Below is a detailed analysis of OpenLedger DEX (official website: https://openledger.io/) based on the requested criteria, using available information and critical examination. The analysis covers online complaints, risk level assessment, website security, WHOIS lookup, IP and hosting, social media, red flags, regulatory status, user precautions, brand confusion, and website content.

1. Online Complaint Information ¶

• Reddit Allegations (2020): A Reddit post from November 2020 on r/litecoin reported alleged fraud by OpenLedger DEX, claiming users deposited crypto but could not withdraw funds after the platform announced its closure in April 2020. The post, by user u/hwtu, sought evidence for a criminal complaint in Denmark, citing issues like unfulfilled withdrawal promises and KYC demands without payouts. It mentioned emails from OpenLedger promising payments in 6-12 months, which were allegedly unmet. The post received 25 votes and 39 comments, indicating some community engagement but no definitive resolution.
• Scamadviser Complaints: Reviews on Scamadviser for related domains (e.g., openledger.xyz, openledger.app-daps.com) mention user losses, such as a claim of losing $81,000 to a “fake platform” (openledger.xyz). These complaints are not directly tied to openledger.io but raise concerns about brand-related scams.
• Lack of Recent Complaints: No recent (2023-2025) complaints specifically targeting openledger.io were found, but the 2020 closure and allegations suggest unresolved issues. The absence of current user reviews on platforms like Trustpilot or Sitejabber for openledger.io limits visibility into ongoing user experiences. Assessment: Historical complaints indicate significant user dissatisfaction, particularly around fund withdrawals during the platform’s closure. The lack of recent complaints may suggest inactivity or low user engagement, but unresolved past issues elevate risk.

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2. Risk Level Assessment ¶

• Platform Inactivity: OpenLedger DEX is marked as “Inactive” on BitDegree.org due to insufficient data or lack of trading activity. This suggests the platform may no longer be operational or has minimal market presence, increasing risk for users expecting active services.
• High Withdrawal Fees: OpenLedger DEX charges a 5% withdrawal fee, described as “roughly ten times the industry average” and the highest percentage-based fee noted by Cryptowisser. For large withdrawals (e.g., 10 BTC), this results in exorbitant costs (0.5 BTC), posing financial risk.
• Decentralized Nature: As a decentralized exchange (DEX) on the BitShares network, OpenLedger does not hold user funds, reducing custodial risk. However, decentralization can complicate dispute resolution and user support, as seen in 2020 complaints.
• Scamadviser Trust Score: Related domains (e.g., openledger.xyz) have “extremely low” trust scores on Scamadviser, flagged as potential scams due to recent domain registration and lack of transparency. While openledger.io is not directly rated, this raises concerns about brand misuse.
• Fraud Allegations: The 2020 Reddit post and Scamadviser reviews suggest a history of alleged fraudulent behavior, particularly around fund access, which increases perceived risk. Risk Level: High. Inactivity, high fees, historical fraud allegations, and low trust scores for related domains indicate significant risks. Users should approach with caution, especially given the lack of current operational data.

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3. Website Security Tools ¶

• SSL/TLS Certificate: The website (https://openledger.io/) uses HTTPS, indicating an SSL/TLS certificate is in place, which encrypts data between the user and server. This is a basic security measure expected of financial platforms.
• OWASP Compliance: No specific information confirms OpenLedger’s adherence to OWASP (Open Web Application Security Project) standards, such as protection against XSS (Cross-Site Scripting) or broken authentication. Given the decentralized nature, vulnerabilities in smart contracts or wallet integrations (e.g., MetaMask) could exist.
• Two-Factor Authentication (2FA): No explicit mention of 2FA support on openledger.io was found in available sources. For a DEX, user-controlled wallets typically rely on private key security, but lack of 2FA for account access (if applicable) would be a gap.
• Security Incidents: No documented data breaches or hacks specific to openledger.io were found. However, the broader crypto space, including DEXs, faces risks like phishing and malicious browser extensions, as noted in a 2025 OneSafe report.
• Decentralized Security: OpenLedger’s use of the BitShares network means data is distributed across nodes, reducing single-point failure risks but introducing complexities in securing user interactions (e.g., wallet management). Assessment: Basic security (HTTPS) is present, but lack of transparency on advanced measures (e.g., 2FA, OWASP compliance) and potential vulnerabilities in decentralized systems suggest moderate security. Users must prioritize wallet security.

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4. WHOIS Lookup ¶

• Domain: openledger.io
• Registrar: Likely GoDaddy or Namecheap (common for .io domains), but specific WHOIS data is unavailable without direct lookup due to privacy protection services.
• Registration Date: The domain has been active since at least 2014, aligning with OpenLedger’s founding, suggesting longevity. However, recent Scamadviser reports note related domains (e.g., openledger.xyz) were registered recently (2024), indicating potential brand spoofing.
• Registrant: Likely OpenLedger ApS (Copenhagen, Denmark), based on company info from 2020 Reddit posts. WHOIS privacy protection may obscure details.
• Transparency: Lack of public WHOIS data (common in crypto) reduces transparency, a minor red flag for users seeking verifiable ownership. Assessment: The domain’s long history is positive, but privacy-protected WHOIS data and recent registrations of similar domains raise concerns about transparency and potential scams.

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5. IP and Hosting Analysis ¶

• Hosting Provider: No specific hosting details for openledger.io were found in the provided sources. DEXs often use distributed infrastructure or cloud providers like AWS or Cloudflare for scalability.
• IP Location: Likely hosted in Europe (e.g., Denmark, aligning with OpenLedger ApS), but without direct data, this is speculative.
• Server Security: Decentralized platforms spread servers globally, reducing downtime risks but complicating security audits. No reports of server-specific vulnerabilities for openledger.io were found.
• Scamadviser Flags: Related domains (e.g., openledger.app-daps.com) have low Tranco rankings, indicating low traffic and potential hosting instability. This may not directly apply to openledger.io but suggests ecosystem risks. Assessment: Lack of specific IP/hosting data limits analysis. The decentralized model likely enhances uptime but requires robust user-side security (e.g., avoiding phishing). Moderate risk due to lack of transparency.

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6. Social Media Analysis ¶

• Official Accounts: No verified OpenLedger DEX social media accounts (e.g., Twitter/X, Telegram, Reddit) are listed in recent sources. BitDegree notes missing official X, Reddit, and Telegram stats, suggesting low social presence.
• Community Engagement: The 2020 Reddit post indicates some community activity, but no active OpenLedger-run channels were identified. A 2025 source mentions OpenLedger’s “Kaito Yapper Arena” for community engagement on openledger.xyz, but this appears unrelated to the DEX.
• Red Flags: Lack of active social media presence is unusual for a crypto platform, as most DEXs maintain Telegram or Discord for updates. This could indicate inactivity or abandonment of openledger.io. Scamadviser notes social media scams in crypto, increasing risks of fake accounts mimicking OpenLedger. Assessment: Minimal social media presence is a red flag, suggesting inactivity or lack of user support. Users should verify any claimed OpenLedger accounts to avoid scams.

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7. Red Flags and Potential Risk Indicators ¶

• Inactivity: Marked as “Inactive” on BitDegree, with no recent trading volume or social metrics.
• Historical Fraud Allegations: 2020 Reddit post alleges scam behavior, supported by unfulfilled withdrawal promises.
• High Fees: 5% withdrawal fee is exorbitant, deterring large transactions.
• Low Trust Scores: Related domains (openledger.xyz, openledger.app-daps.com) have low Scamadviser scores, hinting at ecosystem risks.
• Lack of Transparency: No public WHOIS data, social media, or recent operational updates reduces accountability.
• Brand Misuse: Similar domains (e.g., openledger.xyz) flagged as scams suggest potential spoofing.
• Closure History: Announced closure in April 2020, with unresolved user fund issues. Assessment: Multiple red flags (inactivity, high fees, fraud allegations, low transparency) indicate high risk. Users should avoid engagement without clear evidence of current legitimacy.

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8. Website Content Analysis ¶

• Content Overview: The website (https://openledger.io/) describes OpenLedger DEX as a “personal gateway to invest, trade, and manage your portfolio” in crypto markets, emphasizing 24/7 access and BitShares integration. It highlights trading against tokens like open.BTC, open.ETH, and fiat-backed SmartCoins.
• Claims: Claims of being “the world’s most advanced and secure online exchange” lack substantiation, as no security certifications or audit reports are mentioned.
• Functionality: Supports trading of 50+ cryptocurrencies, fiat conversions via PayPal/Ripple, and a mobile wallet app. Requires MetaMask for wallet creation and BTS for fees.
• Design and Usability: Described as having a “convenient interface” for new and experienced traders, with a flat 0.20% trading fee (below industry average). However, no recent user feedback confirms usability.
• Red Flags: Exaggerated claims of security without evidence and lack of updated content (e.g., post-2020 closure) suggest the site may not reflect current operations. Assessment: The website provides standard DEX information but lacks transparency on security and current status. Exaggerated claims and outdated content increase skepticism.

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9. Regulatory Status ¶

• No KYC Requirement: OpenLedger DEX does not require registration or KYC, appealing to privacy-focused users but potentially non-compliant with AML (Anti-Money Laundering) regulations in jurisdictions like the EU or US.
• Danish Jurisdiction: Operated by OpenLedger ApS in Copenhagen, Denmark, under CEO Ronny Boesing. Denmark has crypto-friendly but strict AML/KYC laws, which OpenLedger’s no-KYC model may skirt, raising regulatory risks.
• No Licensing Info: No evidence of registration with Danish Financial Supervisory Authority (FSA) or other regulators. Most legitimate exchanges disclose licenses, so this absence is a red flag.
• US Investors: OpenLedger does not prohibit US investors, but US users must assess legal risks due to SEC oversight of unregistered exchanges. Assessment: Lack of KYC and licensing information suggests non-compliance with modern regulatory standards, increasing legal and operational risks. High risk for regulated jurisdictions.

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10. User Precautions ¶

To mitigate risks when interacting with OpenLedger DEX (if active):

1. Verify Platform Status: Confirm openledger.io is operational via official channels (if any) before depositing funds.
2. Use Small Amounts: Test with minimal deposits to assess withdrawal reliability, given high fees and past issues.
3. Secure Wallets: Use hardware wallets and avoid sharing private keys. Enable MetaMask security features (e.g., phishing detection).
4. Avoid Phishing: Only access https://openledger.io/ directly and beware of fake domains (e.g., openledger.xyz). Check for HTTPS and correct spelling.
5. Monitor Fees: Be cautious of the 5% withdrawal fee, which significantly impacts large transactions.
6. Research Complaints: Review historical issues (e.g., 2020 Reddit post) and contact support (if available) for clarity on fund access.
7. Regulatory Compliance: US/EU users should consult legal advisors to ensure compliance with local crypto laws.
8. Backup Data: Record all transactions and communications with OpenLedger for potential disputes. Assessment: Users must exercise extreme caution, prioritizing security and small-scale testing due to inactivity and past fraud allegations.

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11. Potential Brand Confusion ¶

• Similar Domains:
• openledger.xyz: Flagged as a potential scam by Scamadviser, with a low trust score and user loss reports ($81,000). Focuses on AI-blockchain, not DEX, suggesting a different project misusing the name.
• openledger.app-daps.com: Low trust score, recently registered (2024), likely unrelated to the DEX.
• openledger.com: Describes an AI accounting protocol, unrelated to crypto trading.
• Historical Context: OpenLedger DEX (openledger.io) is a BitShares-based platform founded in 2014 by OpenLedger ApS. Newer domains (e.g., openledger.xyz) appear to leverage the name for unrelated AI/blockchain projects, causing confusion.
• Risks: Users may mistake scam sites for the original DEX, especially given openledger.io’s inactivity. Scamadviser notes crypto scams often exploit brand names. Assessment: High risk of brand confusion due to similar domains with scam flags. Users must verify they are on https://openledger.io/ and avoid lookalike sites.

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12. Summary and Recommendations ¶

• Overall Risk: High. OpenLedger DEX (https://openledger.io/) shows significant red flags: platform inactivity, historical fraud allegations, exorbitant withdrawal fees, low transparency, and potential brand confusion with scam domains. The lack of recent data, social media, and regulatory compliance further elevates risk.
• Key Concerns:
• Unresolved 2020 complaints about inaccessible funds.
• 5% withdrawal fee, far above industry norms.
• No KYC or licensing, risking regulatory issues.
• Scam risks from similar domains (e.g., openledger.xyz).
• Recommendations:
• Avoid using OpenLedger DEX unless clear evidence of active, legitimate operations emerges.
• Verify the exact URL (https://openledger.io/) and avoid related domains.
• Use secure, non-custodial wallets and test with small amounts if engaging.
• Seek alternative, regulated DEXs (e.g., Uniswap, SushiSwap) with active communities and transparent operations. Final Note: Given the platform’s inactivity and historical issues, users should approach OpenLedger DEX with extreme skepticism and prioritize safer alternatives until verifiable updates confirm its legitimacy.

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