Oliver B.
XGR Network GmbH entered into a signed…CoinUp received our funds, confirmed a refund — and still has not returned the money
XGR Network GmbH entered into a signed listing and market-making agreement with CoinUp. Before transferring the main liquidity, we sent a 10 USDC test transaction. CoinUp confirmed receipt and explicitly instructed us to proceed. We then transferred 3,000 USDC in client-owned market-making liquidity. CoinUp confirmed receipt of the funds. What followed was a series of missed deadlines, repeated technical excuses and ultimately no functioning listing/MM setup. CoinUp later offered us a refund. We accepted. Their representative explicitly confirmed in writing that the refund would be initiated. That refund has still not been received. After weeks of follow-ups, we were repeatedly told that Finance was “processing” the refund. On September 8, CoinUp again requested our refund address, which we immediately provided. We asked for four very simple things: the exact refund amount, network, execution date and transaction hash. None of these were provided. We gave CoinUp a final deadline of September 14. That deadline also passed without payment. The latest response was again simply that the refund was “being processed with finance.” When we publicly raised the unresolved issue in CoinUp’s Telegram community, XGR Network GmbH was removed from the group and an administrator blocked further communication. The matter has now been formally reported to the FBI Internet Crime Complaint Center (IC3), the Singapore Police Force and CoinMarketCap. We have preserved the signed agreement, blockchain transactions, authenticated emails and relevant communications. We are not making unsupported criminal allegations. We are describing what happened to our company and what we can document. CoinUp received our money. CoinUp confirmed the refund. The refund remains unpaid. Until the funds are actually returned on-chain, our recommendation to other projects is simple: Exercise extreme caution before transferring liquidity or other funds to CoinUp.




