Coinpulse shutting down as well

[kenzawak]

https://www.reddit.com/r/CryptoCurrency/comments/ameout/urgent_coinpulse_is_shutting_down_withdraw_your/

CoinPulse will suspend all trading and deposits from February 1, 2019. We will keep withdrawals open until February 7, 2019.

We are asking all users to withdraw all of their personal crypto assets off CoinPulse Exchange by end of the day on February 7, 2019 to avoid them being locked out during the suspension period.

On February 7, 2019, All CoinPulse Exchange services will be suspended until further notice. No withdrawals will be permitted after this date.

https://bitcoinexchangeguide.com/coinpulse-informs-users-its-exchange-will-be-under-indefinite-maintenance-effective-this-week/

[figmentofmyass]

another one bites the dust!

these guys launched in july last year, so they didn't even make it one year. they don't have a listing on coinmarketcap, so i assume they never generated volume (despite all their bought followers on twitter).

i feel bad for their customers---not even a full week to withdraw funds? that's pretty shady.

[bL4nkcode]

I'm likely not familiar with this exchange, I tried to search them on cmc, nothing info found there. I wonder how many user base do they have if people use this exchange. How many small competitor in exchange industry will give up with this bear.

[jhenfelipe]

Their ANN thread here was posted only last Dec 11, not even 2 months old.

Anyway, CoinPulse users should make their withdrawal request asap. I've read in their telegram group that they are processing all withdrawals manually. If anyone encountered any problem, their telegram admins are active there helping users.

[Potato Chips]

Welp. Never heard of this and the above users seemed to be on the same boat so I'm thinking that its not just the bear market but the lack of promotion must've played a part too.

Oof a week is too short, I'm guessing they wanna get as much money as they can before everything goes down. I'm pretty sure, users who are not able to withdraw their funds within that time frame will exist, I wonder if they will still be here to cater them, when that time comes 🤔

[joniboini]

Seems like the bear market is a kind of natural selection. A lot of exchanges went insolvent or nearly insolvent recently. Bad and good news at the same time. I wonder why scammy exchanges or low-quality exchanges like BiteBTC is not yet dead though. Are they starting to get better or did they just scam their users to keep the platform running? Hopefully the former is what happened.

[figmentofmyass]

Seems like the bear market is a kind of natural selection. A lot of exchanges went insolvent or nearly insolvent recently.

it's the nature of the business cycle. an old friend of mine once told me "bear markets cause events, not the other way around". he said this shortly after gox collapsed in 2014.

during the bubble, the sky is the limit, and new startups make all sorts of absurd extrapolations about future business growth. after the bubble, the dreams all come crashing down as volumes and revenues plummet. and then comes the inevitable urge to pull off an exit scam with user funds.....

[timerland]

Allowing just 7 days notice for all users to withdraw their funds is ridiculous.

That is very sketchy to me how they just out of the blue decided to shut down all their operations. It's almost like they are hoping that some person doesn't see this message, and the 7 days pass, so that they have a valid excuse to not process the withdrawal to that user. Even with liqui's shutdown had a much longer period that allowed withdrawals, and withdrawals can still be manually made after that date IIRC.

But this bear market has been rough to these small to medium exchanges. Seems like at this stage that a lot more will shut down either due to liquidity issues or other problems. The best practice at the moment is probably to get out all funds (if any) from exchanges while you still can, before anything happens like this.

[Slow death]

these guys are very ridiculous and render bad services, this is their website: https://www.coinpulse.io

does not have this information, so I went here: https://www.coinpulse.io/announcement

and also does not have this information.

So who does not see this news on twitter and this news channel, will have their funds blocked, or have they sent any email to people?

other point:

they did not say the reasons that led them to have indefinite maintenance, but then they say:

“We are also inviting offers from any investors interested to acquire CoinPulse (which includes the exchange, website, its trademark and roughly 50M CPEX dev/unused tokens). Interested Investors can send their offers to Info@CoinPulse.io.”

It's all very strange

[stomachgrowls]

~snip~

Very very shady! It turns out that they are indirectly hiding that announcement. If they are really willing to return the funds completely from to its users, then there should be

an announcement pop-up when you do first browse on the site, so that all users would be aware to withdraw their funds immediately.For those people who arent

active to follow their medium channels will most likely to locked up their funds with Coinpulse purse. 

[squatter]

Allowing just 7 days notice for all users to withdraw their funds is ridiculous.

Not only that, but there's no announcement on Coinpulse.io itself and trading is still active. It seems like a really obvious attempt to disappear with customer deposits. Any responsible shutdown would allow for customers to withdraw for months after trading ended.