Tagz exchange already surrendering | Bitcointalksearch.org

slaman29

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Quote from: DaveF on June 30, 2020, 07:09:36 AM

Well I guess it's better then just shutting down and running off in the middle of the night with everyone's money.
But 30 days is a bit short, 60 to 90 is better. Especially with some places still on lockdown, and people having other concerns at the moment.

Yeah, not sure why anyone would suggest otherwise. Businesses fail and that's normal, especially in 2020 you just have a lot of nasty things going on at once, I won't be surprised if more businesses start failing over the next 6 months. If everyone closed in a proper way like this one, would be really good. 30 days is a bit short though!

Tahsin Kabir Kollol

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This may seem like a normal activity given the prior announcement of the closure of the exchange and the time given to the customers to withdraw their assets, but the actual picture is a bit different. Users of this exchange have not been able to withdraw their assets for a long time. Many have been unsuccessful in trying to withdraw for more than a month, and all their withdrawal requests have recently been canceled. After announcing the closing date of the exchange, the exchange support team said that all withdrawals would now be completed within 24 hours, but many still tried to withdraw the assets but could not do so after sending withdrawal requests for the last two days. So now it seems that customers are going to lose their assets and no one will be able to withdraw their assets within 30 days except the tagz5 token holders. This is because a user in the recent Exchange Support telegram group provided an Ethereum Wallet address that probably belongs to the exchanger Authority and there is no stock of cryptocurrency other than the tagz5 token with which they will pay the authority customer's assets. Now it remains to be seen whether the exchanger authorities take any appropriate action or whether they flee the customer's assets through fraud.

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Quote from: dunfida on July 01, 2020, 05:50:47 PM

Quote from: Renampun on July 01, 2020, 12:32:38 PM

Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.

Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

thank you for this information...
I used Tagz once, it happened because there was one coin I exchanged there. a good decision not to continue their exchange if it is not currently profitable.

In most cases where people do make use of these exchangers is when they do have some shit coins to sell off.

All the shit coin on the exchange can be find on another exchange site but i still surprised why a genuine cryptocurrrency investors/traders will choose to use an exchange site that have only 29 cryptos

Quote from: dunfida on July 01, 2020, 05:50:47 PM

Covid 19 does really give out big impact into any businesses but for small exchangers like this one then even theres no pandemic that did happen
these places are still bounded to close sooner or later due to feasibility issue due to lower demand.

Businesses can only have either success or failure.

Business can either have success or failure but everything about cryptocurrency have to do with the internet thats why i believed the reason for the shutdown was because of lack of demand cause a business built on lies will definitely crumble soon or later.

nelson4lov

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Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.

Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

Looks like it the exchange was already on schedule to close with or without the COVID-19 pandemic.

Quote

Please know that the decision to shutdown operations did not come lightly as we have tried many ways over the past 12 months to keep afloat but unfortunately all good things come to an end.

The pandemic just made the closure sooner. I think the main problem tagz faced was that their platform wasn't generating enough profits to keep up with the operations being unable to compete with other market leaders. It's a good thing they gave users some heads up though. Are we going to see more small to medium sized exchanges folding up if the pandemic continues for an extended period of time?

hulla

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Quote from: goldkingcoiner on June 30, 2020, 07:21:05 AM

Quote from: DaveF on June 30, 2020, 07:09:36 AM

Well I guess it's better than just shutting down and running off in the middle of the night with everyone's money.
But 30 days is a bit short, 60 to 90 is better. Especially with some places still on lockdown, and people having other concerns at the moment.

-Dave

TAGZ CEO once recruited me as an ICO adviser. But there were many scam accusations about the CEO about a past ICO he did. And after digging deeper the CEO showed me "proof" of his team members in the form of their "signed contracts". When I confronted the team members on Linkedin, they told me they never signed anything and were never part of the team. The signatures were faked.

I left immediately.

As I see it, TAGZ is 100% not trustworthy.

Glad you did an indepth search about the project team information which some people will ignore and chase after the money involved.
With that been said, nothing good will come out of an exchange site like tagz because they are never honest from the get go and i dont see any reason a good exchanfe site will shutdown because of the pandemic when their staffs can still remotely but is there own of scamming their exchange users and thH even scam their bounty participants which I'm among them.
In the meantime, lets spread this news

dunfida

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Quote from: Renampun on July 01, 2020, 12:32:38 PM

Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.

Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

thank you for this information...
I used Tagz once, it happened because there was one coin I exchanged there. a good decision not to continue their exchange if it is not currently profitable.

In most cases where people do make use of these exchangers is when they do have some shit coins to sell off.

Covid 19 does really give out big impact into any businesses but for small exchangers like this one then even theres no pandemic that did happen
these places are still bounded to close sooner or later due to feasibility issue due to lower demand.

Businesses can only have either success or failure.

AakZaki

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This pandemic had such a large impact that exchanges such as TAGZ had to be temporarily closed and perhaps some of their employees had to be repatriated.

TAGZ has also made every effort to notify its users to immediately withdraw their funds and provide a deadline of 30 July, which is about 30 days from now. Sending emails is definitely what they are doing and they are also notifying them on their social media.
30 days is a very sufficient time for those who have assets in TAGZ, users of course continue to monitor TAGZ more often because there are their assets there.

This is a better way, rather than having to disappear suddenly and make users panic about the assets they have in them.

Renampun

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Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.

Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

thank you for this information...
I used Tagz once, it happened because there was one coin I exchanged there. a good decision not to continue their exchange if it is not currently profitable.

BitcoinTurk

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To be clear, it is mentioned about a project that I heard about for the first time, I did not have any information about it and that it probably could not reach its goals. I would like to say that, regardless of the advantages that are provided, you should not prefer such services only because of paying a few cents less commission or for similar reasons. After this announcement, I do not know if the users will be refunded, but we see that such events have increased in the crypto money markets recently and the poor quality services have usurped their money under the name of "Shut Down".

maxreish

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At least they have informed the traders a head of time so they can pull out their funds on that exchange. I never used Tag exchange even before since I have read some not so good feedback about them on this crypto rating site.

30 days to settle the funds inside the exchange is enough time. Well, if the operation did not went well and is not profitable and is deficit then closing it will be better than giving hopes that it will continue and improve even it's impossible.

Sanitough

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Never used this exchanges before, as per CMC, they have a volume of $19 million+ with very limited trading pairs.
https://coinmarketcap.com/exchanges/tagz/

IMO, this can be consider as small exchange, and that $19 million trading volume is not sure if it's real as some exchanges are faking volume.
Maybe this is just the destiny of some exchanges, they can't cope with the competition anymore so they'll close, but if there other reason behind, that would be bad as eventually complains will come out any time soon.

Traders act fast now since they are only giving a 30 days period to withdraw the assets, but I don't understand the part that assets that are not withdrawn will be added to liquidated company asset holdings. Is that the standard practice on exchanges?

stomachgrowls

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Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.

Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

As long they do give out completely on their users money which would matter most and at least they do give out that window for people to withdraw up their funds.

The question is, do they able to inform their users? neither directly via platform prompt or notification or sending out emails into its users? 30 days might not be enough for

somebody but actually it is just an ample time for people to know the news and able to pull out funds. Closures like these arent really that something new and this is better

rather than vanished in the air and stealing off all the coins.

ScamViruS

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Quote from: ATrsh29 on June 30, 2020, 06:45:20 AM

According to this article tagz exchange has forcedly close due to the pandemic issue if anybody trading on this exchange kindly immidiately withdraw your assets to avoid assets being forfeited.
Source: https://tagz.com/tagz-exchange-forced-closure-shutdown-july-30/

This seemed to me a good aspect. They have given notice without any drama that this exchange can no longer be run by them. There are many exchanges who do many kinds of dramas for their own benefit. Their main goal is not to return the funds to the customers. The tagz exchange worked well, at least they thought about their customers.

Shallow

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Good of you to bring to the notice of everyone so that those who might have stored their crypto or trade there can withdraw as soon as possible. I think it is better for an exchange to close in this like manner than just closing up and hence taking users assets with it, which the team will then fill their pockets with. Also, for the pandemic to really affect this exchange to the extent of shutting down shows it is not too reliable because this is the first exchange I'm hearing that is shutting down as a result of the pandemic. Lastly, this will also serve as a lesson to everyone to be careful of the type of exchange they trade on, where this particular one was lenient enough to give notice, there are others that will close up without notice thus resulting in losses.

FanEagle

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The trouble with 30 days is that, they are closing down, they are not doing well right now, the whole reason why they are closing down is the fact that they can't continue which means even 30 days is more money lost to them, right now they are not going to even make any profit for 30 days and lose constantly and that means they are willing to bleed money for something like this.

This is why I think the short period makes sense. After that, you will probably still be able to provide proof of ownership and so forth with an email address and talk with them there and you can still withdraw money.

It won't be this easy, it will take longer time, but as long as you can email them and you can prove them that you had money on your account, they will still continue to help you probably. This is one of the best ways I have seen a place shut down compared to all the others who just took off.

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Quote from: goldkingcoiner on June 30, 2020, 07:21:05 AM

Quote from: DaveF on June 30, 2020, 07:09:36 AM

Well I guess it's better then just shutting down and running off in the middle of the night with everyone's money.
But 30 days is a bit short, 60 to 90 is better. Especially with some places still on lockdown, and people having other concerns at the moment.

-Dave

TAGZ CEO once recruited me as an ICO adviser. But there were many scam accusations about the CEO about a past ICO he did. And after digging deeper the CEO showed me "proof" of his team members in the form of their "signed contracts". When I confronted the team members on Linkedin, they told me they never signed anything and were never part of the team. The signatures were faked.

I left immediately.

As I see it, TAGZ is 100% not trustworthy.

Thumbs down for what they did with the unsigned contract, that already says that the project isn't legit at all and maybe that's the reason they were not able to get an enough funding and support from the investors. But I'm thinking, If those signatures were faked then person under those name can run after the CEO right? for falsification of documents? They could literally run after the CEO for a criminal case on this one, and can milk the hell out of the CEO.

No need to praise because the are surrendering properly if they were untruthful at the very beginning. Shame on this project.

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Quote from: goldkingcoiner on June 30, 2020, 07:21:05 AM

As I see it, TAGZ is 100% not trustworthy.

But still, good thing they didn't do some sh*t and just get away without a trace.

I do agree though that 30 days is short. Sometimes, registered users are not aware by several weeks or even a month about what's happening on some trading platforms that they have active funds.

I do hope TAGZ will send a regular notification email to all their users and not just a single email about the closure.

LbtalkL

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This was a professional way of doing a shutdown, some exchanges make an alibi that they are hacked or just run away with traders money. Low volume exchanges cannot really survive in the long term they cannot keep up with top exchanges. Some of them only earn when a project wants to list on them but what happens if there are no projects that is interested on their exchange, the fees they get on traders cannot really help if they only have few traders and traffics.

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Quote from: DaveF on June 30, 2020, 07:09:36 AM

Well I guess it's better then just shutting down and running off in the middle of the night with everyone's money.
But 30 days is a bit short, 60 to 90 is better. Especially with some places still on lockdown, and people having other concerns at the moment.

-Dave

TAGZ CEO once recruited me as an ICO adviser. But there were many scam accusations about the CEO about a past ICO he did. And after digging deeper the CEO showed me "proof" of his team members in the form of their "signed contracts". When I confronted the team members on Linkedin, they told me they never signed anything and were never part of the team. The signatures were faked.

I left immediately.

As I see it, TAGZ is 100% not trustworthy.

DaveF

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Well I guess it's better then just shutting down and running off in the middle of the night with everyone's money.
But 30 days is a bit short, 60 to 90 is better. Especially with some places still on lockdown, and people having other concerns at the moment.

-Dave

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