Coinexchange.io exit scam or fund issue ?

Strongkored

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Quote from: milewilda on October 21, 2019, 11:52:13 AM

Quote from: Strongkored on October 20, 2019, 03:38:54 AM

-snip-

You are right but you cant really remove on anybodies mind for that kind of impressions in times where exchangers tends to close yet majority of them would really involved some
hacks and backdoors which would cause up for them to close and making those things as primary reasons for them not to able to give out any amount of their users funds.
This one had done ethically which should a business must be done.Returning all their users funds before they do close its doors.

True and cannot close our eyes to this fact, they announce getting hacked promised to return user funds but all went bad, even worse an exchange that upgrades their website after that their service became worse and eventually brought users fund, this happen 2-3 years ago.

milewilda

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Quote from: Strongkored on October 20, 2019, 03:38:54 AM

When they announce that they will close their service then it is an act that they won't to be a scammer by bringing all the traders fund, the announcement also prove to make the crypto world not always labeled with fraudulent activity, which is always an issues in crypto space.

You are right but you cant really remove on anybodies mind for that kind of impressions in times where exchangers tends to close yet majority of them would really involved some
hacks and backdoors which would cause up for them to close and making those things as primary reasons for them not to able to give out any amount of their users funds.
This one had done ethically which should a business must be done.Returning all their users funds before they do close its doors.

Strongkored

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When they announce that they will close their service then it is an act that they won't to be a scammer by bringing all the traders fund, the announcement also prove to make the crypto world not always labeled with fraudulent activity, which is always an issues in crypto space.

dannybrown

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Its not a scam in my opinion because they did not steal anything from anyone. They could steal but they are now warning people to remove their assets from the exchange so nothing will be lost. We have seen exit scams too, but this exchange did not do this way, they are actually trying to help the exchanges users by letting them know about the situation.

AliMan

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Quote from: Taskford on October 18, 2019, 06:04:24 AM

Quote from: Kupid002 on October 17, 2019, 06:59:10 AM

Quote from: shoreno on October 17, 2019, 02:42:37 AM

Quote from: Kupid002 on October 16, 2019, 01:21:29 PM

Quote from: royalfestus on October 16, 2019, 09:44:09 AM

There are rumors that all japan exchanges are planning to close down few months,

There are just a humors crypto is also a big market

right . rumors are not identified as true or it will occur on specific dates . lets just hope that itll not happen because if that happens , that event can be the cause of another dip . its unfair if that happens becuase crypto did not even recover yet . to the topic , i see that they already have an announcement therfor its not what we call a scam exit . they do only have a problem maybe related to money but who knows , maybe they can get back in action soon ?

They are giving oppurtunity to users to widraw there funds before dec 1 so its too far to call it scam.
I think they also plan to get back once the market recover from its lost and they cant sustain it for now thats why they decided to stop their business and make an announcement about closing plan.

That's what I am seeing also and I cannot call them scam for now since they are letting there investors to get there balances but if they close down there site without notice and far from there deadline then that would be a scam so people should get there balances as soon as they can so that they can secure there money and will not get compromise if something bad will happen.

Good thing that they're letting their investors pull out their asset, so only speculations went out bad and no conformity from coinexchange. There should be proper information before putting any conclusions abruptly, because this could create worries and panic as well. The timeline for the withdrawal of each and every investors crypto asset is far way too long, and I guess they should do it immediately to expedite the transfer of funds and nothing will go wrong along the way.

Taskford

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Quote from: Kupid002 on October 17, 2019, 06:59:10 AM

Quote from: shoreno on October 17, 2019, 02:42:37 AM

Quote from: Kupid002 on October 16, 2019, 01:21:29 PM

Quote from: royalfestus on October 16, 2019, 09:44:09 AM

There are rumors that all japan exchanges are planning to close down few months,

There are just a humors crypto is also a big market

right . rumors are not identified as true or it will occur on specific dates . lets just hope that itll not happen because if that happens , that event can be the cause of another dip . its unfair if that happens becuase crypto did not even recover yet . to the topic , i see that they already have an announcement therfor its not what we call a scam exit . they do only have a problem maybe related to money but who knows , maybe they can get back in action soon ?

They are giving oppurtunity to users to widraw there funds before dec 1 so its too far to call it scam.
I think they also plan to get back once the market recover from its lost and they cant sustain it for now thats why they decided to stop their business and make an announcement about closing plan.

That's what I am seeing also and I cannot call them scam for now since they are letting there investors to get there balances but if they close down there site without notice and far from there deadline then that would be a scam so people should get there balances as soon as they can so that they can secure there money and will not get compromise if something bad will happen.

Kupid002

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Quote from: shoreno on October 17, 2019, 02:42:37 AM

Quote from: Kupid002 on October 16, 2019, 01:21:29 PM

Quote from: royalfestus on October 16, 2019, 09:44:09 AM

There are rumors that all japan exchanges are planning to close down few months,

There are just a humors crypto is also a big market

right . rumors are not identified as true or it will occur on specific dates . lets just hope that itll not happen because if that happens , that event can be the cause of another dip . its unfair if that happens becuase crypto did not even recover yet . to the topic , i see that they already have an announcement therfor its not what we call a scam exit . they do only have a problem maybe related to money but who knows , maybe they can get back in action soon ?

They are giving oppurtunity to users to widraw there funds before dec 1 so its too far to call it scam.
I think they also plan to get back once the market recover from its lost and they cant sustain it for now thats why they decided to stop their business and make an announcement about closing plan.

inthelongrun

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Some here are speculating if CoinExchange is really ending their services or it might be only rumors. This is what CoinExchange looks like in their home page.

So it is true that they are really going to close their services. There is no truth that withdrawals deadline was last October 15. October 15 was the last day people can trade and deposit. Here is their official statement.

December 1 is the last day for its customers to withdraw all its funds. Much better that you withdraw all your funds ASAP.

shoreno

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Quote from: Kupid002 on October 16, 2019, 01:21:29 PM

Quote from: royalfestus on October 16, 2019, 09:44:09 AM

There are rumors that all japan exchanges are planning to close down few months,

There are just a humors crypto is also a big market

right . rumors are not identified as true or it will occur on specific dates . lets just hope that itll not happen because if that happens , that event can be the cause of another dip . its unfair if that happens becuase crypto did not even recover yet . to the topic , i see that they already have an announcement therfor its not what we call a scam exit . they do only have a problem maybe related to money but who knows , maybe they can get back in action soon ?

royalfestus

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Quote from: Mahanton on October 16, 2019, 12:37:12 PM

We would really have that kind of sympathy to those sites or services which doesnt have any issues into its users regarding into its service rather or compared to those sites who do just completely shutdown without prior notice or announcement and the worst is that they do exit scam.

Similar to 50 cent declaring bankruptcy to avoid loosing money, If I know I can announce closure of my exchange in this bear market to prevent suspicion and loss fund, I will do that. It has turn to the order for exchanges to save their profits in recent market condition then it should call for suspicion. Exchange owners are part of the quick richest people in this space and I dont buy their gimmick on lack of fund.

Kupid002

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Quote from: royalfestus on October 16, 2019, 09:44:09 AM

we have had so many exchanges closing down and a large percentage of those still functioning could join soon. There are rumors that all japan exchanges are planning to close down few months, if not the support that just came. I dont support any exit move from any cryto project, they cant be trusted at all. I like to know if they will come back if market get healthy?

There are just a humors crypto is also a big market in japan and more people there are able to use even bitcoin in many merchant there daily . If its too this will have a big effect to bitcoin price and the expected bull market will not gonna happen.

Mahanton

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Quote from: DGulari on October 16, 2019, 10:45:08 AM

Quote from: royalfestus on October 16, 2019, 09:44:09 AM

we have had so many exchanges closing down and a large percentage of those still functioning could join soon. There are rumors that all japan exchanges are planning to close down few months, if not the support that just came. I dont support any exit move from any cryto project, they cant be trusted at all. I like to know if they will come back if market get healthy?

No one exchange will be back just because market get more healtier than now. Once they decided to closing down, it's the end of that exchange. With their announcement like that, it's clearly if their closing isn't exit scam just like other exchange which closed without any announcement.
IIRC i was used coinexchange once, there was no any problem though. Sad to hear that news

We would really have that kind of sympathy to those sites or services which doesnt have any issues into its users regarding into its service rather or compared to those sites who do just completely shutdown without prior notice or announcement and the worst is that they do exit scam.

No exchange will comeback because the trend or the market tends to be good once again.Possibly the might reconsider it out but for sure it would be on different name or would simply
use it up their old ones.

DGulari

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Quote from: royalfestus on October 16, 2019, 09:44:09 AM

we have had so many exchanges closing down and a large percentage of those still functioning could join soon. There are rumors that all japan exchanges are planning to close down few months, if not the support that just came. I dont support any exit move from any cryto project, they cant be trusted at all. I like to know if they will come back if market get healthy?

No one exchange will be back just because market get more healtier than now. Once they decided to closing down, it's the end of that exchange. With their announcement like that, it's clearly if their closing isn't exit scam just like other exchange which closed without any announcement.
IIRC i was used coinexchange once, there was no any problem though. Sad to hear that news

royalfestus

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we have had so many exchanges closing down and a large percentage of those still functioning could join soon. There are rumors that all japan exchanges are planning to close down few months, if not the support that just came. I dont support any exit move from any cryto project, they cant be trusted at all. I like to know if they will come back if market get healthy?

bitgov

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Quote from: bitcoinmuseum on October 16, 2019, 05:00:27 AM

In these days, i have seen a lot of exit scam exchange but coinexchange is different that others. They announced their members to withdraw the funds several time with e-mail.

This is coinexchange's official announcement.

In announcement is clearly stated that only trading and deposits will be suspended on 15th October. Everyone can withdraw funds till 1st December - probably untill this date they have been paid for security system and website support.

I'm sorry they have to close down, but that's definitely not exit scam.

bitcoinmuseum

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  In these days, i have seen a lot of exit scam exchange but coinexchange is different than others. They announced honestly to their members to withdraw the funds several time with e-mail.

  This is coinexchange's official announcement.

Taskford

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Quote from: milewilda on October 13, 2019, 01:01:28 PM

Quote from: Falconer on October 03, 2019, 09:26:43 AM

Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

CoinExchange exchange has declared it will close during this time over money related troubles it has been confronting, if you have coins or tokens on this exchange now is your chance to withdraw them before its too late, users have till October 15 deadline, the exchange pass this message through mail and it says

Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.

I don't know if this is an exit scam like the rest or just a normal fund issue that makes them want to close down but if its an exit scam users won't be able to withdraw their funds right?

What is the reason you are accusing as a scam, the e-mail quote above already explains why they closed the exchange service and gave instructions to users to withdraw coins before the deadline.

Some people do really have some loading or slow comprehension or just simply doesnt know how to read up on whats the actual reason why Coinexchange plans to close its doors.
Its clearly stated that their operation isnt already feasible on their side which means they are not already profitable to run even longer.The good here is that they are refunding their users so that ever they close up their exchange there would be no issues on their side or no one would sue them up.Hopefully that all exchangers should be like this where closing its doors without forgetting to return their users funds.

Actually I think they are force to lower down there listing fee so that they can survive but sadly they still failed to lift up there financial status since they still didn't get more profits and volume to make there exchange go healthy again, But really it's a good thing for them to let there remaining traders to withdraw there funds since it brings good stand on crypto world since If they select to scam user for sure it will create another bad reputation on other exchangers in crypto space.

supto005

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You should change your title because coinexchange.io is not a scam project. If they tried to cheat they would not have told in advance that they will shut down their website. They have givens us two months to transfer our money from coinexchange.io. They are shutting down their websites because of the low volume.

CjMapope

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

CoinExchange exchange has declared it will close during this time over money related troubles it has been confronting, if you have coins or tokens on this exchange now is your chance to withdraw them before its too late, users have till October 15 deadline, the exchange pass this message through mail and it says

Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.

I don't know if this is an exit scam like the rest or just a normal fund issue that makes them want to close down but if its an exit scam users won't be able to withdraw their funds right?

if i had to guess they are insolvent, probably from a hacking they dont wanna admit
basically pulling a Cryptsy
Atleast, unlike Cryptsy, they are just folding, instead of trying to run on a fractional reserve
Another exchange down Sad

Zich

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I hope OP can change this thread subject as it could be misleading and make some of users feel uneasy.
It's very clear from the announcement on the website that they asking users to stop Depositing and start to withdraw their asset.
Running exchange is hard if no volume. No volume mean no income from trading fee, not to mention the listing fee might cheap too.

Topic: Coinexchange.io exit scam or fund issue ? (Read 482 times)