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Yobit's Collapse Review | Rampant Counterfeit Tokens, Falsified Trading Volume, and Withdrawal Difficulties
5 months before
Summary：Yobit Runaway Review: Russia's established exchange has long been plagued by controversy, accused of listing counterfeit coins, fabricating trading volume, and frequently imposing withdrawal restrictions. It is a high-risk platform suspected of running away.
1. Summary of Evaluation Conclusions
Yobit.net , a cryptocurrency exchange founded in 2014, claims to support thousands of tokens, but for years has been accused of being a haven for counterfeit coins. The platform has a poor reputation within the industry due to repeated withdrawal failures, abnormal trading volumes, and user complaints, making it a typical high-risk exchange suspected of being a scam.
2. Platform Background Review
Founded : 2014. Headquarters are unknown, rumored to be in Russia.
Business scope : Claims to support thousands of altcoin transactions;
Controversy : IEO and ICO projects are frequently fraudulent, causing heavy losses to users;
Regulatory status : Does not hold any major national compliance licenses.
3. Timeline of the Thunderbolt Incident
2017–2020 : Named a “counterfeit currency distribution center” by multiple media outlets;
2021 : Users complained extensively on forums and Trustpilot about withdrawal difficulties;
2022–2024 : The platform is repeatedly accused of fake trading volume, with extremely low actual liquidity.
2025 : Users on social platforms still report being unable to withdraw funds and losing contact with customer service.
4. Signs of a scam/runaway model
Fake coins are rampant : a large number of "air coin" projects are devalued as soon as they are launched;
Withdrawal blockage : Users frequently encounter withdrawal failures;
Wash trading : The trading volume is artificially high, but the actual liquidity is insufficient;
No regulatory constraints : Not registered or licensed in any country.
5. Risk Rating (BrokerHiveX Standard)
| Dimensions | Rating (0–10) | Comments |
|---|---|---|
| Fund security | 1/10 | Frequent withdrawal failures |
| Compliance supervision | 0/10 | No regulatory license at all |
| transparency | 1/10 | Counterfeit currency and fraud are serious |
| User reputation | 1/10 | Very poor community reviews |
| Technical strength | 3/10 | There are trading functions, but no guarantees |
Overall rating: 1.2/10 (very high risk, suspected platform to be running away)
VI. Media and Community Evaluation
Trustpilot : Very low ratings, with many users complaining of being scammed;
Reddit community : Called it a "shitcoin exchange";
Industry analysis : It is generally listed as high-risk and investors are advised to stay away from it.
7. Investor Precautions
Avoid depositing or trading , especially do not participate in its "IEO" activities;
Diversify funds to avoid the risk of a single exchange going bankrupt;
Use compliant platforms such as Binance, Coinbase, Kraken, etc.
Be wary of the temptation of high returns and avoid falling into the trap of empty coins.
8. Conclusion
Despite years of operation, Yobit has long since become a hotbed for counterfeit coins and scammers. Failed withdrawals, fraudulent projects, and a lack of oversight make it an extremely high-risk exchange.
Final verdict: Yobit = High risk, suspected of running away, stay away from it.
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