Bitcoin Forum

Nope, they're not hacked and their CEO didn't run ;D

After Coinexchange shutdown a few months ago, CryptoBridge has recently announced that they will be shutting down in two weeks. According to their announcement (https://crypto-bridge.org/), market conditions, increasing regulation, inability to fund further development and maintain operations as the reasons for closing.

For those who still have funds there, you have until December 15 (23:59 GMT) to withdraw your funds and you will also need to provide KYC.

I never used the exchange but I can assume that they were unable to attract new users and new listings due to bad service or higher listing fees. They do plan on launching again though according to this tweet (https://twitter.com/CryptoBridgeEU/status/1201407943108890624) but I still doubt that. An exchange relaunching after they claimed to have no funds doesn't make sense at all.


Reference: https://bitcoinist.com/cryptobridge-exchange-closes-down-hints-at-relaunch/


Update: The plan to relaunch was a hoax. The crybtobridgeEU twitter account is fake

These kind of announcement doesnt really hurt my eyes compared to those recent Upbit and previous hacking incident with other exchangers.
Its quite understandable why these exchangers do close its doors due to several factors which is indeed the reality.No one would able to sustain for that
long if they wont be offering something to attract players knowing that expenses wont really be  considered to be free.

Since the existence of KYC, negative sentiment towards CB began to emerge. When i asked (through discord) why the KYC procedure was a mandatory, they answered that it was from bitshare side request that KYC procedure. (Ok, I understand their reasoning and also CB network is running on bitshare network).
Since that, trading volume on CB began decreased.

Based on their latest update, is there a possibility that CB will be affiliated with Birake? For me, that will be hilarious.

Reminded of cryptopia. I still think these exchanges are losing users because of the tokens they added but were actually scams, all tokens were dumped into the exchange making them look not a good exchange anymore.

I don't know about the exchange at all but if they were not asking for KYC before this and now that they are closing yet asking KYC, what purpose that it serve now?

Isn't this the place that sprung KYC on people out of nowhere? And isn't it claiming to be decentralised in which case it would be impossible to have funds there in the first place? 

At least it's an orderly exit but the KYC move was a dick move supreme.

According to that article they're coming back with a new exchange. That makes no sense. If this one don't pay then dragging an unknown one out of nowhere won't either.

they gave up because of market conditions, increasing binding regulations, and an inability to fund further. This is almost the same as idex, but they choose to stop.

Their exchange is under an EU license, so withdrawal services also follow existing obligations.

all written in their official announcement: https://crypto-bridge.org/ and there are 2 recent updates and one of them writes has closed social media accounts, and does not plan to comeback.

not good reasons to exit at all.

But much better compared to those exchangers that been hacked nor exit scam by its owners where its user doesnt have the chance to withdraw their assets.
Actually appreciate the honesty of this kind of closure and as a business its just a matter of success and failure.If you do see your exchange is non feasible already,
would you tend to continue? I guess not.

Maybe one day people still stop entrusting these shady two-bit exchanges with their coins and personal information. CryptoBridge claiming to be a DEX whilst simultaneously being custodial and requiring KYC was laughable. Seems now the ridiculously invasive KYC procedures and refusing to allow people to withdraw their coins even after completing KYC may all have been a cover for being insolvent. They also delisted a bunch of coins and gave a very short window to withdraw, and simply kept whatever wasn't claimed. And now they are doing the same again by shutting down on short notice and closing all communication methods and channels at the same time, and will simply keep whatever isn't withdrawn.

Given that many users with funds locked behind their KYC-wall are still unable to withdraw months down the line after jumping through endless hoops, I doubt very much that everyone is going to be able to withdraw in the next two weeks, especially since they say they don't have the funds to continue operating.

If anyone has sent their personal documents to these scammers, I'd be placing a fraud alert (or your country's equivalent) on your credit file.

All users had to stay away frِِom that platform when they started to impose KYC. The date of the announcement of the restrictions was on October 1 and on the same day KYC was applied "Otherwise you won't be able to withdraw your money."

Source and for more information ----> https://bitcointalk.org/index.php?topic=5189304.0

It's good that they made the announcement long enough, but the main purpose is to steal depositors' money.

They can just simply do an exit scam. Why bother making an announcement if the main purpose is to steal money. Just to make it more professional and no one can blame them for stuck funds if ever there are users that aren't aware? We can't get much feedback here about their users itself so we don't know if that KYC thing was processed fast as stated.

For those who have stuck funds there, if your coins or tokens listed there are somehow near in becoming a dead coin or no progress about the development, think of saying goodbye to those now instead of submitting your personal information. I don't understand what's the use of that KYC. They can just verify their users according to activity logged as no password changed, usual IP used, email verification, etc.

There was a way you could get around CryptoBridge and use other Bitshares based exchanges with your same account.
Nobody had to do KYC in the first place... but people won't listen.  ::)
I consider this a exit-scam.

EDIT:
Same thing happening with OpenLedger fakeDEX
https://dex.openledger.io/news/openledger-dex-temporary-suspension-of-activity/

Just an update here, there was no plan to relaunch at all. The crybtobridgeEU twitter account, which provided that info about launching again, is fake.

They even did not allow their users a time frame to withdraw funds without KYCs before the KYC requirements on Crypto Bridge officially was in effect. Instantly, when they announced KYC requirements, all of their users have to do KYCs if they want to be eligible users and have rights to withdraw funds from CB. That is more than ridiculous.

The lesson from Crypto Bridge is another lesson (new one) for newbies that storing funds on exchanges are always the worst idea. Basically, exchanges can turn into scam whenever they want.
They did it when they required KYCs on US citizens (they allowed some weeks or one month as I remembered), months before the KYCs on all users. I don't know why they changed their approach for the second KYC requirements on all user. Maybe they decided to announced and made it went in effects instantly as consequence of failed attempts to steal money with KYCs on US citizens months before.

Much wow.

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Good news is another low-tier scammy shady shit exchange stop operating. Let's hope they will really stop operating instead of running another exchange even if they said to not relaunch at all.

I can help you to withdraw your coins from Crypto-brige exchange even now, when it's closed, and without KYC. PM me.

I didn't know in time to remove the cryptobridge funds and I can't withdraw my litecoin balance. Does anyone know if there is how to recover the balance that was there?