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Calin iHostART.Com took our $22.5K and scamming us!
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i believe the bank was the one making the accusation of dirty money
He should have kept the crypto in his wallet instead of cashing out. He has been known to always promise this and that and guarantees here and there. And after receiving the money/having to refund. You'd get issues this and that. I am still surprised that @GoSSDHosting went with him, with so many red flags with just the pre-sale communications.
Blame the bank. Yes!
KYC means that the origin of the money needs to be proven. Since both parties agreed to use crypto, the burden of KYC is on both parties.
Suppose I send you one Bitcoin. You want to exchange it to euros to buy popcorn. The bank says that's fine, but first tell us where is the money coming from. You say that I sent it to you, but the bank will tell you that's not good enough. They want to know where and how it entered the Bitcoin system to know it is "okay" money. So, you'll need to ask me where the money came from, and if needed I'll need to ask "upstream" as well. If it didn't work this way, it would be easy to circumvent money laundry rules.
This also means for Calin that using the crypto to purchase other things isn't a solution because the seller could ask Calin too where the money came from.
So, my opinion is that gossd must prove that the money is okay. If he can't, that's his problem, and not Calin's problem.
I don't agree with the often made remark that gossd paid and that Calin should deliver, simply because the payment is worthless as it is now, just like you can't but popcorn from the Bitcoin I sent to you, until KYC is fulfilled. And to be clear, even if you buy popcorn and pay in Bitcoin, the seller can ask you where the money came from and serve no popcorn until you give a proper answer.
Kyc was fine with btc wallet provider. Only upon conversion to fiat problem arived. Customer not forced calin to convert btc. It was calins’ prerogative. Sheer incompetency.
You are wasting your time.
Many LET users think like drug dealers.
If their mule gets busted, the mule owes them for the drugs.
Still the money is worthless for Calin, and as it seems, Calin did his best to follow the KYC trail upstream. He should and he must. As it is now, it is dirty money, and it is up to gossd to prove it is clean money. That's how KYC works.
Probably ;-)
Interesting info.
LET always delivers the goods
@xvps no need to act butthurted just because people have a different opinion than you.
That's incorrect.
The client sent a crypto payment to GoSSDHosting, and GoSSDHosting received it without any issues.
GoSSDHosting then sent the same crypto to Calin, who also received it without any problems.
End of story for GoSSDHosting here. Calin is free to do whatever he wants with this crypto and potentially some other crypto from other clients.
So, what exactly do you expect from GoSSDHosting in this situation? To prove what, and to whom? GoSSDHosting isn't even a Romanian.
That's a matter between Calin and his bank once he made a transaction and tried to convert crypto into fiat. What if there is also crypto from other clients? Do they all need to prove something to Calin's bank? What do they have to do with his bank? They never sent any money to his bank.
GoSSDHosting didn't make that transaction, Calin did it as some point.
You are ignoring the KYC rules, or in other words the law. Since we don't know the location of gossd, at least Calin will need to follow the law, and therefore he is required to ask gossd where the money came from. If he doesn't, he can get in serious trouble, even if he doesn't exchange the crypto.
As long as gossd can't tell where the crypto came from it is worthless, and therefore he didn't pay anything.
You can try to simply the world to how you think it works, but that is not how it works, at least not in "civilized" countries.
But he also made it seem like KYC didn't apply. GoSSD said he didn't want any KYC, Calin said no problem.
And whose fault is this? Calin is the one who should prove the source of that money since he sent it to his bank. What’s so hard for you to understand here?
You beat me to it! Putting aside the rest of the situation if the bank isn't satisfied then they will (I assume) have to pass it on to the authorities at which point it will be investigated, and probably not just in Romania
That's bullshit. He paid in crypto, Calin accepted crypto, and the crypto was safely in Calin's wallet, just as they both agreed.
What he does with it later is on Calin, not GoSSDHosting.
Fair point.
Yes, Calin should prove the origin of the money, and he tried by asking gossd, but as it seems, the source of the money is still unclear.
If I were to guess, there's been some miscommunication between all of the parties, and it was made much worse when bank was given statements from a 3rd party.
Realistically, that's not something they can assume Calin has access to. He should have just sent them a business invoice.
If they wanted to trace it further, that's what the police is for, no?
I can't just tell my clients to send their full bank statement or don't get their money back. I don't think my bank would ask this of me either.
You made that up. No one except my country’s tax authority has the right to ask me where I got my money. The grocery store where I spent it or the bank that the grocery store uses has absolutely no right to ask me where or how I earned my money. Nevertheless, the grochery store bank from the other country...
What’s happening here is that the bank from the grocery store wants to know where the grocery store got this money from. How is that my concern?
@Calin probably send money to private bank account, not company.
there would not be any issue if it was a business account and if he had a record of Coinbase withdrawals to company account.
which obviously isn't case here.
Calin can always ask bank to refund the money to where it came from, which is Coinbase and bank is obligated to do this.
Banks have no legal basis to keep money, the worst case they must do is to refund it back to where it came from.
An invoice not good enough to prove the source of the money. Just an invoice to "clean" money would be rather easy. People who make laws are not that stupid.
@Calin talk to your bank in person, tell them you can't get ahold of what they require, and ask them to simply send the money back where it came from.
Then, contact Coinbase and work with them to localize the money to add it to your account.
You mean your vegetables store?
Yes, it's easy, but it leaves a paper trail for police/tax authorities to investigate if it's true. It's not my job as a seller to trace money one, two or three steps back. No one is obligated to provide me with anything, I'm not an authority, hence, I can't solve the matter.
If I run a clothing store, do I have to look at my clients bank statement, see where they got the money, maybe follow it further levels up the chain? I just don't have access to that, and it can't be assumed that I do.
Consider this: apparently Calin's bank isn't satisfied with "It's coming from Coinbase" (or whatever exchange he used).
It doesn't matter. He most likely has no bank statement because he received this crypto from his client as well.
Nevertheless, the Calins bank needs money source proof from Calin, not his client from the other part of the world.
The thing that's too hard for you to understand is that, in this case, no one is investigating the crypto transactions between those two parties, but only Calin’s transaction from his crypto wallet to his bank. There may be crypto that was sitting in Calin’s wallet from other clients as well, but that’s completely irrelevant to them in the same way as it's irrelevant to GoSSDHosting.
Yeah, because they're talking about sending the money to a 3rd party. Of course there'll be confusion. Calin should have never asked them to do that. They should have been asked to just return the money.
It's not the responsibility of a company or an individual to trace any money several steps back in the chain. The end client in this case had no agreement with Calin what-so-ever. They're not required to send anything to Calin or his bank - unless an authority asks for it.
You think I, as a company owner, can ask for my client's client's bank statements left and right? I can't.
Personal experience: an account on an exchange was blocked when somebody sent money from a suspicious wallet. It was never unblocked because I had no idea who that somebody was. This is how KYC, or cripple the crypto, works.
The bank wouldn't have returned the money either. When money is in the KYC procedure, the source of the money needs to be revealed. Since banks have had huges fines, a bank will not take any risk with this.