Poloniex Preparing for an Exit Scam! DO _NOT_ SEND COINS THERE!

nutildah

legendary

Activity: 3010

Merit: 8114

Here's how the Polo scam goes:

1. A coin listed on Polo skyrockets.
2. Polo disables coin withdrawals for that coin, under the guise of "wallet maintenance issues." (though deposits continue to work just fine Sad

)
3. Polo sells your coins on a different exchange.
4. The coin plummets back down to earth.
5. Voila! Suddenly Polo's wallet maintenance issues for the coin are conveniently resolved.
6. Polo buys back your coins at a cheap price and reimburses them to your account, pocketing the difference.

Polo is basically short-selling your coins whenever one of their wallets goes offline.

I've watched this happen too many times over the last 4 years to believe anything else.

Perhaps now that they are a part of Circlejerk they will behave more ethically, but I doubt it.

toolsmans

member

Activity: 252

Merit: 13

very strange. Maybe there were some problems with the verification and you fell under the ban?

LeonardoDiCrypto

full member

Activity: 340

Merit: 100

Quote from: BTCMILLIONAIRE on February 19, 2018, 06:51:57 PM

Quote from: nutildah on January 05, 2018, 08:25:48 AM

Quote from: shamzblueworld on January 05, 2018, 01:09:02 AM

First: Why don't you verify your account with 2FA? They already said that your limit is 2K$ without verifying.
Second: If you don't want to verify your account, just keep withdrawing smaller amounts each day, like equal to $1950 per day till all your funds are withdrawn.
I know there will be higher fees with the second option, but that is the fee you're paying to not verify your account.

I have recently withdrawn using the second option and I have received bitcoin funds quite quickly without any hassle.

You obviously didn't read any of my reply posts. I have a legacy account that is verified. I do have 2-FA turned on. But its unnecessary because they require that you provide a code sent via email to you in order to log in in the first place. I wasn't trying to withdraw over $2000 at one time -- they kept a ton of my NEM without sending it, and now they are keeping an equal value of my BTC.

Goody goody for you. I'm so happy for you that Polo hasn't scammed you yet. Meanwhile I'm living in a mosquito-ridden AirBnB in the middle of provincial Philippines because I can't get my money out of Polo. I can't sleep, I can't concentrate on work, I barely even get internet here. This sucks. They are wasting my life away for no discernible reason. So I have every right to call them out on their criminal behavior until they do the right thing and release my funds.

Like I said, I've been a customer with them for almost 4 years. And now this, out of the blue. With no explanation. But go ahead and keep using Polo, if you're a fool.

Maybe they froze your account because you tried to access it from the Philipines instead of the US (which appears to be where you are from)? Did you get a response yet?

Last year they had frozen my account since I had accessed it from a country that Uncle Sam didn't like. It took me over one month to get back access. Now Poloniex has been acquired by a company backed by Goldman Sachs, so no exit scam in preparation.

ulhaq

sr. member

Activity: 503

Merit: 286

This is huge news. How is it going to affect poloniex? They were shrouded in mystery, but Circle is a very public company, and registered. I imagine that they are really going to focus on their customer service.

acc85

sr. member

Activity: 312

Merit: 250

http://fortune.com/2018/02/26/circle-cryptocurrency-trade-bitcoin/

Well we know what happened to Poloniex

Winsdors

newbie

Activity: 31

Merit: 0

I had some issues with longing to Polo, but I have changed my IP addresses or internet connection in some cases and i was ok afterwards.
I think that they have many bugs and stuff, but not a fraud case on there.

BTCMILLIONAIRE

hero member

Activity: 1358

Merit: 834

Quote from: nutildah on January 05, 2018, 08:25:48 AM

Quote from: shamzblueworld on January 05, 2018, 01:09:02 AM

First: Why don't you verify your account with 2FA? They already said that your limit is 2K$ without verifying.
Second: If you don't want to verify your account, just keep withdrawing smaller amounts each day, like equal to $1950 per day till all your funds are withdrawn.
I know there will be higher fees with the second option, but that is the fee you're paying to not verify your account.

I have recently withdrawn using the second option and I have received bitcoin funds quite quickly without any hassle.

You obviously didn't read any of my reply posts. I have a legacy account that is verified. I do have 2-FA turned on. But its unnecessary because they require that you provide a code sent via email to you in order to log in in the first place. I wasn't trying to withdraw over $2000 at one time -- they kept a ton of my NEM without sending it, and now they are keeping an equal value of my BTC.

Goody goody for you. I'm so happy for you that Polo hasn't scammed you yet. Meanwhile I'm living in a mosquito-ridden AirBnB in the middle of provincial Philippines because I can't get my money out of Polo. I can't sleep, I can't concentrate on work, I barely even get internet here. This sucks. They are wasting my life away for no discernible reason. So I have every right to call them out on their criminal behavior until they do the right thing and release my funds.

Like I said, I've been a customer with them for almost 4 years. And now this, out of the blue. With no explanation. But go ahead and keep using Polo, if you're a fool.

Maybe they froze your account because you tried to access it from the Philipines instead of the US (which appears to be where you are from)? Did you get a response yet?

acc85

sr. member

Activity: 312

Merit: 250

Just logged into poloniex today. I noticed the DigitalNote Wallet has stopped being disabled, and I can withdraw from it. Suggest anyone who has XDN in poloniex to withdraw it ASAP before it gets disabled again

khannie

newbie

Activity: 1

Merit: 0

I just fell afoul of their recent bug to the tune of them closing out a profitable margin trade by taking away 0.9 BTC (actually 31 XMR from my balance) that I didn't owe them.

Has anyone had anything similar happen and get their coins back?

5 days and no update. It's a disgrace. I have reported them to FinCen. Was considering going to their offices but read on other threads that's fruitless as the offices don't exist.

ashmodeus

hero member

Activity: 1638

Merit: 518

well , i still dont believe it.
we know poloniex its a major exchange.
but , major exchange does not guarantee everything is going well
and that is the thing I fear , there will be a continuation of cryptsy.
i stop using polo since march 2017 , after token popular than coin.

sensimilia

sr. member

Activity: 702

Merit: 251

Has there been any improvement with their customer service? Or is it still the same old weak support taking weeks or months to reply?

Omegagen

newbie

Activity: 102

Merit: 0

No problems for me, but I did move all my coins because of this thread. I had zero problems then too. Thanks for the heads up and good luck to all of you that are having difficulties.

acc85

sr. member

Activity: 312

Merit: 250

https://cointelegraph.com/news/poloniex-displaying-incorrect-customer-balances-experiences-customer-service-woes

Also noticed a few more wallets disabled on their exchange

nutildah

legendary

Activity: 3010

Merit: 8114

Quote from: ?? on ??

Quote from: 左 on January 03, 2018, 11:54:42 PM

Can't wait till we can switch to good decentralized exchanges, and at least avoid mess like this.

There won't be anyone to solve your problem there at all, right? What will happen if your funds are stuck? Whom will you contact?

This will only happen if there's some flaw in the code of the DEX. Yeah obviously its a work in progress but thusfar I've never heard a story of funds being stuck on a DEX and there's literally dozens of them out there now. Just ask people who buy and sell tokens with NXT or NEM... Never happened. ETH DEXs I can't vouch for.

Humans are inherently greedy and weak. Machines aren't.

acc85

sr. member

Activity: 312

Merit: 250

Quote from: GimoIng on January 14, 2018, 06:59:45 AM

No problems for me on Poloniex!
I did my last withdraw some hours ago, last deposit 2 days ago....I have a 25k usd dollars limit

Good for you, but that's not he case for everyone else here. So don't see how stating you've had no problems, helps with everyone here who's had/having problems with Poloniex. Feel free to keep using them, until you have a problem.

GimoIng

jr. member

Activity: 70

Merit: 1

No problems for me on Poloniex!
I did my last withdraw some hours ago, last deposit 2 days ago....I have a 25k usd dollars limit

redblock

jr. member

Activity: 31

Merit: 1

I withdrew a small amount recently and it went through fast, but I am glad I don't have bigger amounts there. These stories are scary. Bittrex is worse from what I've read on reddit, so that leaves what? Binance?

Jinbe Vivaldi

member

Activity: 112

Merit: 10

i never trade on poloniex since no one recomended there
and also it's not in big 5 in coinmarketcap
i think it's number 9 in trade Volume Rankings (Exchange)
i can not control 9 exchanger btw Grin

thanks for the information, i learn a lot from post above

X-avier

member

Activity: 406

Merit: 10

Quote from: nutildah on January 04, 2018, 04:46:47 AM

Quote from: Spoetnik on January 04, 2018, 02:16:14 AM

I wonder what is going on.
I also am hearing complaints about Bittrex that are similar.
It's getting to be the same story with us older accounts and not getting out our coins and then no support.

Hmm no support from Poloniex or Bittrex... I know you've been around for a while Sputty; whats your next best exchange?

C-Cex?

Thank you for the information, I hope that you will all take away from this exchange! But now what to choose to trade if such a large exchange starting to do not a clean game??

imjustp

full member

Activity: 256

Merit: 102

The exchanges seem to be so shady it is unreal. I use Etherdelta a lot although it is slow as hell it actually seems more legit than most of the bigger exchanges!

Topic: Poloniex Preparing for an Exit Scam! DO _NOT_ SEND COINS THERE! (Read 1796 times)