I Nearly Lost All My Funds on Toobit — It Took 3 Hard Lessons to Wake Me Up
At first, Toobit looked like a decent exchange
I wasn’t chasing anything fancy — I just wanted a platform that listed new tokens quickly, had a clean interface, and ran smoothly. That’s how Toobit first got on my radar.
They claimed to have a headquarters in Dubai. They flaunted their involvement in big global events like Token2049. They even had some promotions running. Everything about them screamed “up-and-coming international exchange.”
I bought it. I felt safe — until I tried to withdraw my funds. That’s when things started to unravel.
When my withdrawal failed, I started digging… and it only got worse
The minute I realized I couldn’t withdraw — and support kept replying with useless copy-paste responses — I knew something was off. I took a deep breath and started looking into the platform myself.
Here’s what I found, and it shook me:
- Their “Token2049 sponsor” claim is a lie
Toobit throws the Token2049 name around like they’re official partners. But when I checked the actual sponsor list on Token2049’s website — guess what?
They’re not listed at all.
Not under platinum, not under gold, not even silver.
They’re just riding the name to fake credibility. That’s not “marketing” — that’s manipulation.
- Their so-called “Dubai headquarters” doesn’t exist
Their site talks a big game — “Middle East strategy,” “global footprint,” etc. But I searched the UAE’s official business registry: no Toobit.
Checked LinkedIn: no Dubai team.
Called the support line: it’s a VOIP number.
There’s no real office, no traceable legal entity. If things go wrong, there’s no one to hold accountable.
- They’re operating illegally in Dubai
I went on VARA (Dubai’s crypto regulator) and DET (Dubai’s economic authority) websites — Toobit isn’t listed anywhere.
Yet on their website, they make it sound like they’re licensed and fully compliant. That’s not just misleading — it’s reckless.
- Zero proof of reserves, no audit
Any serious exchange — Binance, OKX, you name it — publishes Merkle Tree reserve audits to prove your assets are actually there.
Toobit? Nothing.
No audit reports. No storage structure. No transparency.
Where’s my money? I had no clue.
And I’m not the only one
Turns out, I’m far from alone. Just go to Trustpilot — the red flags are everywhere.
“Toobit frozen funds on my KYC 2 account without reason. 0 response on email/discord/telegram, just bots. DONT USE THEIR SCAM PLATFORM IF YOU DON’T WANT TO LOSE YOUR MONEY.”
— Trustpilot user: “Toobit is a scam”
And then there’s this:
“The fraud continues. No answer from support… they kicked me out of the account and support is not answering. They don’t even have real people, only a bot answering to all the complaints.”
— Cobra Dex, Trustpilot
The worst part? Their only response is a canned PR line:
“We’re sorry to hear that… Please reach out directly or email us so we can make things right.”
Same reply. Every. Single. Time.
No follow-up. No real resolution. Just damage control — while people are locked out of accounts with six figures on the line.
I finally realized Toobit isn’t about tech — it’s about selling fake trust
They build credibility through aesthetics, not integrity:
- Slapping on conference logos to appear legit
- Calling themselves “Dubai-based” for extra weight
- Pretending to be compliant without a single license
- Claiming “asset safety” without showing a shred of proof
Put all that together and you get a slick “trust package” — one that looks solid on the outside but is hollow inside.
We weren’t tricked by their features.
We were tricked by their image.
So I did 3 things — and if you’re still on Toobit, I suggest you do the same
- I withdrew every last cent
It wasn’t easy, and it took several tries, but I got my funds out and moved them to Binance.
Don’t wait until something breaks — you might not get that chance.
- I saved every bit of evidence
Screenshots of my balance, deposit history, withdrawal failures, their site’s “Dubai” claims, and my chat with support — I backed it all up.
If anything happens later, this is my only leverage.
- I reported them
Toobit has no license to operate in Dubai — that’s a fact.
So I filed a complaint with VARA and DET, directly from their websites.
Not because I’m trying to make noise, but because I hope the next person doesn’t get burned.
One last thing: don’t let “looks fine” become your biggest mistake
I get it. A lot of people are like me — we don’t always check license numbers, audits, or where a platform is registered. If it works, it works.
But what Toobit taught me is this: the real danger hides in the stuff you think doesn’t matter.
If you’re still using Toobit — or if someone you know is — start asking questions. Start backing things up.
Start moving your assets now.
This is what I went through.
And this is me being brutally honest: please don’t learn it the hard way.
If this post helped you, share it with someone.
You never know who you might save from making the same mistake.
