Coinset Review: Scam Or Legit? | Recover Lost Funds

Coinset Scam
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Is Coinset a scam? How to recover funds from Coinset? Find the answers to all these questions and more in this guide.


Coinset has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to DexNet. We’ve received over 4 complaints against Coinset.

Coinset has arisen as a noteworthy institution in the aftermath of EvoRich’s downfall, despite legal and ethical concerns. This concise analysis digs into its history, main players, and emerging schemes. EvoRich was founded by Anatoly Yunitskiy’s Skyway Capital, but company quickly came under fire after CEO Andrey Khovratov was arrested for fraud in 2022. Despite obstacles, people such as Armands Murnieks persisted, drawing attention to new schemes like Bobcoin and FNT under Coinset’s umbrella. Coinset’s actions raise serious issues about legality and regulatory evasion, highlighting the dangers of uncontrolled investment schemes.

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Key Takeaways

Coinset has lost investors thousands of dollars
Coinset website owner is anonymous
Vague terms of service

Is Coinset Regulated? Do They Have a License?

In the wake of the failure of EvoRich, a scheme that was full of legal and political problems, Coinset has become a substantial player. This in-depth look sheds light on the ongoing saga by exploring the scams’ roots, major players, legal issues, and their changing nature.

Analyst Anatoly Yunitskiy started the Skyway Capital Ponzi scheme, which gave rise to EvoRich. As soon as the plan got noticed, it led to the creation of EvoRich, with Andrey Khovratov as its founder and CEO.

Khovratov was going to be arrested in Russia in April 2022 on charges of embezzlement. His continued pre-trial detention in May 2023 showed how closely the group was being watched by the law.

Despite the legal trouble, Armands Murnieks, a top net-winner and well-known player in EvoRich, didn’t directly confirm Khovratov’s arrest. So, he said that the situation was a “force majeure,” keeping things going even though things were bad.

Following Khovratov’s arrest, Murnieks and some of his friends turned their attention to starting a number of “reload” scams to try to get former victims to join their new schemes.

Notable among these were the Bobcoin, FNT, and Dragon Man NFTs that were grouped together under the Coinset brand to try to save what was left of EvoRich’s network.

The lack of regulation or the presence of poor regulation is a huge red flag. It means Coinset is a scam and most likely, an illegal operation.

Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.

That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.

In the case of Coinset, victims have nowhere to go due to the absence of a watchdog or license.

You should ask yourself the following questions when you come across a new investment firm or opportunity:

  • Does the investment provider maintain transparency about its CEO?
  • Do they have a license from a renowned regulatory authority?
  • If the need arises, can I reach out to an authority to report this company as a scam?


Trading Conditions and Deposit/Withdrawal Methods at Coinset

However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.

They might give you multiple reasons including:

  • A technical error
  • A glitch in their system
  • Banking issues
  • A “hacking attack”

And many others.

But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.

If you want to get your money back from a scammer, you’d need to file a chargeback.


Coinset Customer Service: Do They Handle Complaints Well?

When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.

In the beginning, scammers tend to remain very accessible.

This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.

However, they do all this just to win your trust.

Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.

Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.

All of a sudden, their numbers would either stop responding or become unavailable.

Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.

However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.

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Coinset Reviews: What Do Others Say?

It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.

Scammers like Coinset tend to purchase fake reviews for their online profiles to make themselves seem more credible.

TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.

That’s why you shouldn’t trust Coinset reviews easily.

It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.

In the case of Coinset, chances are, you wouldn’t find many legitimate reviews.

Another prominent way scammers like Coinset enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.

This way, when you’ll look up “Coinset reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Coinset.

Coinset reviews coverage

You should always look out for consumer complaints. In the case of Coinset, the most common complaints I found were about:

  • Poor customer support
  • Delays in payments
  • High fees and charges
  • Lack of transparency regarding their leadership team
  • Aggressive sales staff

Do you have a similar complaint about Coinset? You can share your complaint in the comment section or submit an anonymous tip.


Is Coinset Legit Or Scam?

Cryptocurrency exchange Coinset is made up of many complicated financial plans, leadership issues, and legal problems. As it continues to run in the shadow of EvoRich’s demise, the future is still unclear.

In addition to regulatory scrutiny and legal battles, things could get even more complicated, and those involved could face harsher punishments. Although this study is a snapshot of a situation that is still changing, things are likely to keep happening in the months to come.

Combining old plans with new ones, Coinset markets itself as a collection of all the earlier EvoRich projects. Selling NFT memberships, with levels from $50 to $15,000 that offer different benefits and what are said to be investment and profit opportunities, is at the heart of Coinset’s business plan.

As shown by the fact that Armands Murnieks and Mila Serdjukova are in charge of the business, with important help from other employees like Valentin Sokolonikov, the leadership and goals have stayed the same from EvoRich to Coinset.

Concerns about the legality and morality of Coinset’s actions, like selling unregistered stocks through schemes like the GFST token and Evo Power Units, are very grave. Securities laws are not being followed or registered in any jurisdiction, which shows that these activities are essentially illegal.

Additionally, the ongoing legal proceedings against Andrey Khovratov and the questionable legality of Coinset’s activities highlight the precarious situation of the group and its leaders. Legal action against Coinset and its allies could happen again.

Coinset is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.

The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Coinset can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.

The absence of a watchdog also means you cannot report to them to anyone.

Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.

Can You Trust Coinset?

All the evidence suggests that Coinset is a scam. If you have lost money to them, there is still a chance you can get it back.

To recover your funds, you’d need to file a chargeback.


Frequently Asked Questions

Is Coinset a scam?

According to the online reviews of this company, it’s highly probable that Coinset is a scam. You should exercise caution when dealing with them.

Can I withdraw money from Coinset?

Yes, you can withdraw your funds from Coinset by getting in touch with one our experts. Get your money back immediately.

Where is Coinset Located?

There is no information available on the location of Coinset.

How do I get my money back from Coinset?

To get your money back from Coinset, you can file a chargeback. Learn more here.

How The Coinset Online Scam Works

Launch a website/app with a generic name

A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.

Pay influencers & social media pages to promote the scheme

By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.

Send thousands of emails and make cold calls to potential victims

It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.

Make victims feel safe through “small wins”

Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.

Convince victims into investing large sums of money

Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.

Disable withdrawals & take down the website/app

Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.

Repeat the cycle

After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.

Get Your Money Back Free consultation
If you’ve lost money with Coinset, we can help you get your funds back. Schedule a free consultation with our team of experts and we will have a look.
An expert will get in touch with you within 48 hours.
Coinset Review: Scam Or Legit? | Recover Lost Funds
Coinset Review: Scam Or Legit? | Recover Lost Funds


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