75 Crypto Exchanges have shut down since this year started and hasn't even ended

stomachgrowls

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Quote from: logfiles on January 02, 2021, 09:41:25 AM

Quote from: Jo.surf on December 27, 2020, 08:02:57 PM

Thanks for your hints, yes i know i should but they were mostly shitcoins or coins with no many markets but them. My bigger mistake has been to join the crazy run for altcoins (shitcoins better) at the begin of 2018. Worst time to invest in cryptos ever. I'm just trying to recover as much as i can. Good luck for you too.

We all make mistakes at one point and hopefully we learn from those mistakes. Most of the altcoins are scam because they are created to scheme for investors' or traders' more valuable fiat, Bitcoins, ETH etc in exchange for their valueless tokens minted out of a thin air.

Avoid such coins. Stick with the top marketcap coins. Even buying and trading bitcoin can be profitable if you are patient and know when to buy. For example since March 2020 when the Bitcoin price hit ~$4,000, the price is now up by over 700%

Nothing beats out on getting knowledge due to experience and we do all came into that situation where we do believe into something which isnt really that truly happening into this market.

List would be long when it comes of crypto exchanges being shut down due to those very common reasons. Exit scams, regulation and other issues.

We should always put up into our minds that its better to stick into known platforms rather than risking on dealing or engaging on something which is new and hadnt been trusted yet
because you wouldnt know if one day that the platform you've been using would just simply vanished away.

Expect for the list to continue as we approach those future years.

logfiles

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Quote from: Jo.surf on December 27, 2020, 08:02:57 PM

Thanks for your hints, yes i know i should but they were mostly shitcoins or coins with no many markets but them. My bigger mistake has been to join the crazy run for altcoins (shitcoins better) at the begin of 2018. Worst time to invest in cryptos ever. I'm just trying to recover as much as i can. Good luck for you too.

We all make mistakes at one point and hopefully we learn from those mistakes. Most of the altcoins are scam because they are created to scheme for investors' or traders' more valuable fiat, Bitcoins, ETH etc in exchange for their valueless tokens minted out of a thin air.

Avoid such coins. Stick with the top marketcap coins. Even buying and trading bitcoin can be profitable if you are patient and know when to buy. For example since March 2020 when the Bitcoin price hit ~$4,000, the price is now up by over 700%

Jo.surf

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Thanks for your hints, yes i know i should but they were mostly shitcoins or coins with no many markets but them. My bigger mistake has been to join the crazy run for altcoins (shitcoins better) at the begin of 2018. Worst time to invest in cryptos ever. I'm just trying to recover as much as i can. Good luck for you too.

logfiles

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Quote from: Jo.surf on December 27, 2020, 07:47:14 PM

I've been trying to login since March this year and never allowed.
Yes, i've been busy earlier last year. So, is there any way to login and withdrawal my coins or they are gone like with Tradesatoshi and Cryptopia ?

It's very likely they are gone. The only way you can claim/withdraw then is through accessing their website which isn't working right now. I am really sorry that you have been a victim of so many shutdown exchanges, but I would suggest you stop keeping your coins in exchanges. Keep them in a software wallet or hardware wallet and back up your private keys or seed phrases. Only send them to an exchange if you plan to sell them

Jo.surf

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Quote from: logfiles on December 27, 2020, 07:34:25 PM

Quote from: Jo.surf on December 27, 2020, 07:12:20 PM

Is there any official topic regardind the Cobinhood exit-scam (or it looks like to me since i haven't been able to login/withdrawal all the year) ?

I don't know where you have been but cobinhood shut down a long time ago. There was news allover earlier this year and late last year, Not sure how you missed it
- https://finance.yahoo.com/news/cobinhood-announces-shutdown-claims-audit-151656225.html
- https://medium.com/@Cobinhood/shutdown-notice-cobinhood-exchange-6a4125e93a03
- https://www.coindesk.com/cobinhood-announces-shutdown-claiming-it-will-audit-user-account
- https://cobinhood.com/#/announcement

Thank you for the answer.
I've been trying to login since March this year and never allowed.
Yes, i've been busy earlier last year. So, is there any way to login and withdrawal my coins or they are gone like with Tradesatoshi and Cryptopia ?

logfiles

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Quote from: Jo.surf on December 27, 2020, 07:12:20 PM

Is there any official topic regardind the Cobinhood exit-scam (or it looks like to me since i haven't been able to login/withdrawal all the year) ?

I don't know where you have been but cobinhood shut down a long time ago. There was news allover earlier this year and late last year, Not sure how you missed it
- https://finance.yahoo.com/news/cobinhood-announces-shutdown-claims-audit-151656225.html
- https://medium.com/@Cobinhood/shutdown-notice-cobinhood-exchange-6a4125e93a03
- https://www.coindesk.com/cobinhood-announces-shutdown-claiming-it-will-audit-user-account
- https://cobinhood.com/#/announcement

Jo.surf

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Is there any official topic regardind the Cobinhood exit-scam (or it looks like to me since i haven't been able to login/withdrawal all the year) ?

figmentofmyass

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Quote from: Darker45 on October 28, 2020, 12:05:56 AM

I'm a little bothered by this actually. If the only crypto exchanges running are the ones which are owned by Changpeng Zhao and Jay Hao, just by the sound of these names, I would already be a bit troubled that the Chinese hegemony has already infiltrated cryptocurrency.

meh, i've been hearing this sorta "china phobia" since 2013 when most of the hash rate migrated there. people used to bitch and moan that the chinese exchanges ran the whole market too. this was years ago.

i don't see any harm done. i think the financial incentives built into bitcoin, cryptocurrencies, and the exchange business generally keep us well protected from any sort of nefarious conspiracies. if anything, the ecosystem is becoming more resilient all the time, year after year.

Quote from: Darker45 on October 28, 2020, 12:05:56 AM

I'd rather see the crypto field without monopolies. I'd rather see thousands of relatively smaller crypto exchanges evenly scattered all over the world on more or less equal footing rather than the small ones dying one after another and only a handful giants remain.

i love small businesses, but one issue we need to consider is liquidity---traders need thick order books to obtain adequately sized positions and to avoid slippage. that's why most of the global exchange volume will always gravitate towards a handful of the largest exchanges. every once in a while those top exchanges get shuffled around but the dynamic never really changes.

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Quote from: ultrloa on October 27, 2020, 05:52:02 AM

Maybe we didn't notice those small exchange close down and I also believe that there are more shutting down due to some reasons.

But I don't really care about that thing as long as the binance and okex are still running then everything is fine, and also as we can see it didn't have any effect on Bitcoin so it's a good thing to see this since we can determine which exchange are strong and which are not and luckily we avoid those upcoming exchange scams.

I'm a little bothered by this actually. If the only crypto exchanges running are the ones which are owned by Changpeng Zhao and Jay Hao, just by the sound of these names, I would already be a bit troubled that the Chinese hegemony has already infiltrated cryptocurrency.

I'd rather see the crypto field without monopolies. I'd rather see thousands of relatively smaller crypto exchanges evenly scattered all over the world on more or less equal footing rather than the small ones dying one after another and only a handful giants remain.

I guess it is also much safer this way.

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Quote from: Chrystora123 on October 27, 2020, 03:17:17 AM

I think 75 is not the right amount, I feel it is more than 100 exchanges. The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

It's the list of exchanges that shut down since the beginning of 2020, That's no small number mate. If you are looking for the overall number of exchanges that have shut down through the years then the number is well way above 75. As we speak 2 more exchanges have been reported to have shutdown from the time I created the OP
This link might be of interest to you https://www.cryptowisser.com/exchange-graveyard

ultrloa

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Quote from: Chrystora123 on October 27, 2020, 03:17:17 AM

I think 75 is not the right amount, I feel it is more than 100 exchanges. The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

Quote from: Bitcoin_Arena on October 09, 2020, 05:03:15 PM

@The Pharmacist, Here is the list of 34 exchanges that disappeared with no explanation. South Korea and Hong Kong seem to be leading the pack.

01. Unichange - Saint Vincent and the Grenadines
02. Crypto Dao - UK
03. BTCbear - Estonia
04. 3XBIT - Brazil
05. CredoEx - USA
06. Purcow - Hong Kong
07. CoolCoin - Australia
08. ZG.top - Mongolia
09. Coinrate - UK
10. ICOCryptex - Netherlands
11. LEOxChange - UAE
12. IDAX - Mongolia
13. TOPBTC - Australia
14. ChaoEX - Hong Kong
15. CoinMex - Belize
16. 55 Global Markets - USA
17. CoinZest - South Korea
18. CryptoDerivatives - Unknown
19. Coinfinit - South Korea
20. Nexybit - South Korea
21. South Korea - Unknown
22. BitBegin - Nigeria
23. TiDeal - Hong Kong
24. LBank - Hong Kong
25. Coinrail - South Korea
26. BitHash - Seychelles
27. QBTC - Cayman Islands
28. Efin.cx - Hong Kong
29. Bitrush - Netherlands
30. FUBT - Hong Kong
31. TokenJar - Unknown
32. CashFinex - Estonia
33. Krypto Connection - UK
34. Coinchangex - Morocco

Honestly, I never used any of the exchanges on this list "LOL"..

Maybe we didn't notice those small exchange close down and I also believe that there are more shutting down due to some reasons.

But I don't really care about that thing as long as the binance and okex are still running then everything is fine, and also as we can see it didn't have any effect on Bitcoin so it's a good thing to see this since we can determine which exchange are strong and which are not and luckily we avoid those upcoming exchange scams.

Chrystora123

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I think 75 is not the right amount, I feel it is more than 100 exchanges. The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

Quote from: Bitcoin_Arena on October 09, 2020, 05:03:15 PM

@The Pharmacist, Here is the list of 34 exchanges that disappeared with no explanation. South Korea and Hong Kong seem to be leading the pack.

01. Unichange - Saint Vincent and the Grenadines
02. Crypto Dao - UK
03. BTCbear - Estonia
04. 3XBIT - Brazil
05. CredoEx - USA
06. Purcow - Hong Kong
07. CoolCoin - Australia
08. ZG.top - Mongolia
09. Coinrate - UK
10. ICOCryptex - Netherlands
11. LEOxChange - UAE
12. IDAX - Mongolia
13. TOPBTC - Australia
14. ChaoEX - Hong Kong
15. CoinMex - Belize
16. 55 Global Markets - USA
17. CoinZest - South Korea
18. CryptoDerivatives - Unknown
19. Coinfinit - South Korea
20. Nexybit - South Korea
21. South Korea - Unknown
22. BitBegin - Nigeria
23. TiDeal - Hong Kong
24. LBank - Hong Kong
25. Coinrail - South Korea
26. BitHash - Seychelles
27. QBTC - Cayman Islands
28. Efin.cx - Hong Kong
29. Bitrush - Netherlands
30. FUBT - Hong Kong
31. TokenJar - Unknown
32. CashFinex - Estonia
33. Krypto Connection - UK
34. Coinchangex - Morocco

Honestly, I never used any of the exchanges on this list "LOL"..

Lanatsa

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Quote from: Saisher on October 25, 2020, 10:56:18 AM

Quote from: Darker45 on October 25, 2020, 08:52:11 AM

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

There used to be a time when so many ICO are based on exchanges, because of the huge success of Binance but unfortunately these ICO based exchanges cannot keep up with their platform and they choose to scam their investors, by one these exchanges run away with investors money from, so people should stop investing in ICO based exchange, I participated three on them, I will not mentioned because I'm hoping to get my token when they unlock it.

I haven't tend to make out some investment when it comes to exchange platforms that do run out some ICO's and that one saved my ass.

Take a look into those established and known exchangers at the moment which you can tell that their financially capabled on this business without needing any support or funding
when they started up which you can presume out that they aren't similar into those who do ran an ICO.

Market is fierce and getting support or being recognize is the hardest part of all.

sheenshane

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Quote from: Darker45 on October 25, 2020, 08:52:11 AM

Way back during the time when the ICO trend was at its peak, investors were pouring in billions of money to so many kinds of crypto projects. Crypto projects back then were so diverse that they seem to cover almost all aspects of our daily lives. Of course, we all know most of them died. Even those which were able to gather tens of millions.

Because it might a part of the competition, crypto exchange is a business that if the owner or the team will poorly manage it will result in a failed business.
In order for them to survive, there should be a good service or good quality as a product that the traders were surely looking for and stay on exchange. But then if not, they will surely bankrupt and won't survive, this case is different from the fraudulent exchange and scamming cases which are also forcibly closed by the government.

But now, the Defi trend that makes a decentralized exchange have good services offered to avoid problems like CEX that commonly close. Let see where it goes or those Defi exchange will survive in the long run.

Saisher

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Quote from: Darker45 on October 25, 2020, 08:52:11 AM

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

There used to be a time when so many ICO are based on exchanges, because of the huge success of Binance but unfortunately these ICO based exchanges cannot keep up with their platform and they choose to scam their investors, by one these exchanges run away with investors money from, so people should stop investing in ICO based exchange, I participated three on them, I will not mentioned because I'm hoping to get my token when they unlock it.

Darker45

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Quote from: pilosopotasyo on October 25, 2020, 06:55:52 AM

Those on the list are those already operating but there there could be more there are exchanges that launch an ICO to fund their platform and they got millions but now they run away with investor's money, some of these are Xera, Adab and many more to mention, investors should never invest on projects that are related to exchanges they will just scam you.

Way back during the time when the ICO trend was at its peak, investors were pouring in billions of money to so many kinds of crypto projects. Crypto projects back then were so diverse that they seem to cover almost all aspects of our daily lives. Of course, we all know most of them died. Even those which were able to gather tens of millions.

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

pilosopotasyo

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Those on the list are those already operating but there there could be more there are exchanges that launch an ICO to fund their platform and they got millions but now they run away with investor's money, some of these are Xera, Adab and many more to mention, investors should never invest on projects that are related to exchanges they will just scam you.

noorman0

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I think only time has shown a viable exchange against the user with its various impressions leaving the best. I don't know which exchanges closed, but but I'm sure most of them started out during the first hype of new projects in 2017. And in essence even though in the end there will be 10 crypto exchanges left in the world, trading will still go on and volume will still go with the flow.

pooya87

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Quote from: Darker45 on October 09, 2020, 01:32:09 AM

My hunch is that many of these exchanges were part of the sudden influx of exchanges in 2016-2018, the time when thousands and thousands of tokens flocked the crypto market. Now, with so many altcoins dead and trading volumes of those which remained are terribly falling down, profits are also decreasing, definitely touching rock bottom to a lot.

Or perhaps the crypto market is too small to accommodate all of them, considering that the largest pieces of the pie are only divided among few exchange monopolies.

In other words, it must have something to do with profit, at least to many of them, which is not mentioned in the article. Operating and maintaining a crypto exchange might not be a profitable undertaking anymore that's why they are forced to voluntarily shut down. This must also explain the very high count of abandoned exchanges, those MIA. They wouldn't have been abandoned in the first place had they been providing juicy income to the owners.

this would be my conclusion also.
there are some people who think just because something is profitable they can also make profit if they enter that scene, but since they have no understanding of the business aspects of it, have no experience in running a successful business, are too lazy to work on it and improve it,... they simply fail. we even saw some discussion on bitcointalk with someone who was trying to build an exchange and had no understanding of the business aspects!

we see the same thing in different fields too. for example a couple of years ago there was "dice site fever" and within a couple of months we saw dozens of new dice sites be created and 99% of them failed and died.

there is also another problem in the exchange business which is people stick to the big exchanges even if they are the shittiest and shadiest services. for now the Binance exchange has taken over the altcoin market and practically controls it so there is no room for an alternative which is another reason why any new poorly designed exchange fails.

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Quote from: welovedcrypto on October 16, 2020, 01:23:11 PM

HotBit turned into scam? It was surprising news for me. I thought they are one of the trusted exchange site. Why this sites "Just Disappeared"? They might be scam or they turned into scam while closing their site.
Soon sites like P2PB2B will be in this list under scam or just disappear lol

I got surprised too seeing that they stated that hotbit is a scam. they've made some accusations about hotbit's govt registrations. I have been using hotbit for over 2 years (not regularly but just to sell coins when needed) and I've never had any problem. they say some people complained about their widhdraw problems.
this is true and I completely agree that we should never 100% trust any exchange and don't use it as a wallet to store our coins/tokens for long term. exchanges are good only for buying selling and then cashing out.

Topic: 75 Crypto Exchanges have shut down since this year started and hasn't even ended (Read 708 times)