Bitcoin Forum

If you havent heard it had you hear it here first

Poloniex, same fate as Cryptsy

3 Phases

1. Customer Lock-out Phase
    No support answers, withdrawals pending for months

2. Customer Asset Freeze
    All Customer assets are frozen and can not be withdrawn

3. Exchange closed
    Poloniex shuts down, funds are in limbo

Is there any truth to this!!?

Where did you see that their fractional reserve is bankrupt?  I just did a search and I found several opinion pieces but nothing other than blog posts.  This stuff makes me crazy because it spreads fear so fast.

I couldn't find official news for this, but how about my litecoin withdrawals are pending for 1 week? I didn't receive those litecoins and they are not in my poloniex account as well. Their suport never answers the tickets, I tried it several times.

Poloniex is a scam and they stole my money clearly. I lived the same story in ethereum 3 weeks ago, I've withdrawn ethereum and I never get them. They disappeared!

I think it would be the best lesson for the scammer owners to get arrested by FBI. Hopefully some American users already contacted with the police.

Is this for real? I still have clams, LSK and Doge on my poloniex account. This is the first time that i've heard about this. I hope this is not true coz i spent a lot on Doge and Clams and i haven't withdraw it yet.

I turned to Bittrex for months as polo did not add hottest new coins I like at that time. I have to say , polo's service is becoming worse and worse.
I suggest you guys leave polo for your assets's security.

This is not the first time Poloniex behaved like this.
They do have a poor support that's why they are loosing their users.
But they are still the largest traders and working.
Give them time, I do believe they have learned from the previous failed exchanges.

I'm not shocked by this information, I have long since left the poloniex before I get into trouble with poloniex, because I'm sure the poloniex management is not good anymore.

I'm spread across Poloniex, Bittrex, and Bitfinex.  I love my Bitfinex experience but I recently purchased Gunthar's automated trading bot, Gunbot, and it only supports Bittrex, Poloniex, and Kraken.  I've never had any issues with Poloniex but I'll probably slowly move my coin to Bittrex.

Check out the service discussion section where this topic will eventually end up.
Maybe even the scam section.

I use polo for years, it has become a giant in exchanges.I also met withdrawl issue, took me too much times to solve it.I am considering changing another exchange which has better service.

Well I've used polo since 2015, frankly I've never ran into any trouble and even I did some stupid things like using polo as my wallet (I know I shouldn't use any exchange as a wallet) but I've never encountered any problems with withdrawals or deposits.

There are many users who report the same as you. However, I'm inclined to take the endless mountain of complaints I see on here, Twitter and Reddit seriously. The Poloniex subreddit is terrifying. Reading the front page (all recent) should send anyone running away from there as quickly as possible.

All of their posts on Twitter have hundreds of complaints in reply. I have personal friends with withdrawals that have been stuck for weeks. This has been going on since May, so it's nothing new. And I fear it will only get worse.

If I still had funds on there, I would lowering my exposure.

Yeah, I do not understand why when many people flocked to join in poloniex and trading there, but they make all this difficult. Should they provide better service than this, because I think they have enough money to fix all the services
If this continued, maybe poloniex scam will actually happen  >:(

Every exchanges have issues. Poloniex being the largest have larger number of issues.
That's why user should not stuck all their trading funds to one exchange or coin.

I have mined ETH for about 1 month and poloniex still not transferred my ethers to my balance.

We'd better withdrawl all of our coins from poloniex when it is available . Look at these top exchanges, Mtgox,mintpal, cryptsy, will poloniex be the same ? Who knows.

Yup.  Lot's of angry users out there at Polo.  You really have to question why they turned their troll box off.  That's the first sign of shadiness for me.  I was lucky enough to get some XMR out of there months ago without any problems.

Exit scam coming?

 I heard that some of the user's money are pending to withdraw but My money was not pended . When I try to withdraw money, It was realized in a short time. In this crypto world, everything can happen at the end of the day.

I really hope this isn't true, ive still got about $4000 USD of coins in my Poloniex account since I cant be bothered having desktop wallets for these obscure coins.

Just withdrew about $1800 of Monero with no issues...

Sometimes people are fond of sending and spreading panics in other to distort the flow of things which means if all of us decide to go with this news and acted on it, then we will be making it come true in the sense that if all of us just withdraw at once then there will be a problem for poloniex which can even shut it down at that. I hope others that have no issues should debunk news like this.

It won't be the last time also. The bigger they get, the more arrogant they become. And the more problems they run into, the more quiet they are about it. Big volumes and loans and coins and margins, so they are still the number one choice for now. But it is only a matter of time before their problems come back and take it all down.

I've just moved a small amount of ETH out of Poloniex, no problems at all.
I have had delays in the past, so they're not always the quickest, but never any real issues.

I don't believe such news. On the market crypto currency there is so much competition. No exception and trading platform. OP provides no proof. Probably it performs the task for any exchange to discredit competitors.

Regarding "No support answers, withdrawals pending for months" there is lots of proof, if you look for it. Take a look at the unofficial Poloniex subreddit: https://www.reddit.com/r/PoloniexForum/

Read the replies here: https://twitter.com/Poloniex/status/896937032173465600

Given the volume the past few months, they should be swimming in money. They could have quadrupled the support and engineering staff. But instead, people have stuck withdrawals for months. And every time they post on Twitter, hundreds of people complain and shout out their unanswered support ticket #s...

At best, it's a badly mismanaged exchange.

They claim that shutting down the trollbox was about transitioning moderators to support positions to work through the ticket backlog. But it seems obvious that it was due to the constant customer complaints in the trollbox.

We can never know regarding exit scam possibilities. It sure smells like it, but even so, this could go on for many months before that happens.

Not only polo but any other third party exchanging services are free to disappear on us at any moment, not even governments could help us if they run away with our money, despite all the warnings I don't know why people aren't taking them seriously maybe they're waiting for the inevitable to happen and then cry afterwards. prevention is the best cure.

you can trade on a platform with a new york bitlicence, but as far as i can tell there aren't any.

the pathetic thing about poloniex is that they fell apart with 40,000 online users. what would happen to all the exchanges we have now if there was a real bubble and there were 1 million people online all at once? that's still nothing in internet terms.

Circle has had a BitLicense since 2015, but they pivoted away from Bitcoin. I think you can still send BTC and possibly other cryptos using it, but I don't think you can buy/sell anymore.

Ripple was awarded the second BitLicense in 2016. I used the Ripple interface to trade various currencies back in 2013, but they seemed to have made a lot of changes to the platform since then, so I'm not sure how you use it to trade now.

Most notably, Coinbase was awarded the third BitLicense. I heard that others, like CryptoFacilities, are in the process of seeking approval, but that's it for now.


That goes for all of the exchanges. Even the most well-funded exchanges in the world, like Coinbase, are incredibly unreliable -- APIs constantly dropping off, mismatching trade engines, constant server/website downtime and unplanned maintenance. By the standards of the stock or forex markets, the infrastructure around BTC trading is pathetic.

Sadly, this is one of the reasons why BTC-e was as popular as it was. It had one of the most reliable APIs and trade engines in the business.