In‑Depth GokuMarket Crypto Exchange Review - Risks, History & Alternatives

In‑Depth GokuMarket Crypto Exchange Review - Risks, History & Alternatives Nov, 13 2024

GokuMarket Risk Assessment Tool

Exchange Overview

GokuMarket is a cryptocurrency exchange launched in 2019, known for its aggressive marketing and lack of proper regulation. It experienced a major data breach in 2023 and has been blacklisted as a scam since 2024.

Risk Assessment Result

Comparison with Legitimate Exchanges
Metric GokuMarket Coinbase Binance Kraken
Regulatory Licence No clear licence U.S. Money Transmitter Multiple licences U.K. FCA, EU licences
Withdrawal Reliability Frequent freezes 99.9% success rate >99% success ~99% success
Security Audits No public audit SOC 2, pen-tests Third-party audit Regular audits
KYC Stringency Minimal KYC Full ID verification Tiered KYC Full ID + source of funds
Community Trust Blacklisted (>90% negative) Generally positive Mixed but mostly positive Positive

TL;DR

  • GokuMarket launched in 2019 with flashy volume numbers but has been blacklisted as a scam since 2024.
  • Withdrawal freezes, unresponsive support, and a massive 2023 MongoDB data leak are the biggest red flags.
  • Acquired by ByteX in 2023, but the core trust issues remain unresolved.
  • Compared to Coinbase, Binance and Kraken, GokuMarket scores zero on regulation, security and fund accessibility.
  • If you have funds on the platform, stop adding money, back up any transaction records, and consider filing a complaint with your local regulator.

What Is GokuMarket?

GokuMarket is a cryptocurrency exchange that debuted in Hong Kong on November 13, 2019. It marketed itself as a community‑driven platform with lightweight KYC and a native token called GMC. The site promised a full suite of services - spot trading, staking, a Visa‑compatible crypto debit card, and a decentralized marketplace - all under one roof.

Key Milestones and Reported Trading Volume

The exchange’s traffic chart looks dramatic on paper. According to data from CoinMarketCap, daily volume jumped from USD 30.8million in February2021 to a reported USD 1.1billion by December2021, then allegedly hit USD 206billion in April2022. Such growth is unusual for a platform that never secured a major banking partnership or a clear regulatory licence.

Industry analysts now view those numbers with deep suspicion. The same period saw the first wave of user complaints about frozen withdrawals, suggesting the volume boost could have been inflated by wash‑trading or internal accounting tricks.

Service Offering Breakdown

GokuMarket organized its product stack into three divisions:

  • CEX (Regulated Financial Services) - traditional spot trading, staking, a crypto‑debit card, and fiat‑on‑ramp via wire and debit cards.
  • DEX (Decentralized Commerce) - a blockchain‑based marketplace that let users list digital goods and services.
  • GMC Token - the platform’s native utility token, used to lower fees (2% vs 2.5% on the debit‑card top‑up) and to vote on community proposals.

The debit‑card, promoted as a Visa‑compatible solution, charged a flat 2.5% fee for adding funds. The fee dropped to 2% when users paid with GMC, a classic incentive to drive token adoption.

Red Flags That Turned Into Scandal

From mid‑2022 onward, the platform’s operational health unraveled. Users on Reddit and Telegram reported that withdrawal requests were silently rejected or left pending for weeks. A pattern emerged:

  • No clear reason was given for the freezes.
  • Customer‑support tickets vanished without a reply.
  • Official social‑media channels stopped posting new updates.

A 2025 assessment by TradersUnion labeled GokuMarket a “scam broker” and recommended the community to blacklist the exchange. The report catalogued over 2,000 user complaints, many describing lost funds that could not be retrieved despite providing KYC documents.

2023 MongoDB Data Breach - What Happened?

2023 MongoDB Data Breach - What Happened?

In October2023, security firm Cybernews discovered an unprotected MongoDB database linked to GokuMarket. The dump exposed more than one million user records, including:

  • IP addresses, country, email, and encrypted passwords.
  • Full legal names, birth dates, and mobile numbers.
  • Cryptocurrency wallet addresses tied to each account.
  • 35 admin‑level credentials - private Telegram channel IDs, API tokens, and system passwords.

Although the breach was patched within a day after responsible disclosure, the window of exposure gave attackers a treasure trove for spear‑phishing and potential wholesale fund theft. The incident also proved that GokuMarket’s internal security practices were severely lacking.

Acquisition by ByteX - A Fresh Start?

After teetering on the edge of bankruptcy in mid‑2022, GokuMarket was bought by the Canada‑based exchange ByteX. ByteX claimed it would “rehabilitate” the platform, migrate users to a safer environment, and address outstanding withdrawals.

As of October2025, the acquisition has delivered few tangible improvements. The site remains technically operational, but:

  • Withdrawal queues are still clogged for many accounts.
  • Customer‑service response times have not improved.
  • There is no public audit proving the security of the admin credentials exposed in 2023.

Regulators in Estonia, where the company was registered as GOKUMARKET OU, have opened a case for possible identity theft and failure to meet AML/KYC standards.

How Does GokuMarket Stack Up Against Legitimate Exchanges?

GokuMarket vs. Top Global Exchanges (2025)
Metric GokuMarket Coinbase Binance Kraken
Regulatory Licence No clear licence (Hong Kong/Estonia) U.S. Money Transmitter Multiple licences (Malta, Singapore) U.K. FCA, EU licences
Withdrawal Reliability Frequent freezes, many unresolved 99.9% success rate >99% success, occasional delays ~99% success
Security Audits No public audit; 2023 DB breach Annual SOC 2, regular pen‑tests Third‑party audit, bug bounty Regular audits, bug bounty
KYC Stringency Minimal KYC (email only) Full ID verification Tiered KYC options Full ID + source of funds
Community Trust (Reddit/Telegram sentiment) Blacklisted, >90% negative Generally positive Mixed but mostly positive Positive

The table makes it clear: GokuMarket falls short on every essential metric that protects users’ money and data.

What Should You Do If You Still Have Funds on GokuMarket?

  1. Stop Adding Money - Any further deposits increase exposure.
  2. Gather Proof - Export transaction history, screenshots of balances, and any email confirmations.
  3. Contact Support - Send a certified email (keep a copy) requesting withdrawal. Note the ticket ID.
  4. File a Complaint - Report the incident to your national financial regulator (e.g., FCA, SEC, MAS) and to the Estonian Business Register for the GOKUMARKET OU entity.
  5. Consider Legal Action - If the amount is substantial, consult a lawyer specialized in crypto fraud.
  6. Secure Your Identity - Change passwords on all accounts that reused the same login details. Watch for phishing attempts that reference the 2023 breach.

While recovery is not guaranteed, following these steps maximizes the chance of a partial refund and helps authorities track the overall scam.

Bottom Line - Is GokuMarket Worth Your Trust?

For anyone looking for a reliable place to trade or store crypto, the answer is a resounding no. The combination of withdrawal blocks, a massive data leak, and an unresolved acquisition by ByteX creates a risk profile that even seasoned investors would avoid.

Instead, opt for exchanges that publish audit reports, hold clear licences, and provide responsive customer service. The short‑term lure of low fees and a native token is not worth the potential loss of your hard‑earned crypto.

Frequently Asked Questions

Is GokuMarket still operating under the ByteX brand?

Yes, the website still carries the GokuMarket name, but the backend is managed by ByteX. However, the promised improvements have not materialized, and the platform remains on most blacklists.

Can I still withdraw my crypto from GokuMarket?

Withdrawals are currently limited for many users. Some accounts report success after contacting support, but the majority experience indefinite delays.

What should I do with the personal data leaked in 2023?

Treat the leak like any other data breach: change passwords, enable two‑factor authentication, monitor credit reports, and beware of targeted phishing emails referencing the breach.

How does the GMC token work?

GMC is a utility token used to lower fees on the platform (2% vs 2.5%). It also serves as a voting token for community proposals, though governance decisions have been largely ignored since the 2022 crisis.

Is the GokuMarket crypto debit card safe to use?

Given the platform’s history of security lapses and frozen funds, using the debit card puts your linked assets at high risk. Safer alternatives are offered by established wallets such as Coinbase Card or Binance Card.

11 Comments

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    april harper

    November 13, 2024 AT 11:06

    When we stare into the abyss of a platform like GokuMarket, we find reflections of our own hubris – the belief that low fees can outweigh the cost of lost trust. The glossy marketing was merely a veil, a fleeting illusion that faded when the data breach exposed our personal shadows. Like Icarus, the exchange flew too close to the sun of hype, only to melt under the scorching heat of regulatory neglect. The paradox of promise versus reality becomes a modern parable for every trader seeking shortcuts. In the end, the only true currency is vigilance, and GokuMarket has spent it all.

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    Kate Nicholls

    November 22, 2024 AT 17:19

    That platform is a textbook case of how not to run an exchange.

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    VICKIE MALBRUE

    December 1, 2024 AT 23:32

    Keep your eyes on the brighter horizons and steer clear of the dark clouds that surround GokuMarket.

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    Jason Brittin

    December 11, 2024 AT 05:46

    Ah, the optimism you sow is sweet, but the soil is drenched in red flags 🌧️. While you plant hope, the exchange keeps pulling the rug-sarcasm aside, it’s a circus of broken promises 🤡. If you enjoy watching a bad show, feel free, but don’t expect a standing ovation when your funds vanish.

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    Ben Dwyer

    December 20, 2024 AT 11:59

    Remember, the safest path is to move your assets to a regulated exchange with transparent audits. Take action now and protect what you’ve earned.

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    Kate Roberge

    December 29, 2024 AT 18:12

    Everyone’s quick to slam GokuMarket, but honestly, it’s just another rookie trying to make a splash in a shark‑filled pool. If the hype dies, maybe it’ll finally learn to swim properly.

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    Rajini N

    January 8, 2025 AT 00:26

    While the platform may appear as a fledgling, the core issues-lack of licensing, frequent withdrawal freezes, and a severe data breach-cannot be ignored. Users should prioritize exchanges that publish regular security audits and maintain clear regulatory compliance. Migrating funds now reduces exposure to potential loss.

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    Oreoluwa Towoju

    January 17, 2025 AT 06:39

    It is wise to exit this sinking ship now.

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    Amie Wilensky

    January 26, 2025 AT 12:52

    Ah, dear reader, behold the grand theatre of commerce wherein GokuMarket waltzes upon the thin ice of anonymity; the very same ice that, in 2023, shattered under the weight of a MongoDB exposé, spilling over a million souls and their digital treasures-yet, what glorious optimism remains!; one might ask, in the quiet corridors of reason, whether the promise of a native token could ever truly redeem a platform whose very foundation trembles under the relentless scrutiny of regulators, auditors, and-dare I say-common sense.; Indeed, the dance of promises and betrayals continues, each step choreographed by the echoing void of absent transparency, while the community watches, hopeful, skeptical, and perhaps, a little bit resigned.

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    Katrinka Scribner

    February 4, 2025 AT 19:06

    Hey guys!!! I think we all can agree that GokuMarket is kinda sus 😂😂, and the data leak? Omg sooo scary 😱. Let’s keep an eye out and maybe move our coins to safer places 👍🏽.

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    Clint Barnett

    February 13, 2025 AT 11:06

    Imagine, if you will, a digital marketplace that once promised the moon-a glittering tapestry of low fees, a native token humming like a siren’s call, and a debit card that seemed to bridge the chasm between fiat and crypto with the elegance of a ballerina pirouetting across a moonlit stage. Yet, beneath that dazzling façade lay a foundation as rickety as an old wooden bridge swaying over a turbulent river, each plank representing a neglected regulatory requirement, each nail a compromised security protocol. The 2023 MongoDB breach, in particular, was not merely a leak but a thunderclap that reverberated through the corridors of trust, exposing personal details with the nonchalance of a careless librarian misplacing a rare manuscript. As the platform’s custodians promised rehabilitation under the banner of ByteX, the promised sunrise remained stubbornly hidden behind a perpetually overcast sky of unresolved withdrawals and unresponsive support. In this saga, the lesson emerges with crystalline clarity: the allure of low fees and seductive tokenomics cannot outweigh the immutable necessity for rigorous audits, transparent licensing, and unwavering user protection. Therefore, let us, as vigilant stewards of our digital wealth, chart a course toward exchanges that embody these virtues, lest we find ourselves adrift in a sea of broken promises and vanished assets.

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