Can't withdraw from Bora Exchange. This platform is Scam or Legit?

In today's digital era, blockchain technology has emerged as a powerful tool for revolutionizing various industries, with cryptocurrencies and digital assets at the forefront. As the demand for efficient and secure trading platforms continues to rise, recently, a

cryptocurrency

exchange named Bora Band has generated ample buzz in the market due to its lucrative affiliate program and its own cryptocurrency token. In this article, we are going to review Bora. Band and let you know whether it is a legit platform or not.

What is Bora？

Bora Band is a

cryptocurrency exchange

and also has its own cryptocurrency BRA. They also offer an affiliate program that allows users to earn more money over the perks of crypto trading.

There is no information provided about Bora Band founders or headquarters on its website.

According to SimilarWeb, the total visits on its website are 611k+ with the top countries reaching India (55%), Saudi Arabia (33%), and Pakistan (9%). Moreover, its domain was last updated on June 2023, as per WHOIS.

After investing in Bora Band‘s business model and its affiliate program, we found several red flags in it. Let’s take a look at them:

• Founders are hiding

• No information about the headquarters

• Withdrawal issue.

• Not under the regulation of any government authority

• Possible Ponzi scheme

• Negative customer reviews on the internet

We found relatively few online reviews while researching the Bora Band corporate profile, but the ones we did find seemed to be unfavorable most of the time. Consequently, these issues cast serious doubt on its credibility.

Bora Band Scam Collapse

The Bora trading app emerged on the scene promising lucrative returns on investments, luring individuals with the prospect of doubling their money within 40 days.

The app gained popularity through aggressive marketing campaigns, catching the attention of people from social media and offline activities.

However, Bora Band has shattered the dreams of countless investors, after collapsing around 30 June 2023.

Their website is still accessible and there is a notice on the website stating:

Dear BORA user:BORA‘s preliminary review estimate has reached a valuation of 4.2 times. In view of BORA’s operating conditions and platform asset review requirements, BORA must be listed on the platform currency, and the final valuation will be based on the market value of the platform currency.At the request of the institution, BORA will list the platform currency

BORA Token

(BRA), and start a new subscription on 2023/07/04. For more information, please pay attention to the BORA Token (BRA)

new coin

listing announcement The price of BORA Token (BRA) rose to 7.5 USDT, obtaining a 5-fold valuation The price of BORA Token (BRA) rises to 15 USDT, gaining 10 times the valuation The price of BORA Token (BRA) rises to 30 USDT, gaining 20 times the valuation The

BORA exchange

can get invitations from world-renowned institutions for mergers and acquisitions, which is inseparable from the support of a large number of users and trading volume. Giving rewards and resuming withdrawals after the merger closes.Valuation premium feedback: The price of BORA Token (BRA) rises to 7.5 USDT, gets 5 times the valuation, and gives 25% as a gift The price of BORA Token (BRA) rose to 15 USDT, 10 times the valuation, and 30% as a gift BORA Token (BRA) price rises to 30 USDT, 20 times valuation, 60% giftFor example: The price of BORA Token (BRA) rose to 7.5 USDT, which was valued at 5 times. Holding 10,000 BRA will give you 25% of 2,500 BRA as a gift. After the gift is completed, the total holdings will be 12,500 BRA! The price of BORA Token (BRA) has risen to 15 USDT, which has been valued at 10 times. Holding 10,000 BRA will give you 30% 3,000 BRA as a gift. After the gift is completed, the total holdings will be 13,000 BRA! The price of BORA Token (BRA) has risen to 30 USDT, which has been valued at 20 times. Holding 10,000 BRA will give 60% of 6,000 BRA as a gift. After the gift is completed, the total holdings will be 16,000 BRA!M&A valuation premium rewards will be issued after BRA is unlocked.Thank you for your support and attention to BORA, BORA will continue to provide you with better products and better services!July 03, 2023BORA Exchange

How to Withdraw Money From Bora Band Trading App？

Bora Band Withdrawal Issue: As the collapse of the Bora Band scheme unfolds, it has become increasingly apparent that withdrawals are impossible.

Despite the official website remaining accessible, users have been unable to receive any funds after June 30.

This stark discrepancy, where deposits are still accepted while withdrawals are restricted, strongly suggests the presence of a potential scam.

However, the official website had a notice of “BORA M&A Valuation Progress Notice and Big Gift Giveaway”, but it seems like it is an exit scam scandal.

If you have got any financial losses due to Bora Band or any similar Ponzi scheme, it is advisable to explore the option of filing a complaint with WikiBit.com to raise awareness for other crypto investors.