Mkey is an unauthorized reseller?

Got a surprising case today. It seems that Mkey, a LocalMonero seller, is acting as an middle-man/reseller between buyers and sellers, at least in my case, without any authorization.

They’ve basically made sell offers with Revolut, and shared my Revtag (username) to their buyers, then created trades with me of the same value, probably without telling them that they were doing that.

What’s wrong with this?

  1. They never asked me, and I never authorized such thing.
  2. They charge 25%+ than me, for the same trade. That’s approximately 31% above market price. I sell at around 6% above market price.
  3. They put a lot of risk on me, since their profile has a quite high reputation, so I can’t identify potentially risky users, and properly set buy limits. Additionally, all scams would make me lose money, and they wouldn’t suffer from any loss.
  4. They made quite a few trades with me that they cancelled, probably because buyers on their end cancelled. I’m basically doing all the job, just for someone to get 4 times the cut I get.

Special thanks to a buyer of mine for exposing this to me (with proof).
I recommend you don’t trade with Mkey anymore.
I’ve created a trade with them to talk a bit; no answer so far. I’m still unsure if I want to report them for that, but that’s definitely not something that should be okay to do, at least ethically.

Hi MoneyIsLife,

Thank you very much for the report. Please PM me with the proof, details and the trade IDs via Telegram @EDWARD_LOCALMONERO_AGORADESK or via Matrix We’ll investigate this.

Thanks for your answer. Is it possible to contact you via other means? I use my telegram for personal things, and I don’t have Matrix.

We’ve verified your statement and taken action against the trader’s account. Thanks for your report.

If you have any additional info that you wish to provide us, you can contact us via email or support ticket here.

1 Like

Thanks. I assumed you looked at my previous trades and found the evidence; or looked at their transaction history and saw that they were indeed doing that.

Did they do that for all of their transactions, or only me? Maybe that’s something you don’t want to share?

The most I can say is that the evidence we gathered was enough to ban the account. Thanks again for the report.

1 Like