• Report:  #1525993

Complaint Review: IPMB COIN International Precious Metals Bullion Ltd - Lampousis Nicosia 1095

Reported By:
COIN WATCH - atlanta, United States

IPMB COIN International Precious Metals Bullion Ltd
9 Lampousa Street Lampousis, Nicosia 1095, Cyprus
Tell us has your experience with this business or person been good? What's this?
Report Attachments


In the wake of the FTX fiasco, with the misappropriation and embezzling of billions of dollars, it is imperative that we pay close attention to any new cryptos that make grandiose claims.  IPMB known as International Precious Metals Bullion ltd, boasts itself as the first "gold backed' cryptocurrency.  Upon taking a closer look, the claim of Gold backing is merely their own narrative to instill a false sense of security.   Several investors, including a member of my own team, have already put money into this startup thinking the money was secured by Gold only to find out that the company does not hold any gold assets to backup their coin at this time.  

In fact, their trade volume, with an average of only $1500 daily, is solely derived from internal trading done by the developers themselves to manipulate the pricing.  Their purported objective is to sell enough coins to purchase the gold they claim to the public they already possess.  

Using off site gold sources in regions of Africa such as Uganda, Ghana, etc, they are trying to show the investment firms that they have a strong supply of Gold, when in fact the companies entire exchange to date has not even arrived at $80k.  

A few members of the team running this operation, under the direction of CEO John Vakis, carry an obscure and at times dark past involving money laundering charges in his hometown of Cyprus.  The Gold backed token, while a great concept, in this case is yet another attempt for a crypto company to manipulate the system; a chilling reminder of Sam Bankman-Fried's recent FTX fiasco.

Before getting lured into any more crypto scams, its important to do your due diligence on each and every coin you are considering purchasing.  This one in particular made it to the top of our watch list as they've already duped investors out of cold hard cash using a combination of false claims of gold ownership, price manipulation and a very questionable team, some of whom are currently involved in major legal disputes from past dealings.  Please advise. 

7 Updates & Rebuttals

Removed member of team

#2REBUTTAL Owner of company

Mon, June 05, 2023

 Hi guys, I’m sorry for all the negative press. We’ve removed Mark Gerard Lineham from the team. He was formerly the head of commercial for IPMB. Pursuant to a number of legal breaches he’s conducted we’ve decided to permanently remove him from our team and website. We hope this decision will alleviate some of the financial harm we’ve caused by allowing him to operate on our behalf in matters that have proved detrimental to our company.


United Kingdom
Complaint Response

#3UPDATE Employee

Sat, June 03, 2023

Hello 'G',

There is no misrepresentation here. We are sorry you feel this way.

The point that was being referred to in the previous reply was the last comment stated that he could not withdraw his money 'after his balance showed profit'.

As IPMB has not launched yet, there is no mechanism to extract the 'profit' shown in an IPMB Wallet.

We want the launch to be as successful as possible, with zero mistakes. Unfortunately, this has caused some delays but we expect to Launch in Q3 of this year. We apologise for the delay however this has been crucial to making the project as flawless as possible.

If you have invested already, pre-launch, and do not have confidence in IPMB, please contact your seller and we can discuss returning your initial funds.

Thank You,

IPMB Team.




This site is a scam and will never launch

#4Consumer Comment

Sat, June 03, 2023

 This site misrepresents itself as being gold backed. They own no gold assets. They take your money then say they have not "launched” as the reason you can’t get your money back. This site is a scam. Please advise.

Report Attachments


United Kingdom
Review Reply

#5UPDATE Employee

Thu, June 01, 2023

Hi Ryan, 

I am sorry you feel this way.

IPMB has not launched yet hence you not being able to withdraw your 'profit'.

Whilst i do not know the case specific details i am sure we will be able to resolve the dispute. 

If you could either reply with your wallet address containing the tokens along and your email address or alternatively get in touch with us via [email protected]

Thank you.


United States
I also fell victim to this scammers

#6Consumer Comment

Mon, May 01, 2023

 I also fell victim to this scammers loosing $19,000 to them.they look real and very serious until you give them a try,they suspended my withdrawals as well as my balance after my investment of $19,000 made profit. Stay away from them investment website because they don't allow withdrawal after you invested fortunately for me I found someone on here who was also scammed by them and he referred me to a fund investigating firm who helped me get back my funds. Incase you're also in need of such aid a complaint form can be filed to them by searching the bitly link: bit.ly/3i3bep7 You're welcome,


Highlands Ranch,
United States

#7Consumer Comment

Sun, April 30, 2023

Was submitted in the comments section at Ripoff Report #1519492 on Sunday morning April 30, 2023. Just type in 1519492 to see if it is available later today or Monday morning when the banks open.

Thank you once again for sharing your Ripoff Report with us. Did you happen to email a copy of your Ripoff Report to your Attorney General?

Have a wonderful week.


Highlands Ranch,
United States

#8Consumer Comment

Fri, April 28, 2023

Is available at this site. Just type in 502469 and it appears in Consumer Comment #20 at Ripoff Report #502469.

Thank you for sharing your Ripoff Report with us. Feel free to email a copy of your Ripoff Report to your Attorney General immediately.

Good luck to you!

Reports & Rebuttal
Respond to this report!
Also a victim?
Repair Your Reputation!