First Exchange to Bite the Dust in 2023, Juno

Woodie

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

The year 2023 has started with another shocking news for the crypto community ..

Lets see how this year goes , Whats your Opinion, and What do you think would be the another exchange which is under radar of going out of crypto market

The bear market comes with its own pressure as most companies are put under financial distress thanks to low profit margins realised which means to survive expect anything from employee layoffs to total shutdowns.

Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

Crypto firm Juno urges users to withdraw after ‘uncertainty’ with custody partner

Source - https://cointelegraph.com/news/crypto-firm-juno-urges-users-to-withdraw-after-uncertainty-with-custody-partner

There goes the panic selling of crypto assets, and its commendable what the exchange has done just hope their accounts are sufficient enough to payout the funds to their clients.

yhiaali3

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

Lets see how this year goes , Whats your Opinion, and What do you think would be the another exchange which is under radar of going out of crypto market

My guess is that Huobi exchange is the next candidate, Huobi is having big problems as about 300 employees have been laid off from the company which equates to more than 30%, also there are reports about the exchange's stock where 40% of the exchange's assets are (HT) the exchange's Huobi token. This is a very dangerous indicator.
Huobi also canceled all employee bonuses and reduced the salaries of other employees, forcing them to take their salaries in fixed coins instead of fiat.

I don't know but there is a lot of bad news and mysterious things going on in Huobi, so I don't rule out that it could be the next exchange unless they find a solution to all these problems.

malcovi2

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It is not Juno that is having problems, it's the Wyre platform that is causing problems to other platforms as well, they announced that they will be closing their services.

https://coingeek.com/digital-currency-payments-firm-wyre-to-shut-down-its-operations-amid-crypto-winter/

Juno will still continue to operate because they have chosen another provider to replace Wyre.

SFR10

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Quote from: Bitcoin_Arena on January 06, 2023, 06:15:03 AM

For example, since the FTX saga, they haven't listed that many exchanges that have either shutdown or gone bankrupt such as Blockfi

I don't think BlockFi was ever part of their exchange list ^{[I randomly checked the "archives" as well]} and that probably explains why it's missing in their "Exchange Graveyard" list.
^{- The only list that currently has their name is "Inactive Crypto Projects (Wallets section)".}

Small update:

Their new crypto partner is "Zero Hash", but it'll take a few weeks to restore operations!

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Quote from: bittraffic on January 06, 2023, 02:03:47 PM

Juno isn't a well-known exchange though and they were just warning thier users to withdraw which is kind of good at least while they are having troubles with partners like Wyre. CEX today is decent enough to not just shut down abruptly and leave a hacking explanation. They said they will resume after they solve the issue besides the money involved is just $1.25 million according to the contelegraph.

It said in a twitter thread Juno does not hold assets and only relies on partnerships (Wyre) when there is no certainty then the Juno Platform is taking steps to notify users to withdraw immediately until this issue is resolved, and they will look for new crypto partners to resume operations so clearly Juno took this step because he did not want to see his customers suffer.

This case may be different with FTX or any other hack they are worried about partner uncertainty whereas this platform is very reliable, it is said in thread 1/ 90% of crypto users mostly use Juno as on and off-ramp.

Sources I've read: https://twitter.com/JunoFinanceHQ/status/1610639358931120133

royalfestus

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Quote from: Coin_trader on January 05, 2023, 04:35:48 AM

Be specific on what kind of exchange you are looking because there are tons of shit and mediocre exchanges out there that go under without being notice on daily basis since most of the scammer shift on exchange business to trap customer that looking for new exchange.

Cex.io is one on my radar that I assume will go bankrupt once scam scheme execute. They have native token that is not trade-able even though it has a huge market cap. This is a mediocre exchange with fake high volume.

But if you are looking for a high tier exchange then Binance or Huobi is next in line. Binance is being target by US government, I’m they will not gonna let CZ run freely. Huobi listed scam PI token in IOU, this is the most shittiest listing since they are scamming user on listing scam token in IOU form.

My opinion of the listing of PI is that Huobi did not make a mistake. Since all exchanges manupulate the market and identify scams early, Pi, a token with no solid use case, won't surprise me if news gets out that the exchange holds more than 70% of the tokens with the help of a few whales and will good money from the coin. There is only one advantage to the exchange, which is its limitation in the part of the world that uses it.
In my opinion, Binance will not have it easy with the United States government, and I hope he succeeds.

bittraffic

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Juno isn't a well-known exchange though and they were just warning thier users to withdraw which is kind of good at least while they are having troubles with partners like Wyre. CEX today is decent enough to not just shut down abruptly and leave a hacking explanation. They said they will resume after they solve the issue besides the money involved is just $1.25 million according to the contelegraph.

albon

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Quote from: julerz12 on January 05, 2023, 11:15:36 AM

Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

What do you think would be the another exchange which is under radar of going out of crypto market [/b]

I honestly wouldn't wish that to happen in any exchange as we know, the only ones who'll truly suffer from such an unfortunate event will be the users.
Although, there seems to be an awfully constant trend of centralized exchanges going bonkers so I wouldn't be surprised if one of those gets "hacked" again.

Hacking, bankruptcy, etc. can happen to any central exchange platform, regardless of its strength, so users have to be wiser because they are the first losers if some disaster happens. The FTX platform has now ended its story and its currency died and in turn, affected the crypto market and millions of users lost their funds so yes this is a harsh lesson and it can be repeated in Juno and other centralized exchanges, for me, I relieve my mind of anxiety by paying some fees to buy a hardware wallet and hold my cryptocurrencies in complete safety in an offline mode without holding them on an exchange platform which is liable at any moment to fall and collapse, this is the simple solution Cool

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Quote from: BenCodie on January 05, 2023, 07:46:18 AM

Someone should keep a record/obituary of all of the exchanges that defunct throughout this year. At least Juno has urged withdrawals and it has not completely ceased for an instant loss for the user, like FTX

Cryptowisser's Exchange graveyard used to do a great job keeping track of shutdown exchanges a couple of years back, but lately they don't seem to update their list quite often. For example, since the FTX saga, they haven't listed that many exchanges that have either shutdown or gone bankrupt such as Blockfi

It would be good to see the effect of Luna crash and FTX scandal on other crypto exchanges

PX-Z

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Quote from: ?? on ??

Quote from: https://cointelegraph.com/news/crypto-firm-juno-urges-users-to-withdraw-after-uncertainty-with-custody-partner

“Due to uncertainty with our crypto partner, we have taken preemptive action in the interest of our customers,” it wrote, adding it’s also actively reaching out to customers to ask them to self-custody.

This is very unfortunate, closing their business because of too much relying on its partner due to its uncertainty of whatever reasons it is. We're just talking a single partner here that cost too much ^(closing) for the business.
Well, good thing they care to their users and announce before its doom.

mk4

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Juno is owned by Digital Currency Group (DGC), the company run by Barry Silbert — in which is also seems to be in huge trouble. Safe to assume that Juno is also affected by the FTX/Genesis/GrayScale fiasco.

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

The year 2023 has started with another shocking news for the crypto community ..

An exchange for which I've never even heard off so it doesn't come as shocking news.
Kudos to them for informing their users of what's happening behind the curtain though, not many crypto-exchanges would do such a thing. Most would just vanish into thin air.

Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

What do you think would be the another exchange which is under radar of going out of crypto market [/b]

I honestly wouldn't wish that to happen in any exchange as we know, the only ones who'll truly suffer from such an unfortunate event will be the users.
Although, there seems to be an awfully constant trend of centralized exchanges going bonkers so I wouldn't be surprised if one of those gets "hacked" again.

BenCodie

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Someone should keep a record/obituary of all of the exchanges that defunct throughout this year. At least Juno has urged withdrawals and it has not completely ceased for an instant loss for the user, like FTX

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

Lets see how this year goes , Whats your Opinion, and What do you think would be the another exchange which is under radar of going out of crypto market

I don't know, I have no crystal ball but to make it fair to the others we can think of all of them can bite the dust for this year. It's going to be like a sequence just as what happened last year. We don't know what exchange is going to be next or any crypto firm that's into business that will follow these bail out that came from 2022 and up to early this January 2023.

Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

Crypto firm Juno urges users to withdraw after ‘uncertainty’ with custody partner

These exchanges should stand on their own and not too dependent on their custody partners. But well, this is the type of business that they think will make them flee from pulling out of their funds on their own pockets.

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

Lets see how this year goes,

Nothing new, more crypto exchanges will continue getting hacked, voluntarily shutting down or exit scamming as it always has been for many years now.

Quote

Whats your Opinion, and What do you think would be the another exchange which is under radar of going out of crypto market

My opinion is always the same. Where you think it's the most trusted crypto exchange or not, keep off your funds of an exchange if you are not trading in the exchange for some time.

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Be specific on what kind of exchange you are looking because there are tons of shit and mediocre exchanges out there that go under without being notice on daily basis since most of the scammer shift on exchange business to trap customer that looking for new exchange.

Cex.io is one on my radar that I assume will go bankrupt once scam scheme execute. They have native token that is not trade-able even though it has a huge market cap. This is a mediocre exchange with fake high volume.

But if you are looking for a high tier exchange then Binance or Huobi is next in line. Binance is being target by US government, I’m they will not gonna let CZ run freely. Huobi listed scam PI token in IOU, this is the most shittiest listing since they are scamming user on listing scam token in IOU form.

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Quote from: talkoncrypto Official on January 05, 2023, 04:11:34 AM

The year 2023 has started with another shocking news for the crypto community ..

What is shocking and surprising you? In crypto, anything like hack is no more a surprise. Hackers are moving from hacking exchanges to DeFi but exchanges are still also hacked.

For crypto custodial, not your key not your coin is no more a lesson.

talkoncrypto Official

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The year 2023 has started with another shocking news for the crypto community ..

Lets see how this year goes , Whats your Opinion, and What do you think would be the another exchange which is under radar of going out of crypto market

Crypto firm Juno urges users to withdraw after ‘uncertainty’ with custody partner

Source - https://cointelegraph.com/news/crypto-firm-juno-urges-users-to-withdraw-after-uncertainty-with-custody-partner

Topic: First Exchange to Bite the Dust in 2023, Juno (Read 218 times)