubts about the veracity of these statements. There was also a suggestion that the service's actions were similar to an ordinary exit-scam under the guise of emails and notifications from Visa. As a support of this assumption, service users pointed to the fact that shortly before the payments were suspended Bankoff service withdrew large amounts of funds.

In the beginning of April of this year upon the request of one of the clients, the TokenScope team has already analyzed Bankoff service that made an of exit-scam and withdrew $1.5 million through the FTX exchange and suspended its work. A bit later service resumed its operations. (More information on the our website, Bankoff service finally conducted an exit-scam, $1,500,000 was withdrawn through the FTX exchange).

In this situation, the TokenScope analysts decided to check the version put forward by the users of Bankoff service given the information of the TRX wallet of the service TLfWQWHmbvwTi7d7MsaXpWSoNqpHufBPim, that was received during the registration.

Analysis of the outgoing transactions of the wallet TLfWQWHmbvwTi7d7MsaXpWSoNqpHufBPim from April 24 to May 3, 2022, shows that the total withdrawal of cryptocurrency that was made from the address equals to $1 750 000.

Further examination of the outgoing transactions shows that all funds were sent to a hot wallet at the well-known FTX exchange wallet TYDzsYUEpvnYmQk4zGP9sWWcTEd2MiAtW6. Thus, during a short period of time (about 9 days) before the suspension of service Bankoff withdrew $1.75 million through the FTX exchange, which fact may cause serious concerns.

TokenScope Team

#TokenScope #crypto #Bankoff #scam #KYC #AML

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