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Reddit Turns Ugly Over Alleged "CoinEx Exchange Scam" Regarding Bitcoin Cash Fork Withdrawals
Reddit Turns Ugly Over Alleged “CoinEx Exchange Scam” Regarding Withdrawals During Bitcoin Cash Fork
Reddit is a place where anyone can have a conversation about an issue that is plaguing them, making them a perfect place to elaborate on qualms that investors have in the cryptocurrency market. Recently, a Redditor named “LayingWaste” created a post over anger regarding a recent request from CoinEx, regarding the hard fork.
In preparation for the hard fork, CoinEx published a statement in September on their official website, saying,
“To avoid unnecessary asset loss, CoinEx recommends all users to deposit their BCH assets to CoinEx before the potential forking. We will provide 100% protection for your assets and please be assured that you will receive the forked asset of BSV as promised.”
The Redditor included items reposted by CoinEx from other users, like Jihan Wu and Roger Ver, who seem to have a positive impression of the exchange. The user, however, has a much different view. He explains,
“Whats the issue you ask? well aside from the CET scam pump and dump that anyone can see on the charts , they are encouraging people to deposit BCH and BSV. While simultaneously NOT ALLOWING US TO WITHDRAW. CoinEx exchange should simply NOT ALLOW BCH OR BSV DEPOSITS IF THEY WILL NOT ALLOW YOU TO WITHDRAW THEM.”
LayingWaste goes on, commenting that this restriction against withdrawal is theft. He even alleges, “It is common knowledge CoinEx is suppressing BSV price and upping ABC price while using our coins to arbitrage other exchanges for profit.” He added that CoinEx is providing no communication on their part.
Now, there’s no proof that there’s any kind of manipulation on CoinEx’s part, and there are plenty of Redditors that have either completely disagreed with him or have found this to be a personal problem. Realistically, multiple cryptocurrency platforms had decided to restrict withdrawals during the fork, which was largely due to the need to find a dominant blockchain to absorb into the other. Coinbase, Poloniex, Binance, and others chose to wait for all of the blocks to post, but this Redditor is zeroed in on CoinEx.
At this point, it’s important to note that his expressive message on Reddit was only posted today, despite the fact that CoinEx followed up only a few days ago to let consumers know that deposits are open again, but the withdrawals will not be processed until “these chains are stabilized.” The post was five days ago, but there has not been a blockchain deemed to be the dominant one yet.
Users on the website are entirely in control of whether they deposit or not on CoinEx. In the meantime, investors have the option of either watching the company’s official website for announcements or following along on Twitter.
CoinEx Crypto Exchange to Pay Dividends and Interest in Bitcoin Cash (BCH) for CET Token Holders
Earlier this month Hong Kong-based Coinex announced that they will be paying out long-term dividends, interest, in bitcoin cash (BCH) for coinex token (CET) holders.
The dividend will be up to 80% of all the monthly revenue of CoinEX. The remaining 20% of the revenue will be used for other developmental projects under the company’s name. The BCH will be allocated on a monthly basis. To qualify for the BCH tokens, a user also needs to have only released CET tokens. Mined tokens that are not released or issued will not be exchanged for Bitcoin Cash.
The exchange will also use a significant portion of its revenue to repurchase CET from the secondary market and allocate to the qualified CET holders proportionately, and holders can plan their personal ratio by dividing held CET by the total CET in circulation.
“Coinex will release ‘Lock & Mine CET’ and execute [the] ‘Long-term dividend allocation plan,’” the company explained. Holding a minimum 10,000 CET is required to receive BCH dividends, and none of the tokens may be acquired through mining – only ‘released’ CET qualify toward the offer. “Coinex will take a snapshot at 0:00 (UTC) every day and allocate rewards of the previous day according to the snapshot results.”
“As for dividend time, the company will allocate them within seven working days in the first week of every month. The last date may change depending on several factors including the financial settlement,”
the company continued in its announcement. As always, that date might vary still depending on exactly when final settlement occurs.
CoinEx And Bitasiaex Exchanges Release Bitcoin Cash (BCH) Hard Fork Coin Split Details
The Bitcoin Cash hard fork is scheduled for November and crypto exchanges don’t want to take chances in case there’s a blockchain split. Over the weekend, Coinex and Bitasiaex revealed to their clients how they plan to deal with the consensus change that will arise from the hard fork.
There has been a lot of buzz in recent times by BCH proponents, developers as well as miners regarding the upcoming fork. There’s a disagreement between the parties and if one of the proponents decide to push forward, a split is inevitable. The Bitcoin-SV is an alteration from the Bitcoin Cash protocol and it’s gained some followers.
The two crypto exchanges have shared their plans on what next in case a fork occurs. Coinex often handles a lot of BCH transactions daily. It has a large trading volume because it provides a wide variety of BCH trading pairs. The exchange has announced that it will take a screenshot of every BCH asset on the system before November 15th and then pay out in the ratio of 1:1 in case the split happens.
The company asserts that it’s a ‘responsible exchange’ and it’s important for it to take precautionary measures in the event of a fork. Therefore, users of the platform will receive a 1:1 ratio of Bitcoin-SV and Bitcoin Cash. However, the BSV can’t be deposited or withdrawn until the chain has become stable.
Bitasiaex also came out to give its views and plans for the possible hard fork in November. The platform acknowledged that there’s a team of developers coding for Bitcoin Cash and are open to even the SV team. At the moment, the company acknowledges that there’s no team that has come directly to announce a fork.
The platform has called for miners to work together rather than let the controversial arguments escalate. It states that it remains neutral and doesn’t intend the matter in any way. Bitasiaex has stated that it will be well prepared for the fork and that every individual will receive their dues in case it happens.
Coinex Exchange To Open USDT Tether Credit Default Swap Contracts
CoinEx, a global and professional digital coin exchange service provider was made the USDT Credit Default Swap Contract online on April 4th, 2018. To cushion the effects of risks, CoinEx released the contract with the rules as follows:
- Each CDS contract has to be specified with contract value and delivery time.
- When a contract term is due and delivered, the holder of each contract A will get the amount that equals to USDT/USD from the value of a CDS contract, and contract B holder gets the rest.
- The price of delivery will be the 24-hour average price before delivery time.
USDT is a crypto asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet. There’s no fee for creating new contracts; 0.1% fee against the value will be charged for contract conversion.
The core team of CoinEx is from world leading internet and finance companies, including the earliest adopters/professionals of cryptocurrency who boast rich experience in R&D, global operations and, services in the industry. With its proprietary trade matching system and excellent user experience, CoinEx is dedicated to building a highly secure, stable and efficient digital coin exchange for global users. They do all this while providing support in multiple languages and trading services in nearly 100 regions.
CoinEX Market: Safe Bitcoin Exchange For Trading Crypto Coins?
CoinEx Market, or CoinExMarket.io, is an online cryptocurrency exchange that promises to offer advanced security and features. Find out how it works today in our review.
What Is CoinEx Market?
CoinEx Market is a cryptocurrency trading platform that promises to offer advanced security and advanced trading – including the trading of derivatives. CoinEx Market offers a suite of order types that will be processed using the platforms “certified matching engine [that] is capable of processing orders very fast.”
CoinEx Market refers to itself as CEX. That’s a big problem: there’s already a major exchange called CEX, found online at CEX.io. That’s a legitimate and highly popular exchange with years of history. It’s consistently in the top 50 or so exchanges by 24h trading volume. CoinEx Market, which calls itself CEX, has no affiliation with CEX.io whatsoever. Don’t get the two confused.
There’s also a separate exchange called CoinEx, which doesn’t appear to be affiliated with CoinEx Market in any way. CoinEx Market is a brand new cryptocurrency exchange purportedly based in London.
CoinEx Market is available to download from the Google Play Store. An iOS app is listed as coming soon.
How Does CoinEx Market Work?
CoinEx Market claims to use advanced technologies like GSLB, distributed server clusters, distributed storage, and a “high-speed memory-based trading engine” to facilitate cryptocurrency trading. Trading is backed up in multiple machines, cold storage locations, and hot wallets with offline private keys.
CoinEx Market also emphasizes high security, high speed, and 24/7 availability. The website is filled with buzzwords and phrases like “high speed”, “trade confidently”, “superior technology”, and “advanced orders”.
The platform has its own native token called CEX.
Aside from this basic information, we have limited information about how CoinEx Market works or what makes it different from the hundreds of other cryptocurrency exchanges available online. There is, however, an Android app that you can download to start trading today.
Who’s Behind CoinEx Market?
CoinEx Market claims to have been founded by former employees at Alibaba, Tencent, and Huawei.
The company also claims to have attracted millions of dollars in angel investments from VenturesLab, although we can’t find much evidence of this. CoinEx Market also claims to be based in London, UK, although they don’t list an address or any type of contact information. We also can’t find much information about people involved with the company – like any specific names or positions.
CoinEx Market Fees
CoinEx Market charges fees of 0.1% for makers and 0.15% for takers, although traders will pay 0% fees when making or taking offers for the platform’s native CEX Coins.
CoinEx Market Conclusion
There’s an existing cryptocurrency exchange called CoinEx, found online at CoinEx.com. There’s also an existing exchange called CEX, found online at CEX.io. Now, to confuse things even further, we have an exchange called CoinEx Market that refers to itself as CEX, but is found online at CoinExMarket.io. The exchange does not appear to be currently available, and it’s not listed on CoinMarketCap and other major aggregator sources.
Ultimately, CoinEx Market may be in the beginning stages of launch – so we can forgive it for being rough around the edges. Nevertheless, you can learn more about the platform by visiting online today at CoinExMarket.io.