As a result of an incident on the cryptocurrency exchange platform Swapter, a user nicknamed cephalopod was affected, reporting the loss of 700 XMR (equivalent to about $280,000–$350,000 at the time). According to user cephalopod, he initially discovered the service on the aggregator KYCnot.me and had previously successfully made small exchanges (from 50 to 500 XMR). This created a false sense of security; however, when attempting to conduct a large transaction, the funds were blocked. For over two months, the service's support team explained the delay by citing issues with their liquidity provider, even though the platform initially claimed to have no KYC/AML requirements.

The Bitcointalk forum community promptly identified multiple red flags that the victim had initially missed. According to user JeromeTash, comments about payout delays were already present on Swapter's page on KYCnot.me. User coupable added that user LoyceV had previously pointed out strange and legally dubious terms in the service's Terms of Service (TOS). An official Swapter representative briefly appeared in the discussion, stating that the case was being worked on; however, according to user cephalopod, no substantial responses via email ever followed, and the representative's account soon became inactive.

After several months of unsuccessful negotiations, the incident entered a phase of open confrontation. According to user LoyceV, who actively assisted the victim, a flag system (Type 3 Flag) was created on the forum to display a red warning over the service's threads. The administration of the KYCnot.me aggregator also reacted to the situation: according to user Trêvoid, they contacted the Swapter team, and when no solution followed, they published a warning and downgraded the service's rating. Later, Swapter suddenly demanded that the victim undergo KYC verification to unblock the funds; however, according to user LoyceV, providing personal documents to anonymous scammers could only create additional problems, allowing them to legally withhold the funds based on inaccurate data.

Over five months have passed, and the funds have still not been returned, forcing the victim to prepare for a lawsuit. The main obstacle to legal prosecution is the anonymity of Swapter's owners. According to user LoyceV, the service stated a year ago that it was ready to provide legal information upon request, but never did so. In this regard, user cephalopod announced a bounty of $10,000 plus 10% of the recovered amount for verifiable information about the real identities of the service's operators. According to him, he already has leads regarding the location and team members, and he is ready to share this information publicly so that other victims can join the lawsuit.