CoinGather Exchange Shuts Down – What’s The Story Say So Far?
In a dramatic turn of events within the past 24 hours, Coingather an upcoming crypto exchange has gone AWOL from the internet. This has sent customers and users into a frenzy as they are now expecting the worst (which is basically a loss of all their invested funds).
According to various media groups, Coingather.com has been offline for nearly a week, and the last recorded activity on the page as per archives was recorded to be on the 22nd of November. There has been no official word on this issue on any social media platform by company representatives, thereby raising concerns that the operators have pulled of a classic ”exit scam”.
Who’s Behind Coingather?so What’s Going on Then?
While only a few currency traders would have heard of CoinGather, it is interesting to learn that in the past year alone the exchange had started to gain large interest from social investment groups looking to trade in BTC and ETH. While monetary operations within the exchange were deemed to be small, they were still enough to make people take notice once the disappearance act occurred.
In the past 72 hours many disgruntled users have come forth and shared their stories. According to online sources, the exchange was listed on Coinmarketcap, and was complete with 92 trading pairs that were matched with BTC, LTC, DOGE, and HTML5.
Who’s Behind Coingather?
Upon conducting some basic research we were able to find that the admin of this website went by the name of Rapta. He was a regular on the Bitcointalk forum, and was known to many platform users as a person who had good awareness regarding the crypto scene. According to his activity logs on the forum, he was last seen a week ago (which coincidentally is the last observed trading activity on Coingather as well).
The amount of currency that was traded on CoinGather was small, and Coinmarketcap has shown that that the 24-hour trade volume of the exchange was found to be just 11.32 BTC, or around $93,000. However, these numbers do not reflect the entire story and there were transactions that were made right around when the company went offline that have not been accounted for. Additionally, some sources have also revealed that the majority of traded coins on the site comprised mostly of HTMLCOIN, Ethereum, and Levo Plus.
About the Company
Coingather was founded in 2014 and always aimed to work as an exchange that was ‘non eyebrow raising’. What this basically means is that company owners did not want to be in the limelight as far as high volume trading went. During the first few years of its operation, the site gathered ‘low level activity’ and was mostly unknown to the general public. The only reason people talked about Coingather was due to site’s exorbitant withdrawal fees, which was as much as 10x higher than other exchange online.
What Has the Response Been Online?
While many people are shocked at the various scams that seem springing up, there are also many individuals who are now pushing to make the crypto network more safe and secure. For example, many experienced users are now looking out for scammers and are trying to make community members more aware about things to look out for when making investments. Similarly, one user had written the following message earlier this year thanking members of making him aware of the Coingather scam: He said “Just wanted to thank everybody for the heads up about Coingather. *sigh* and the search for an exchange that isn’t being run by drug addicts or gangsters continues.”