Jess Ciancio Elbaite: Is it Safe to Trade with Her? The Truth Exposed (Update 2024)
Jess Ciancio Elbaite, is the Reputation and Analytics Lead at Elbaite. Elbaite is a crypto exchange that provides direct access to buy Bitcoin with AUD and is popular for selling crypto to a bank account for zero fees.
The platform has been accused of misleading clients by using biased affiliate reviews, paying commissions to MOBE members for false claims, and providing misleading testimonials. Furthermore, Elbaite was involved in a scam in which a woman was duped out of $760,000 via the cryptocurrency exchange.
Jess Ciancio Elbaite: Fraudulent Affiliate Reviews
Elbaite has spent a lot of money to create a false trustworthy image in front of the public by using biased affiliate reviews to mislead their clients. MOBE members write and publish fake affiliate reviews to earn a commission. According to the income statement, the average MOBE member makes more than $700 in commissions each year.
Here are a few examples of how Jess Ciancio Elbaite utilizes fraudulent bias affiliate reviews to mislead customers:
Every article has one thing in common: there is no evidence to prove that Elbaite is a legitimate platform, and there is no valuable real information.
FTC Complaints Against Manipulative Affiliate Reviews
According to FTC complaints, the MOBE earned millions in commissions by fooling thousands of customers, including Jess Ciancio Elbaite, into paying up to $60,000 for MOBE mentoring services by making false claims and using misleading testimonials. The MOBE helped Jessn Ciancio Elbaite to scam targeted customers with advertisements on social media, YouTube, online news sites, and live events.
These so-called ‘affiliates’ helped MOBE swindle consumers out of millions of dollars by making outlandish and false earnings claims that helped businesses build audience credibility,” stated Andrew Smith, Director of the FTC’s Bureau of Consumer Protection. “Affiliates should note that the FTC will hold you personally and financially accountable for false or unsubstantiated marketing claims.”
How Jess Ciancio Elbaite Scammed $760,000
A woman named Du Preez woke up realizing she’d been scammed out of the most important money she’d been transferred – her husband’s life insurance payout. She’d sent $760,000 to a scammer who had been impersonating a Macquarie Bank staff member.
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool provided by FINRA. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
After Du Preez’s investigative digging, she’d discovered the money had passed from her account to payment service Cuscal and then through a similar service named Moonova before ending with Elbaite, a cryptocurrency exchange.
Later, the money that widow Jacomi Du Preez scammed was frozen and successfully returned to her account after help from Commonwealth Bank, NAB, Macquarie Bank, and cryptocurrency exchange. Cyber security expert Nick Savvides was amazed the money could be recovered.
About Elbaite
Elbaite is an Aussie cryptocurrency exchange with a difference. It is a peer-to-peer (P2P) non-custodial exchange, meaning you buy and sell crypto from other traders directly from one crypto wallet to another. Users don’t need to risk storing their cryptocurrency or fiat currency on an exchange, which can be hacked.
There are no fees or commissions if you sell your digital currencies and only a 1% fee for buyers using the exchange. Since Elbaite doesn’t hold any of your crypto assets, there are no withdrawal or deposit fees either.
Jess Ciancio Elbaite: What does Elbaite offer?
Here we will go into detail about Elbaite’s services so you can determine whether this is the right crypto trading exchange for you.
- Instant account verification- Verification is required on every legitimate Aussie crypto exchange to comply with legal obligations to operate. Account verification on Elbaite is instant, without uploading any photos, making it a straightforward process. In 1% of cases, they may need extra information so verification can take up to 24 hours.
- Buy and sell cryptocurrency peer-to-peer- Elbaite enables users across Australia to buy and sell crypto directly from each other. Any coins you purchase will arrive in your wallet (either a hot wallet in an app or a cold storage wallet) after your fiat currency is sent through.
- Non-custodial exchange- Any purchases of crypto made are sent straight to your wallet, and any crypto sales you make leave your crypto wallet and go directly to the buyer’s wallet. There is no depositing AUD into Elbaite before making purchases of coins; as soon as you purchase a currency, you make the deposit.
Elbaite Fees
- Elbaite Deposit Fees
There are no deposit fees on Elbaite.
- Elbaite Withdrawal Fees
There are no withdrawal fees on Elbaite.
- Elbaite Trading Fees
For sellers of crypto, it is completely FREE, with no hidden fees or commissions.
For buyers of crypto, there is a 1% fee for all trades.
Conclusion
Jess Ciancio Elbaite claims to offer a non-custodial cryptocurrency trading platform with instant account verification and no deposit or withdrawal fees. However, the platform has been accused of fraudulent practices and of being involved in a scam in which a woman lost $760,000.
These claims raise doubt about Elbaite’s credibility and trustworthiness. As a result, before using any cryptocurrency exchange, it is critical to conduct thorough research and assess its reputation and track record. When investing in cryptocurrencies, it is important to apply caution and due diligence as usual.
