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Author Topic: BEWARE of POLONIEX BTC WITHDRAWS  (Read 27223 times)
shinra (OP)
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September 12, 2016, 12:30:07 AM
Last edit: September 12, 2016, 01:27:02 AM by shinra
 #1

I'm here to share my experience with Poloniex with the rest of the altcoin community. May this be a warning for future traders who are thinking about using this exchange.

I've had a small BTC withdraw frozen by Poloniex staff for upwards 24 hours and might persist for possibly longer. As of the time of this writing there is no warning on their website about withdraws being frozen for 24-48 hours. In the years of trading I've never ran into this situation.

When I opened a trading account with Poloniex, I did so despite my reservations relating to their previous hacks[1] resulting in coin theft. To my surprise, I noticed a red flag upon signup that Poloniex requires first name, last name, country and so forth just to trade coins. I could understand if I was signing up for a fiat trading or lending account, but this is just for trading coins. Poloniex has stated this is because they are federally compliant yet, Seattle-based Bittrex.com is also a US federally compliant exchange and it allows users to signup with just an e-mail address like most exchanges that deal with crypto trades.

Any time an exchange user wants to trade in fiat currency he is required to verify ID and that is understandable given the AML/KYC laws relating to electronic money transfer. I've looked around to find any information relating to ID requirements in regards to cryptocurrency and I can't find a single US law or statue which requires businesses to demand this of users unless they are dealing with fiat currency i.e. USD or GBP. This is because the IRS defines cryptocurrency as property[2], not currency. So why are FINCEN laws relating to currency being applied by Poloniex staff?

Futhermore, Poloniex has implemented currency controls for withdraws of cryptocurrency greater than $2000. If a Poloniex user would like to withdraw more than this, they are required to verify their ID, address and more revealing information. Again, what concerns me here is that there is no law requiring them to do this that I can find yet they are doing this regardless. This goes against everything that cryptocurrency stands for - the protection of privacy and avoidance of global currency controls tied to fiat currency. Bittrex requires no ID for any amount of coin withdraw.

What is surprising about all of this is that XMR, which is supposed to be a privacy oriented coin has had its own pairing on Poloniex for a few years. One would assume that the operators of Poloniex would respect user privacy like Bittrex or other exchanges that deal in crypto to crypto exchanges. But, unfortunately that is just not the case here.

I do have a gut feeling that Poloniex might be acting as a honeypot to establish a database of crypto traders for some government entity thereby deanonymizing any technology built into respective privacy coins. I also wouldn't be surprised if the two darknet markets that added XMR as a currency are operated by the same team as part of an operation to funnel users into their database. Poloniex had no logical business related reason for giving XMR it's own pairing years ago unless they were planning something big in the distant future. It's quite obvious that they aren't privacy advocates.  

A word of advice from a trader who has had their coins frozen for no reason. Move your coins off Poloniex and into a secure wallet environment. If you're going to trade coin-to-coin do so on a reputable exchange like Bittrex or the decentralized exchange Bitsquare [3]. I do not work for Bittrex, I'm only using them as an example due to both exchanges being based in the US. Richie Lai, the owner is Bittrex is also in charge of Amazon's Security Operations Center [4] and probably the reason why they've never been hacked.

Don't be lured into trading on Poloniex because of the large volume. The only reason why it has a large volume is because they have currency controls that limit users withdrawing funds. To reiterate, I have suspicions that Poloniex might be gearing up to stage a false flag hack which will result in a compromise of user's identities, locations, phone numbers and most importantly funds to bad actors. This could result in identity theft if large trader info were leaked. Personal security would also be a risk as whales would become the target of criminals.

The ramifications would be numerous and only time will tell if I am correct. Be smart, take a precaution and minimize risk by switching exchanges.

TL:DR  Poloniex froze my coin withdraw for no reason and without any disclaimer on their deposit or withdraw. It might be gearing up for a false flag hack resulting in the theft of user identities and funds.

[1] http://www.bitcoinx.com/poloniex-hacked-12-3-bitcoin-supply-withdraws-difference-user-accounts/

[2] https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

[3] https://bitsquare.io/

[4] https://www.bittrex.com/Home/About
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September 12, 2016, 01:25:15 AM
 #2

Is it true?

“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.”
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September 12, 2016, 01:31:07 AM
 #3

I haven't had an issue with Poloniex so far. Hopefully they don't pull some sort of scheme
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September 12, 2016, 01:42:54 AM
 #4

I have been with Poloniex from the beginning and never had a problem with them up to this point.

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September 12, 2016, 01:48:30 AM
 #5

might be case to case basis mate im with polo as well and never experienced so far hope not, lets wait if there's an explanation with your case OP but thanks for letting us know for us to be alarm.
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September 12, 2016, 02:39:40 AM
 #6

I have never used Poloniex before.
But isn't the accusation of 'staging a false hack' with loss of identities a little too outrageous? Huh

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September 12, 2016, 03:16:41 AM
 #7

i am on poloniex for a while and i don't see any problem when i want to withdraw or make deposit bitcoin in my account. maybe when you make a withdraw on that site, poloniex has just doing maintenance so this can make any problem. but i don't know what is happen actually. if we have this situations, better to ask the support, if they don't give the answer, try to ask again and again until our problem resolve.

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September 12, 2016, 03:22:06 AM
 #8

iam not hear about problem poliniex after poloniex can the big exchanger with big volume transaction
your account frozen maybe your acount problem, this problem verified or another problem

you can solution send ticket or chat with troolbox or you can inbox owner account poloniex in bitcointalk

poloniex hack before 2013 is poloniex in new exchanger and few volume transaction and not big exchanger
your write with new account newbie and write bad about poloniex
not solved problem, maybe your problem can incrase is big
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September 12, 2016, 03:23:02 AM
 #9

I Have been there around 1 Years. Anythings withdrawal doing smoothly even small amount withdarawal or huge amount. I realy never got problem like you. This are policy I think, So this are comfort between the two parties. Keep yours ticket to Poloniex, may poloniex will be explain for that all.
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September 12, 2016, 03:46:56 AM
 #10

I have been using Poloniex for years, and only ran in to trouble with them once.


Last year, OUT OF NOWHERE, my account was locked.  Couldn't trade or withdraw my funds.  I filed a support ticket (through my email that I log in to Poloniex with) and they claimed my account had suspicious activity, as if someone was trying to get into my account (despite me not sharing my details with anyone).

What still bugs me, is that they would only unlock my account if I submitted my personal information to them - as if this would prove the account was mine.  I had given them nothing prior to this, so there was no information they could cross-check my requested information against.  Which means if I really was a hacker, using my compromised account, I could have just submitted fake information to them, and they'd hand over my entire account without batting an eyelash.

They wouldn't give me any information about why they locked my account, nor a response to what I posted above.  NO logic behind their actions whatsoever...

...I still trade (lightly, obviously) there, but it should be general knowledge by now that if you can store your funds off exchanges, STORE YOUR FUNDS OFF EXCHANGES.  Cold wallets, paper wallets, trezors, anything.  You never know when a 'reputable' exchange will screw you over, when they'll get 'hacked' and run to China with your money, or the like...stay safe Smiley
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September 12, 2016, 06:09:55 AM
 #11

so far i never get problem with poloniex and so far they are legit popular and one of the best exchanges
if you get that experience, should we move on other exchanges?i think we shouldnt believe exchange
someday if they greedy enough they will run our money, dont save money on exchanges
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September 12, 2016, 06:29:00 AM
 #12

they have blocked my account a long while ago because they stopped accepting my country and my funds were blocked with it too but it was so small for me to worry about anything so I didn't care and moved on to a better exchange service called bittrex and I am happy with it so far. although they have added USDT and have changed some rules about verification,... but there is no problem there so far!

Any time an exchange user wants to trade in fiat currency he is required to verify ID and that is understandable given the AML/KYC laws relating to electronic money transfer. I've looked around to find any information relating to ID requirements in regards to cryptocurrency and I can't find a single US law or statue which requires businesses to demand this of users unless they are dealing with fiat currency i.e. USD or GBP. This is because the IRS defines cryptocurrency as property[2], not currency. So why are FINCEN laws relating to currency being applied by Poloniex staff?

this is also my question and I don't really understand why they did this since the do not have any fiat (bank related stuff like what cex.io has) on their site. and USDT is the closest thing to fiat they have and that is just an altcoin.

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September 12, 2016, 06:36:15 AM
 #13

no problem happened in here too , and when i contact their support my problem always solved
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September 12, 2016, 06:41:51 AM
 #14

So its like they are making themselves banks which needs more information when there is a problem.
Havent experienced this one so I got no clue to what could happen. If this is just a bug or trying to do some theft. I dont put much here on poloniex just some for fun in trading.
I hope this could be fixdd through a ticket.

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September 12, 2016, 06:47:28 AM
 #15

Is it true?

Most probably, been trying to recover my account thru email verification so i request an email. Few hours it gets inside my email after clicking the link it still didn't verify my account. My coins are still there.  That account of mine was created when XMR were still 0.50$. Bought just about 50+ of it as its only available on polo Back then and now i can't think of ways to get it.









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September 12, 2016, 07:22:02 AM
Last edit: September 12, 2016, 03:15:50 PM by Spoetnik
 #16

Is it true?

What ? That he waited 24 hours ?
The rest of what he said is obvious.. i have been saying the same damn thing for ages.
..or did you all forget ?

Technically there is no law like he said.. they claim it is a precautionary measure.
Anti-Money Laundering laws exist but they were made before Crypto existed.
Which those laws are tied to the Picture ID etc requirements.

Many of these places freeze accounts and lie to users then hand off your full info and logs to US Fed's.
They admit it too !
Cryptsy and Coinbase have admitted it for example.
I bet my left nut if they collect ID they are doing it too !
It's called common sense.

And apparently you all bent over and said yes sir please put it in my bum.
Because when these exchanges changed AFTER the fact you all said fuck all and went along with it.

I DID NOT !

Not supring though i have more credibility integrity and class than the whole entire majority of retard lemmings in Crypto combined.
So this is just one more example Wink

I applaud the OP here for bringing this up though.
Ya'll loiter around chanting FREE MARKET / NO LAWS then buy ICO scam coins for Profit on Centralized exchanges that are using laws HAHAHHAHHAHAHHAHAHAHHAHAHAHHAHAHAHHAHAHHAHAHAH

Say 1 thing ..and do another  Roll Eyes

Decentralized ? Free Market ? No Regulations ? Anon coins ?

R O F L

How many times have i told you all to go buy Monero's at poloniex with your picture ID ?
100 times ?

What did the lead main XMR shill say ?
His grandiose retort was.. you don't HAVE to buy them on Poloniex etc.
That you *could* buy them from alternative sources.
ORLY ?
..me thinks those morons should update their Hoodie slogan  Cheesy

Secure, Private & untraceable ?

Should be..

Secure (until we get hacked), (Sometimes Maybe) Private'Ish & untraceable (just don't buy them on most exchanges)



I said all along it was a crock of shit.. a farce.. a fucking facade they were pushing.
Nothing has changed.


FUD first & ask questions later™
Wildwest
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September 12, 2016, 07:46:18 AM
 #17

I have only used bittrex which seems reliable but never keep too much on a exchange.


.SWG.io.













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4.45






tigerclub
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September 12, 2016, 07:50:39 AM
 #18

Really? I have traded there for 2 years, never have problem, have you verified your account there? My withdrawals are almost instant, sometime may take up to 5 minutes.

Azael
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September 12, 2016, 08:13:50 AM
 #19

Verify your account if you want to trade there or fuck off to another exchange. It's very simple. The rest of your post is full of shit like the Coinbase hate on /r/Bitcoin by people who do not want to verify their accounts... but still want to trade on Coinbase!

twitter.com/erikledgers
yengyuenshe
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September 12, 2016, 09:13:14 AM
 #20

iam never problem is trade in poloniex
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