Yeah, especially when you consider how little communication has been released by CoinsMarkets.  That is the real alarming indicator here.  They have a news section on their site that still works (sort of), no post since the 3rd, I believe.  They have an account here on this forum, no posts.  They have a Twitter account, no posts.  They have all our emails to send out an email blast, no emails.  They have many many different ways of communicating with all the customers, yet they fail to do so.  That is the most alarming sign that points to a bad ending here.

If this were just some simple server upgrade/fix, it would not be difficult to put out some clear explanation of what is going on.  The fact that they have been putting up these repetitive one sentence updates on their website that doesn't really load the home page half the time is ridiculous.  Now they're trying to make it seem like customers reporting them as fraud to their webhost (and rightfully so) has prevented them from coming back online.  Now they're "looking for new hosting".  Bottom line, if CoinsMarkets was communicating openly, clearly, in detail, with consistency, then i would be just fine with them working thru their "issues".  But when you look at this pattern of behavior in how they are not communicating and using excuses to buy more time, it doesn't look promising.


Also, this should be of no surprise to anyone, but I can confirm as a seasoned network engineer and software developer that there is beyond the shadow of a doubt extreme incompetence going on here from a technical perspective.  The fact that they were apparently using a single dedicated (or worse, a VPS) hosting service for an exchange website with tons of users and millions of dollars in cryptocurrencies clearly demonstrates they have no clue what they're doing--at best. Instead, they should've been running on some kind of cloud based, elastic/scalable server infrastructure, such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud, etc.  I suppose in hindsight the warning signs were evident, especially when you look at how horrible their frontend was put together.

If this hasn't already been proposed, I think its time we seriously consider putting together legal action against CoinsMarkets (or Juvo Marceles, the alleged owner).

I would be more than willing to put some funds into some kind of crowd funding campaign.

I think its becoming abundantly clear with each passing day that this is either one of three things (or a combination of):

• a total scam/theft
• extreme incompetence/negligence
• or, they've been hacked into oblivion

Either way, CoinsMarkets extreme lack of communication on the whole issue is indicative of this all pointing to one or more of the above likelihoods.

Is anyone familiar with the legal recourses available to us in the Amsterdam jurisdiction (assuming that is the location where the site is owned as reported)?

Anyone have experience putting together a crowd funding campaign?


What are your thoughts about taking legal action?  I'm in.