Bitcoin Forum

The IDAX Exchange's CEO evacuated the company, took away the cold wallet and disappeared. No one can contact the boss even the employees of the company.
Sadly I have some APL left in there and still on pending withdrawal.

There are many rumors at the moment and no one knows really what is going on.

Rumor 1: CEO run away with the cold wallets
Rumor 2: CEO has been arrested by Chinese authorities.
Rumor 3: Exchange was closed by Chinese authorities and is now relocating overseas.

The big concern is that Idax has already been accused of scam other projects, so  ::)

Let's see, 700 million$ a day trade volume exchange (which has numerous hiccups in the past) is not processing withdrawals so the next moment panic...

I'm not saying it's not an exit scam, a "hack" or anything else, but how the story is pictured in some media about the CEO firing employees, grabbing the cold storage keys on a stick and running an away seem a bit far fetched. It would also not match at all with the scenario of the police raiding their office either, this is China not Mexico, you don't disappear from the police there, they make you disappear!

Anyhow until now, we have rumors and a brief post from the exchange...


Not a scam yet but also the last place I would want to have some funds sitting right now.

If anyone wants to read a good fantasy drama novel on this, here you go :
https://cryptobriefing.com/idax-exit-scam-users-face-withdrawal-difficulty/

IDAX exchange is not possible to scam it is just some of the problems that are being handled by this withdrawal I hope IDAX services fix this soon and users can withdraw their assets freely.

Sometimes you need to believe in the rumors, we are on cryptocurrency dude.

Did you forget about this? "Buy the rumor sell went news came outs"

IDAX already have negativity rumors and news about their service a few month ago, i decide to leaving indax at 5 months ago. Some of the problem at IDAX:
- Scamming an IEO/ICO Project with a fake result token sale.
And about this too :


Coinmarketcap also giving a warning for IDAX Exchange.

Rumors or not this kind of news is quite scary. Like last time I heard that there is a project called cryptomarketads that conducted their IEO then they mentioned that the funds collected on IDAX was sammed by the exchange indeed they post a long explanation regarding this. Now CEO left? Im starting to believe it could be true.

Have you checked their telegram chat? Admin is not responding and it is full of spammers now. Withdrawals pending for over a week or less. I personally have a pending withdrawal since the 22nd and no one is responding so no need for proofs this is the truth.

Well, it sounded like it was a scene from a movie but it ain't:

https://idax.zendesk.com/hc/en-us/articles/360037327571-Urgent-announcement-about-current-situation-of-IDAX-Global


Funny how they still have 700 million in trading there.

Why are you using the word not possible, everything here  is unexpected and possible, and what's on IDAX that it will not scam people, there's a lot of speculation and accusations so we will wait for the final confirmation on what happen to IDAX, but right now the safest is to withdraw your money if it is possible but I think it's not possible anymore,or stop using IDAX, until everything is settled.

CEO dissapeared with the private keys, so is possible that it was kidnapped, already the CEO of Exmo was kidnapped a couple of years ago so it can happen again.

I was just thinking that  IDAX was a decentralized exchange so how can they scam when everyone have control over their private key in decentralized exchange ? Is it so ?

You're thinking of IDEX (https://idex.market/eth/idex) (with an E, not IDAX (https://www.idax.pro) with an A)...

Oh so Idax and Idex are two different exchanges, I have the IDEX exchange in mind when i saw this post.  These two names are too much similar that anyone can get confused who did not know that IDAX exchange even exists.

This has been warned many times before also that   Do NOT use IDAX echange !!! (https://bitcointalk.org/index.php?topic=5169477.0)
If you did not follow the warning and still kept the balance in Idax exhange, then who is to blame ?

Many ignored the first thread about the IDAX scam warning but now it is happening again and everyone blames IDAX,
I do not know whether this problem continues or just coincidence but what I know is that many IDAX exchanges are suspected by those who know better in my opinion.

this does not seem to be a mild problem and can be solved as you imagine.
many things are too complicated to believe, starting with the CEO who lost with Cold Wallet and Hardwallet.
to the possibility that all staff have worked together to commit common crimes and fabricate the story that this is only the fault of a runaway CEO.

they runaway ! Please be careful don't hold your assets at exchange wallets,
sometime they say we got hacked or simply run away,

Lesson learned for me, cause I was too confident about exchanges like IDAX that they will not run away since they already have a reputation but I guess it is really hard since you are not holding any private key on it! IDAX was really good I am using it for less than a year but now I am totally rekt.

in crypto i think we can't believe on anyone or anything, There are so many other exchanges,
Latoken and P2Pb2b these may be next one,
i personally believe,
because they listing every single tokens/coins on their exchange they don't care if the project is scam or not,

i recommend to everyone withdraw your assets after trade

So, it's been a week since they've frozen deposits and withdrawals
And yet, the volume is flat, 700+ million in trade a day.

Common, who are they even trying to fool with this?
I'm starting to doubt they had more than 1-2 million in real trade volume to begin with.

Also, the irony, they still have this on their main page:

No more news about this exchange?
all seems strange  :-X

Latest news (https://news.8btc.com/china-based-idax-crypto-exchange-vanishes-with-20-billion-as-capital-strand-breaks) doesn't look good...

Allegations of Idax Scam have already been discussed https://bitcointalk.org/index.php?topic=5158867.0
be more careful when you want to trade, nowadays there are many scam exchanges.

Idax was once red flagged during an IEO, that was conducted on the exchange, instead of giving the project team the fund raised they alleged no fund was raised, this would be later said to have been resolved by Xcrypt team and CryptomarketAd, but I observed that incident and stay off Idax. 

That title...

Really?
They would have to hold at least 3 million Bitcoins for that number, the author probably has mistaken million for billion.

On the other hand, while the offices are empty, wallets are empty, people are getting arrested, the bots are still faking the volume big time:
IDAX $770.551.761 (https://coinmarketcap.com/exchanges/idax/)
One more roof, if we needed one more that is, that you shouldn't trust any damn number on coinmarktcap!

True, probably something got "lost in translation" (either Billion/Million or the currency USD/CNY/KRW) but the "essence" of the news stays the same: "doesn't look good"...

20 billion seems like alot of money, many will be looking for the CEO: FBI, Interpol, CIA, Europol, Chinese secret service, etc

I hope the mystery gets resolves soon

Well, I have used IDAX before and thankfully I have no problem with it, they allow for quick withdrawals and deposits. Maybe this time they have a problem with the Chinese government, so they have to run away and take the cold wallets, hoping everything will not go too bad.

And finally, they stopped...one bot!
The volume dropped from 700 million to 170 million in a matter of hours.

https://i.imgur.com/pj5CnPf.png

But, and now this is the funny part, the only one that dropped was the BTC USDT pair, the ETH/BTC is still as 80 million.

And, do you know how much the USDT market dropped?
Well, from 400 million at one time to ...1700$. Yes, less than two thousand $.

Nothing but fake fake fake numbers.

the real exchange is idex.market idax is a scam clone.

As already said just a couple of posts before yours:

So after more than a month, they have closed telegram groups, that looks even more bad, any other news?

Nothing and this shows just how much fake stuff was going there..
They were claiming 700 million in trade a day even with those problems, and yet there is little no one outrage in the biggest crypto blogs or on the groups or even here, a clear indicator that probably the real amount sitting there was in the thousands of dollars, not millions.
Imagine, the 10th largest exchange bites the dust and close to nobody gives a damn,

Checking around what is still trading there I run into yap stone (https://coinmarketcap.com/currencies/yap-stone/)
And if you look where this coin is trading, another clear indicator that idax was used only to pump op fake volume for shitcoins.

the thing I cannot accept/believe is it seems no one is trying to investigate or prosecute the scamming ceo. This scam has been totally forgotten.

And if say that twice (in two topics) it makes even more unbelievable  ;D?

IDAX was faking the volume big time, their main target was people who could dump some altcoins that weren't tradeable anywhere else, not big whales in traditional pairs. And if they had a few important ones probably they told them to get their money out and say nothing and they fleeced the little users.

Let's say you get scammed by an exchange you have no real clue where it is located or what company is behind it, most likely situated on the other side of the world and you've lost 100-300 let's say even 1000$? Are you going to file a complaint? Probably not, and that's what thieves like this know and take advantage of it. There have been so many cases where exchanges have disappeared and only a few users actually complain to the police but if the authorities where the crime was committed or the criminal is from have no interest in dealing with it, nothing was solved, and the way things go in cases where action has been taken, like MtGox are even more discouraging.

Unfortunately, rather than not believing it start thinking of it as the new normal.