A screenshot of the ZTSJM homepage.
ZTSJM, a cryptocurrency exchange, appears to be withholding funds from certain users. One of those users has contacted Datarecovery.com, which is in the process of investigating the alleged incident.
According to documentation provided by the user, ZTSJM has refused to allow the withdrawals of legitimately held cryptocurrency, citing the fact that the user has “multiple accounts” as justification. The user has been unable to resolve the issue by contacting the company for an extended period of time.
Fearing that the site may be a scam (such as a pig butchering scam, which we’ve discussed in other articles), the user asked Datarecovery.com to perform an investigation.
ZTSJM Shows Signs of Operating a Potential Crypto Scam
We immediately noticed discrepancies in ZTSJM’s claims of operating as “the most secure cryptocurrency trading platform” with more than 2 million users. Visiting the company’s site, several red flags are immediately apparent:
- The site’s “About Us” page hides text in layers of unnecessary JavaScript rather than using plain HTML, which makes text impossible to copy and paste. This may be a tactic to hide text from legitimate crawlers (and authorities that use automated methods).
- There’s very little information regarding the company’s operations, other than a note that ZTSJM Global Professional Station is “headquartered in Armenia,” and has “independent offices in countries and regions such as Singapore, Dubai, and Hong Kong.”
- The site has numerous misspellings and typos.
Most crucially: Despite a claimed count of 2 million users, ZTSJM does not have a visible online community. We could not find any Reddit posts from active users discussing the site’s functionality or capabilities.
The lack of any mentions of ztsjm.com in news articles, magazine features, or other reputable online sources is deeply concerning. Legitimate businesses typically have some form of public presence beyond their own website.
Cryptocurrency Scam Trends: Not Every User Gets Scammed
We were able to find isolated reports from users that successfully withdrew funds from ZTSJM’s website and/or mobile app. Additionally, the user that contacted Datarecovery.com was able to withdraw some funds — but not all of their cryptocurrency.
This is potentially part of a new wave in cryptocurrency scams, which we’ve seen develop over the past several years: Not every user gets scammed. By picking and choosing which users are targeted, scammers can maintain a pseudo-legitimate front for longer — and avoid detection from authorities.
Non-Custodial Wallets Provide a Defense Against Crypto Scams
There’s a principle in cryptocurrency security: “not your keys, not your coins.” Platforms can freeze assets or, as seen in potential scams like the ZTSJM case, might illegitimately withhold user funds. Non-custodial wallets offer a direct solution.
With a non-custodial wallet, you control the private keys (the codes granting access to your crypto). This is fundamentally different from custodial services where a platform holds these keys for you.
That has advantages:
- No Unauthorized Freezes: Since you hold the keys, exchanges or other platforms cannot lock you out of your funds held in your non-custodial wallet.
- Reduced Scam Exposure: While you can still be tricked into sending funds to a scam, the wallet provider itself cannot steal your assets.
- Guaranteed Access: You can transact anytime without needing permission or facing withdrawal limits imposed by a third party.
Incidents involving platforms potentially withholding funds highlight the dangers of relying on others to secure your assets. Non-custodial wallets mitigate these third-party risks by putting you in control.
Related: Are Crypto Wallets Safer Than Crypto Exchanges?
Contact Us for Assistance with Cryptocurrency Scams
Dealing with unresponsive cryptocurrency platforms or recovering funds lost to potential scams can be a complex and frustrating process. If you believe your funds have been unfairly withheld by ZTSJM or another cryptocurrency service, or if you require assistance investigating potential crypto fraud, Datarecovery.com may be able to help. Call 1-800-237-4200 or submit a case online to contact our team.
We will update this article if the circumstances change and if we’re able to verify that ZTSJM is a legitimate cryptocurrency exchange.
