Hello guys, I was taking a few months break from crypto due to my university Finals, and I recently came back and want to share my recent experience with you.
I was looking to make some extra money on a side and my mind stopped on arbitrage, I started researching the topic and found a big difference in the prices of Bitcoin and ETh on ''Cefax exchange'' from other exchanges. this is what the price looks like today in Cefax https://imgur.com/a/lnZKSDB , and these are the prices in Binance https://imgur.com/a/7ZtqI2A so I was in a rush to deposit and you can guess and didn't make deep reaching and checking of the exchange if it is legit. So I converted some of my crypto to BTC on Binance and sent it to Cefax to sell it at a higher price, I started with 500 $ in BTC. There are the transactions that I made https://imgur.com/a/JWaTCu8, I succeeded to withdraw my money 3 times, making my 500$ into 746.01$ in USDT and you can already guess it, I wasn't able to withdraw my money anymore https://imgur.com/a/92nGr5L and it says you need to send 300$ more to get premium or w/e. The support service is a bot https://imgur.com/a/EJ5WTea that only says you need to send more money and after that, it stops replaying. I want to keep this short I know I messed up I just wanted to share with you my bad experience and hopefully, you will learn from my mistakes, stay AWAY from this exchange, and double-triple check exchanges. These weren't emergency money but still, it's a hit.
Best of luck for all of you