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The digital currency exchange Graviex.net has been down for some hours now with a 502 Bad Gateway Error, it may be in the process of being an exit scam. Please be warned. Any news or thoughts on what might be going is more than appreciated. Thanks.

They have been under a massive attack and have been ask for a ransom.

https://i.ibb.co/zX5sy81/Screen-Shot-2019-12-30-at-8-16-55-AM.png (https://ibb.co/K2G6MNY)

https://twitter.com/graviex_net/status/1211356470576631808

You can follow everything from their official twitter page.

So we need to wait for further announcement if it's an exit scam or not.

Oh thats terrible.. Isn't this the usual recipe for an exit scam?

I'd say the usual recipe still allows deposits but has "temporary" withdrawal issues. I've never used them and have no idea what they have been like as an exchange. Regardless this is just another good reminder to not keep any coins on an exchange long term.

You should also move this to Service Discussion (https://bitcointalk.org/index.php?board=85.0)

Hopefully this can reach more people since its in the exchanges listing but still this is terrible news. I don't know if anyone remembers the more well known names such as cryptopia and the infamous coinsmarkets but it was almost identical in what is happening now. It's true always due your diligence and if you can take your money out of the exchanges as soon as possible.

This the reason that I don't left investment in any exchanges now especially if I plan not to trade for long. Hopefully not many uses these exchanges or didn't have many investment left on it as I didn't use this exchange even once.

Well it's not nearly as big as a Binance but it still has a nice little daily volume of around 100,000 U.S. Dollars.

You forgot the zero trading but huge withdrawal fees which is also part of that standard recipe.
Though I currently have no reason to not believe they are under attack. A DDoS attack is a rather bad cover-up for an exit scam.

And the plot thickens:


https://twitter.com/graviex_net/status/1211572788055724032

They said that the criminals next target are the following exchanges. That is based on the conversation they have posted. So let's see, hackers find another loophole, they are not hacking the exchanges but a coordinate DDoS attack and then ask for a ransom money.

The site is somewhat back up so i think it might be back online but still to anyone that uses Graviex or any exchange for that matter as mentioned before please take your funds out as soon as possible. Thanks again and for anybody that has some news pertaining to this please keep us updated.  

Is it the truth? What is the goal to DDOS an exchange with such low volume
https://coinmarketcap.com/exchanges/graviex/ ($62 688,82 USD 8,54440269 BTC)

A pic showed they don't pay for the botnet but they own it, I still don't get it, why don't they do it with a medium or large exchange.
Or are they desperate enough to find something to do with their botnet?

Well you know we could always play the paranoid conspiracy theorists and say it was an inside job of some sorts. To what conclusion? Who knows, who cares, just keep your funds safe.

Bad news guys and girls, I'm getting a 504 Error again.

Works fine here.

A DDOS attack is usual and common in every exchange. We can't just say that an exit scam will be followed*. Too early to assume so instead of making a conclusion right away that this exchange is making an exit-scam attempt, it would be better to throw away advice to people to take precautions using this platform.

However, it's not with the attack that users should be worried or make it a concern but it's always a good practice to consider using only those reputable exchanges. Unless some coins/tokens are only listed on those small to med exchanges, that's the only time people should take the risks testing the waters on these exchanges.

It is also working on my end.

But as far as exit scamming, still inconclusive at this point but it they did then this could be addition to weird circumstances of exchanges exit scamming (hacks, inside jobs, CEO die, etc).

site is back up---are withdrawals working? doesn't look like an exit scam (yet)....


on its face, it was an extortion attempt. i wonder how much the attackers were asking for.

larger exchanges could presumably handle such a DDOS attack. maybe the attackers thought if they could take the site down long enough, the admins would simply give in to their demands.

It works for me, also withdrawal working stable and very fast. no issue here.
btw I never had any problem with Graviex, though I didn't overuse it.


Maybe unsatisfied user. it is to be expected that small exchanges have worse protection.

Volume is low, but keep in mind that initiating a DDoS doesn't have to cost all that much. If they demand something like 1BTC they will profit big time. It may sound like a low amount, but for the little effort and cost needed to execute such an attack it's extremely profitable. I really hope they haven't paid anything if their claim of being extorted is legit.

I can somewhat respect these smaller exchanges for not artificially increasing their volumes to rank up high on sites such as CMC. Usually a sign of honest business.

Try it again, just like others me as well can verify that the site is working and not showing any error message. If you have doubts with them now, you should move your funds somewhere you are confident with.

If they were to exit scam they surely would not announce their intentions. There is nothing to be sure of here.

They should really just come out and say clearly whether or not customer funds are safe. If it is merely an attack on the front end of the site then I don't think that there is anything to worry about, whilst if the intruder somehow got access to the hot wallets then there is a much bigger problem.

But yeah, this is the risk you run with using these small name exchanges.

Better doing that instead of worrying about your funds if you have it inside this exchange. There's always other options that you can take if you don't feel secure with such exchange then moving your funds is the best option for your money. There's no conclusive information regarding to this claim and the site still working.

It is nearly impossible to pinpoint the reason as we don't know the rest of data. Which is why there should be a change in the market, either an increase of transparency (like full disclosure of the address that was used for a cold-storage), or an increase of user control of their funds (using something like sc to control the funds so).

If something similar happens again in the future, at least user can withdraw their funds without accessing the exchange.

I have not made an exchange on Graviex, although I have an account here, but it's a cause of alarm, every time there is the news of hacking or exit scam, is a cause of alarm in the community, with this kind of news about that exchange it's better to get your funds out there, we should monitor all the activities of the exchange that we are using.

Seems like that they have resolved all the issues with the hacker: https://twitter.com/graviex_net/status/1211572788055724032

Anyways, the site is online and I think that they are even launching new trading pairs or interfaces on their mobile app. So it does seem that all is well. If anyone that uses Graviex can confirm that everything is as per normal that would be obviously greatly appreciated.

Still though, be careful with using these smaller exchanges because they can exit scam at any second. Especially the unregulated ones, or even regulated ones in another jurisdiction different to your own.

It sounds more like they're beinhg DDOS'd.

Any error page starting with 50x means the servers are overloaded - so 504 errors or 503 errors mean that the server is overloaded. Whereas error pages starting with 4xx mean the page has been removed by the website owner.

So the problem is external, they're under attack. Whereas exit scams are internal - the owners of the site simply shut it down and leave.

By the time he posted the problem it's during the attack/ddos and that's what made him think that it's a probable exit which can everyone think of if his funds was at stake.

It's a mixed emotion from him because his funds was affected but anyway it's all good unless he replies and verifies that he has his funds already.

They are indeed being DDOS'ed yet i do able to access this exchange as of this moment. Wait? Is this really an exchange? I thought this one is a school project.LMAO.
For those who do have funds into this exchange then its better to secure it out and pull it out while they can.Why people do really fan on using up unknown exchange yet
their are more better options ?

Something weird is on this exchange. I am withdraw assets from there when I read this topic and today I received email confirmation about coin transfer even if already receive my withdrawals.
Probably is nothing serious, but problem is obvious.

People got so paranoid when it comes to exit scam of exchanges that a short period of downtime will be posted in the forum a rumor of exit scam. Cryptopia effect had really made us actively warning each other about what could happen because it wasn't just the exchange that did it. There is also coinexchange and I so this isn't ready to go away in our minds as early as possible.

A way more earlier specially to those big exchange hacks happened in the past.When downtime happens then it cant really be avoided for people to think up this way.
Panic would comes next so i cant blame why people do easily react even on a small downtime.By looks of this exchange i dont already have trust.

A reason why coins to be hold are not meant to be stored on exchanges. They wouldn't be trusting Graviex as well since this is just a small exchange, its a wonder why some users get to sign up to this exchange when there are bigger ones out there. Small exchanges are the scariest to use, its like they are just waiting for a big amount of BTC to come in before they will start freezing an account just like what happen to cryptex scam (https://bitcointalk.org/index.php?topic=5200216.0).

The exchange is live again, this is really one of the risk of every exchange, they are subject for attack if they can target big exchange, what more on small exchange, I'm glad that they have countered the attack, and if you don't have confidence on small exchange on it's security then go for big ones, but Graviex seems, can handle the situation.