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:

1. 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.

2. 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.

3. 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.

4. 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 their features.

We were tricked their image.

So I did 3 things — and if you’re still on Toobit, I suggest you do the same

1. 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.

2. 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.

3. 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.