Exchanges

27/03/19 09:00 UTC-4

What is when no luck? 3 epic failures on the crypto-exchange in the last month

Failures of cryptocurrency exchanges over the past month
Failures of cryptocurrency exchanges over the past month

Cryptocurrency exchanges have become a popular way to make money and sell cryptocurrency assets. The system of operation of such platforms has already been honed over the years of practice. At the same time, of course, not all crypto-exchangers can guarantee security and good work.

Our editorial board has prepared a short report on how the crypto-exchanges worked this month. This article will be interesting to traders, crypto-enthusiasts and everyone who is interested and captures cryptocurrency industry.

Interesting in the section: Bittrex - description, nuances, interface. Main aspects of trading on BITTREX

 

Scandals, intrigues, investigations – Coinbase and its providers

Coinbase American Exchange was established in 2012 and is currently among the top 50 largest exchangers.

At the beginning of this year, Coinbase began to collaborate with the Neutrino startup, which had previously been famous for "hacker" projects for the "dictatorial regime". When users found out about the dubious collaboration, customers started to leave Coinbase en masse. There was also a movement – DeleteCoinbase.

The company explained its mistake by the illegal actions of the Chainalysis previous provider. Which, by the way, denied all statements.  Ultimately, the exchange said goodbye to its "hacker comrades," but many users never returned to the platform, fearing for their personal data.

 

Binance Launchpad : when you want, but you cannot... join the tokensale

IEO (tokensale) took place three times on the Binance cryptocurrency exchange and every time customers were unhappy.  Even those who seriously decided to invest in crypto or buy brand new coins could not get through tokensale. The CEO of the exchange, Changpen Zhao, argued that the problem is the low capacity of the platform, which they are going to increase. But... They did not increase but announced a lottery!  Now you need to win the opportunity to get on tokensale.

The results of such a "blooper": the tokensales were three times that broke records for the duration (just 20 seconds), and half of the clients could not buy tokens.

Interesting in the section: Binance Coin, as additional tool

 

QuadrigaCX – the secret of "cold" keys for $ 135 million

The QuadrigaCX Canadian exchange, after the death of CEO G. Cotten, was left without keys to the cold storage. Thus, more than 1,500 user wallets were blocked, and the amount of hidden cryptocurrency approached $ 135 million.

By the way, some analytic companies calculated how many crypto were on the platform and claim that in fact there were no "six blocked wallets" at all. It is aggravated by the fact that several months before Cotten's death, the exchange started having problems with creditors. At the same time, interesting details emerged about the criminal past of the co-founder of the exchange, Michael Patrin. Now, the situation is investigated by law enforcement agencies.

By the way, the Kraken cryptocurrency exchange offers $ 100,000 for help in finding money from the QuadrigaCX. Therefore, if you want to participate in the "investigation", it makes sense to read with the situation on the QuadrigaCX.

Editor: Godfrid Brower

See also: "Cryptopia will not fully compensate for stolen crypto: compensation conditions"

#exchange #cryptocurrency #cryptoexchange #failures #QuadrigaCX #BinanceLaunchpad #Coinbase #Neutrino

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