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Here's the reason we should not store our assets on exchange, like this news (https://www.cryptoknowmics.com/news/idax-crypto-exchange-confirms-ceo-dissappearance-with-cold-wallet-keys)

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

If the amount inside his cold wallet is big, there are plenty of possibilities that he's fleeing from the country. Storing your money into exchange is always a bad idea to begin with but people always ignore it because they think it's inconvenient but actually it's better safe than sorry even if that takes effort. Now this happen. I've seen the volume in this exchange is quite big and if this news come out to be true well, usually this comes out to be true or if not at least it will destroy the exchange reputation, that'll suck a lot and this happen after the korean exchange hacking.

A long time ago many people said that they should never keep assets in the stock market, it would be risky if something happened like Upbit and IDAX, but keep it in a safer cold wallet.
IDAX exchange has been controversial for a long time but never used it after much news about IDAX with many fake volumes and other embezzlement.

It may be an exit scam, there is no way the CEO can just go into oblivion that way with the wallet keys of customers, as long as the CEO is alive and not dead, he can definitely be traced. This Chinese exchange seems to want to shut down due to china's hostile attitude to everything about cryptocurrency, I think they are choosing to use this method to do so(exit scam).

The customers of that exchange need to be patient for now, and cease any operation on the exchange. Anything can happen to exchanges, store your coins in a hardware wallet, not on volatile exchanges.

Yes and weve been many times the same thing happen to other exchange cryptopia and c-cex also do this before.
Only use reputable exchange in terms of trading therw are many exchange just to make the exit plan when they are so popular to traders, thats why we need to be careful.

I myself am the victim of losing money in this exchange. I was quite subjective when trading RET there and lost over 5k $. That is a huge amount of money that I have saved and saved since the beginning of the year. Now things are messy and there is no chance for me. The CEO had officially left the company and the employees there could not contact him.
So the lesson for everyone is to never spend all your money on any exchanges. Please keep 50% of fiat money, 25% for cold hold coins and the remaining 25% to make a profit. anything can happen, so manage your capital smartly.

I have read a lot of news about this scam in the past few days. but it certainly won't take place at major exchanges. why? simply because at large exchanges they always have great returns after every year of work. Because their volume is high, they will make a lot of money based on transaction fees. and for small exchanges, there are scams. So we should now transfer money to large exchanges for trading, stop trusting shit exchanges.

From a little bit of googling, it looks like the Idax is located in Finland, since i live in there too i could basically visit on that address but i highly doubt that i find anything from there. Could investigate though.

That is why every old member suggesting store your funds in a wallet with private keys exchanges can be hacked or shut down like these at any time even the reputed exchange holds the same amount of risk.

Shameful and pathetic at the end of the year there is news like this, Upbit and now IDAX CEO missing with a cold wallet key, done by people who should educate many people about crypto but instead they want to enrich themselves only.
I'm only use IDAX once when want to swap my coin but never get the coin and never answer my ticket, decided to not use it forever.

IDAX has been very suspicious lately, many projects that were once considered a scam held an IEO there, and now the CEO has disappeared
IDAX = SCAM EXCHANGE

What will happens to the users got scammed by this CEO? Is there any suggested steps to do? Or nothing and accept the truth that all users funds are all gone.

So like a hit and run? I've never used IDAX before, but seeing these kinda news for the past few days is kinda surprising. Just like the other exhcanges that have been hacked, I thought IDAX was no different. Turns out it was the CEO themself that has gone missing and even the staffs were out of touch as well. So, does that mean all of IDAX's users lost their money that's on their exchange? smh

Storing your assets on an exchanges could be dangerous, especially in some shady exchanges. I don't know how popular idax was, but storing a big amount of assets on an exchanges is not recommended. In any case, it won't kill you to always be careful with these kinda things.

I don't trust idax for a minute, since many new projects claimed they seize funds after raising softcap on the exchange and they are been threatened by idax and i quit using the exchange, i don't belief that the exchange CEO disappeared, its all intentional

Yes, always avoid storing corners in exchanges, in my opinion the best solution is the local wallet or the wallet ledger

This is very bad news for investors here because this is one of the top 10 big exchanges and the fact that can't withdraw money at Idax makes me very disappointed. I think everyone was warned a few months ago but since this exchange started lending I was very suspicious and withdrew all assets from this exchange. I am also a victim at IDAX but fortunately I only have a few $ here and it does not affect the current life.

For now, centralized exchanges are dangerous and it's best to hold your assets in cold wallets as this is the safest way to keep you away from other attacks.

The most important question as the owner of the cold wallet was one person? I think initially for the owners of exchanges need to come up with a way that will exclude the possession of the key by only one person.And what if the owner of the exchange did not run away and let's just banal died and no one knows where he kept the key?! I think it's too much of a risk.

the exchange does not have any fund left based on their report which means the only way to get their money back is finding the ceo.
reporting to its local law might help them find the ceo, just like what happened with mt.gox

Why am I not surprised that a shady exchange does this?  ;D



Withdraw their funds if they still can. If that option is no longer available, they can file a lawsuit or they can wait and hope the CEO appears again and returns the funds.

Upbit hacking problem is not over, now there are other crimes in exchanges. I do not know who will be responsible for this incident and it is certain that the user has lost, because the deposit and withdrawal have been stopped or frozen by Idax. I hope that Idax CEO can be found and Idax can be responsible for all the losses of its users.

This is a very sad story. I don’t know why this happened. IDAX was one of the major exchanges. there have already been many examples of stealing money from exchanges, and now we are still convinced that it is the best to hold our money in a cold wallet

It's a Chinese exchange, so it's likely that their address in Finland is just a letterbox, for legal purposes, but they have no other presence.

When I read that news, I wasn't so surprised since we've been seeing different patterns of exit scam by exchanges and crypto projects alike. However, I like the fact that China for instance is tightening regulations for exchanges, closing down all unregistered exchanges in their jurisdiction. In the scenario of IDAX, the CEO could have been brought to book easily if there were tight regulations, since it won't be so hard to track him down. CEO eloped with cold wallet sounds so wacky!.

I have been away from the idax exchange since many people say their site is scam, I withdrew my funds from there, the sale of the token bounty, finally it happened that I was worried about, but there are some of my friends still trading there, I'm afraid they will also lose their money , if it really happened

or IDAX CEO are too afraid of being raided and just get away with the money because dem monies are just too shiny? I don't know where IDAX's office located but it seems that their exchange is chinese ones so maybe they have an office in China.
Even that, these kind of exit scam is just wicked to run away with people's money like that and I'm really doubtful that the police could somehow caught him because you see even the corruptors of certain nation the police still have a hard time dealing with those. Let alone these so called CEO of exchange that could possibly faking their identities.

I used to trade here and I can tell you that they had the worst kind of support to begin with. They were never the greatest of places, they never had withdrawals on weekends if they didn't had the right people just happen to stay at the weekend, there was multiple times I had to withdraw on Friday, they not sending me the money until Monday and so forth.

They were very easy to hack and got the information of peoples KYC out and many many other stuff as well. Long story short this was actually the best case for the people, get your money out if you can, if you can't that is a lesson you can't unlearn anytime soon, you will have to get smarter about your decisions on which exchange you want to use, if possible none at all is even better, never keep your balance on exchanges, deposit/trade/withdraw.

Its best to go for Dex exchange to avoid all this scammers called centralized exchange, it will be better for all investors to start moving to dex exchange, the more people are using dex the more dex will have better volume and liquidity

Actually I have also heard that IDAX Global has cheated on some IEO projects, but I do not feel anything strange that they do to traders like me, so I keep trading there, until something bad happened a week ago that they lost the CEO those who run away with our assets are traders. fortunately I have transferred most of my assets to my personal wallet

I'm sure this is an Exit scam and to lose people's attention on the Idax Exchange and the people behind it they passed the blame on the Global Moderators who are not well known and thus the idax administrator is safe from all accusations. .

Well, they still can't survive all the accusations because many people believe that what they did was a clear exit scam.

It has been a known fact that we should not ever store coins for a long time in exchanges or online wallets owned by certain entity. Even reputable or known exchanges can have the same fate. People is driven by greed and that is why this kind of situation happens.
I think if someone owned coins on that exchange, you will really have learned your lesson well by this time.

Although have positive news with IDAX I think impossible all your assets in IDAX exchange market get back, maybe big chance for IDAX become scam exchange market, many exchange have been scam for this years after cryptopia, coinexchange and now IDAX exchange market have been in the scam market listed.

This news is equally interesting with 2016 at the end of the year when the Hong Kong crypto exchange was stolen about $ 65 million. By the end of 2017, after having completed the bitcoin price, it reached a new high of $ 20,000. Currently Upbit, binance are hacked platforms with large amounts of assets. Plustoken allegedly scammed an amount worth hundreds of millions of dollars in Bitcoin and ethereum. This is also a way to make Bitcoin scarce market. And to sell them they will have to push the price of bitcoin up and create a volume large enough to attract new sources of money from investors.

I think this is not entirely true, those scammers are contributing to pushing down the price of bitcoin as they are gradually exhausting the money they stole. Since the Plus token scam The bitcoin price has been steadily declining from the highest level this year.

I always didn’t trust this exchange because all the glasses on it were empty and all volumes were created by bots, I decided to make money there, because I saw the price difference in the glass and put up a purchase request and I was quickly sold, and then I already sell the coin I couldn’t and went at a loss, because at the same price that I bought, nobody needed it either. Beware of such exchanges and never store your funds on them, let's all stop feeding these scammers together, then they will become smaller.

Never like this exchange. Furthermore, I have heard that they just stopped accepting trades with their own token, without any explanation. It seems like they are going exit scam sooner or later, so I would transfer all my funds from this exchange.

You said it all, most people are yet to understand the simple and whole truth, which is no exchange is safe and trustworthy, these CEOs being in charge of the private wallet details can decide to do whatever they want, or a hack taking place. Many exchanges have been hacked and anyone saying any top exchange is secured is only but lying. Lets all learn to secure ourselves by making sure our funds and assets are stored offline.

True, but it's not a p.o. box but a real address that's marked on the google maps so i am guessing that the owner would have noticed it. But yeah, maybe it is just picked in random in order to confuse the authorities, that would make more sense.

I am still surprised how a CEO can just disappear like that with investor's funds. He needs to be apprehended. What exactly are security authorities doing? Is his photos everywhere yet? He needs to be declared a wanted fugitive by now.

What a huge disappointment this is to the crypto community, i remember few months back that crypto market ads project had issues with this exchange regarding their ieo, apparently the idax exchange was not very transparent with the ieo process and the project feel cheated, now i can see where all that is coming from, imagine a ceo of a company just disappear into thing air with cold wallet keys so he can have access to investors funds, this is the height of it, i guess it is better than him staging a hack and making people believe he was hacked, that would have been worse because nobody would have been able to know the truth,
i hope the law will catch up with this scammer and bring him to face justice.

I’m not sure whether this should be directly stated with direct evidence, but I am inclined to believe that it is better to stay away from this exchange. I’m even surprised how IDAX got a rating above 3 with such reviews - https://revain.org/exchanges/idax. Why do need to use this particular exchange? I don see any problems to choose any other, which are very many now.

Exactly and as far as I know they are under some regulation since its an exchange so the CEO can be declared fugitive and the authority can file a case against him especially those who have lost access of their funds in IDAX, it's another bad news in crypto exchanges but I hope this will be the last.

I thought that we already have enough crypto exchanges, but with recent hacks and scams we need more better exchanges that will finally bring trust to this industry.

I had 1 EOS on IDAX, what a big loss.  :D Just kidding, but I feel sad for the others who had a lot of cryptocurrencies there.  :-\

I don't believe what CEO is missing. It seems cheap lie. This looks like a complete exit-scam case. But the lies come out one day. It won't take long.

I really hope so too cause this is a huge loss for users, traders and investors. The CEO should be found so he can at least take responsibility for this tragic situation. I have learnt never to leave my digital assets on an exchange again.

Over and over again this has been said but people don't tend to listen. Early this year, Binance a top exchange was hacked, that should have been enough reason for people to save their funds off exchanges. Now this week alone, Idax CEO did this, while Upbit exchange was also hacked, when will people learn to be smart as only "you" can manage and secure your assets. The deed has been done by the CEO and it looks more like an exit scam and I hope the law enforcement will get hold of him.

I remember the QuadrigaCX story, still a mysterious one for me how the CEO really ended up dead in India. if this is true or just a made up story. Now, with IDAX, what story will they weave to get away from this trouble? what final statement they will release to its customers? Another dead story?
I can say Binance is different, they handled the situation very well. Binance CEO is well known in crypto so I don't think he will stake his reputation by small amount of money.

I think this is weird, why? Because IDAX is obviously running long and their projects are good and in the use of many people. They recognize the CEO and their various real team and suddenly there is news saying that their CEO brought a run-off of money traders as well as people who use IDAX? Why like so, just as odd as they already really have a clear project and a passive income from the trader who does the transaction there. Very in the pity once.

The news really sucks...IDAX was one of the decent exchanges about more exotic coins.

Good God that I'm holding just ABBC there, due arbitrage opportunities with BitForex. I guess I will need to scratch off those ABBC.

Do you know how many active users account are on idax? Imagine everyone lost 1 eos;  the total amount would not be so funny :)

One more case related to exchange which makes the members more worried. After a few days before Upbit experienced hacking, now IDAx is experiencing problems related to funds whose rumors were taken away by the CEO. and true to the OP's advice, don't deposit funds in wallet exchange, it's very risky. I only use wallet exchange when trading, after that I choose to secure my assets in another safer wallet.

Yes of course! This is another unfortunate story on the drawbacks of using a centralized exchange in which control, which is in the hands of a few, could be really dangerous that if some of them acts maliciously, they can wreak havoc indiscriminately!

If this developing story turns out be a scam, then I guess those affected users will have a very little chance of recovering their funds and I would assume they will most likely have a class lawsuit but it doesn't guarantee that their funds will be fully recovered. Imho.

Those who have large sum of money on their accounts can afford to file a formal lawsuit.
I guess there are individuals who can afford such kind of action towards that exchange.
Since the CEO is known, I guess it is much easier to run after him.
I'll follow the development of this case and hopefully that CEO will pay for whatever he has done.

In just a week, there were 2 news that made investors panic and now I have withdrawn all my assets to cold wallets because this is the safest way during this period. In my opinion, should only use 20% of the assets to make a profit and always research that exchange before making a deposit.

This year, a lot of exchanges like Idax, Binance, Upbit made many investors lose money and currently decentralized exchange is a temporary solution for everyone. Personally, I don't trust new exchanges because the risk is much higher than the old ones.

Idax is really a not trusted exchange. Few months ago, they stole money of Migranet, CMA and few others' project fund. I don't trust IDAX now for their bot volume, theft activities and inactiveness of the CEO.

I think Idax, Upbit are making it more difficult for investors and if the withdrawal is not done soon, this will cause anxiety for investors. These exchanges are highly ranked in the crypto market and always attract a lot of investors. I believe that everything will stabilize and don't worry too much because everyone will get it back. However, the Idax exchange will not return and the situation will certainly get worse.

I have dealt with the same problem with you.I can tell from my personal integrity that this is not a very trustworthy wallet.

I got the reason why my ethereum still not deposited in IDAX exchange. Last week i transfer 0.29 ETH for idax exchange but it's not added in my idax wallet even a lot of times i am trying to contact support but i am disappointed because i did not respond. That means now idax is scam?

This news is quite repulsive and another indicator that storing crypto assets on an exchange is a very bad idea. I personally learned it the hard way when I left a substantial amount of my holdings on cryptopia exchange only to wake up with a news of the exchange been hacked and since then I haven't been able to access my funds.

Can it happen on real decentralized exchanges? I don't think so. Or maybe the loss won't be as big or as serious as those of centralized exchanges considering that trading on DEX is peer-to-peer and can be instant.
On proper decentralized exchange, everyone trades from wallets he/she controls. It would be very unattractive to to serious hackers


Sometimes I wonder why exchange CEO have too much Power over people's funds. Why not use multi-signature addresses or something?

This is very unfortunate. whereas IDAX Crypto Exchange is one of the most active Exchange trades. This incident is a valuable lesson for us to be more careful in storing our assets in the stock.

Idax has flaws already starting from the time an article was release by the some project over their ico scam. this was enough for traders to avoid such project. Now after the China government banning some exchanges, idax ceo went missing

This is a scam. This information can't be trusted by us. i remember when so many exchange sites were wanna stealing the user's money and they are saying so many bullshit.
This one is a complete exist scam and i hope SEC will caught the scammer behind idax

Agree. Imagine if a top exchange like Binance which invests heavily into their security and even have a bug bounty program could still be hacked the lower tier exchange could be hacked aswell and not to mention the inside hacking that usually happen when there's a hole for their greed to grow. Saving money in an exchange is simply giving away our right to that money to the exchange and that could mean we're being dumb for giving our money to third party.

Well theres always been a bad comment on idax for a long time so it is not really safe to store your funds there. Idax CEO is not that famous unlike CZ of Binance. But yes it is true that do not store your funds in exchanges especially new and scammy excanges. But in terms of Binance, I still hold all of my funds in there and have complete trust in CZ.

The last time it was a CEO dieing with the cold wallet keys and now another CEO running away with the vold wallet keys. This has been said many atimes, storing assets on exchanges is a bad call as various issues can come up. Now we know that in addition to exchanges been hacked, CEOs can run away with cold wallet keys, who knows the one we will hear tomorrow. Let's start taking caution by securing our assets offline.

This is exactly why I think this cryptocurrency space should be regulated as soon as possible. Startup developers, exchange owners and investors as well should be made more responsible. I am so sure that if there were to be serious Jail consequences for such actions played by the IDAX CEO, this ugly incident would never have happened

I don't think an exchange that all of us know that they fake trading volume like IDAX has such a large amount of money in a cold wallet. According to their latest announcement, I think IDAX CEO exit scam. They are very suspicious when not long ago been accused of fraudulent projects listing IEO on their exchange.

Not sure if that will be applicable with DEX it can be done with CEX which the business owners are entitled to applied with business permits wherever they will reside the business. But with dex there's no such things as decentralized is being practice. It's to risky if you are not that much familiar, you need to have strong knowledge in order to lessen the risk being victimized of exchange owners like this.

Indeed, this kind of news shows why we should not keep our investments in the exchanges. But still, we should not put all the blame on the exchanges. If you work with exchanges like Binance and Huobi, you don't have to worry about that, I guess.

I think it is just investors who have to be responsible. Stop feeding all these scammy devs and owners with free money. Stop giving their stupid projects publicity. Stop throwing money into their ICOs. Stop promoting their projects along 100 other projects on all your feed to all your spammy walls.

lol yeah  . if we do want to stop scams and frauds , we shall start it on our own little ways and not wait for other actions or on the govt's action . i hear that when people got scammed they also blame the govt's and higher authorities  which i find them funny   . cryptos ( most of them ) are also regulated on most countries and i think exchanges even the dex'es ones can also be regulated but we cant avoid such events like this because i think its not planned  . you cant predict what is running on peoples mind

I've seen that trading is still ongoing on the exchange. Who are the ones doing the trading?

Right? I think a lot of us in crypto keep forgetting that we are in crypto. We talk about freedom of money,,, no person or goverment to tell us what to do. And then,,, we get scammed and then we blame everyone else except ourselves.

We blame scam projects. We blame ICObench coinmarketcap, governments, campaign managers etc.

When it all was made possible because of us ourselves!

CMC already put a warning on their website.

https://coinmarketcap.com/exchanges/idax/

This is another bad news to the market, I thought IDAX will really compete with big exchanges as they have increase their exchange volume but I think they might be faking their volume due to this report, hopefully people will be aware about this.

What a jokes if we heard thus rumour is CEO missing even though admits they unable to contact with CEO and can't access exchange own wallets. Idax exchange developer lies in many projects those are paid for IEO launchpad and stolen more 100 btc this fund collection by IEO purposes. So do not believe what say about CEO, It's a scammed exchange and fraudulent CEO.         

Idax scam many startup projects that raised fund with IEO on the exchanges, those projects who can stand up against them end up giving up because all actions are in vain, it seem idax consist of powerful people

Sounds like a big lie to me, there is never no exchange without it's CEO in the first place, how can the CEO disappeared without the team knowing where about of the CEO? More over how can we know if IDAX has its own team or it's been operated by just two criminals?