Exchanges manipulation. Can't withdraw during the pump.

[pawanjain]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

I don't understand why people think of going to such exchanges which are not even in the top 20 exchanges in the coinmarketcap list. It is obvious that you will have to face some risk when you are using low rated exchanges. I have personally never heard of hotbit.io . Besides that, why do you want to invest in a new coin ? Again, new coins have the highest risk of loosing value.
Investing money without researching and analyzing the market condition is equivalent to gambling. People must start to know the difference between gambling and trading. Only then they can gain profits.

[1714909870]

1714909870

[1714909870]

1714909870

[1714909870]

1714909870

[1714909870]

1714909870

[TastyChillySauce00]

It's probably the people pumping so hard and sending so many buy requests in the trade to the server so the server went down.

If the server goes down that easily might aswell close down the exchange at all since they will hardly meet the requirements of having proper site with good server so that nothing bad will happen.

[mastersay]

I also experience this issue. At that time, I was on hitbtc exchange and they have sponsored airdrop. And Ignis on that time was extremely high. And hitbtc hold our fork in ignis, and they released it only after ignis price was crushed so much. They have the benefit of it and poor are the investors.

[pokxon]

This is not unusual for longtime traders. You can see this on big exchanges. They may allow you to withdraw money but it will have to be handled by a private group. They will check your order before accepting your withdrawal. Because at that time there were many transactions happening on the exchange platform, the system could not handle them all and it was delayed for a short time. Maintenance during pumping is an unkind act. You should look to another exchange platform.

[maydna]

It's probably the people pumping so hard and sending so many buy requests in the trade to the server so the server went down.

If the server goes down that easily might aswell close down the exchange at all since they will hardly meet the requirements of having proper site with good server so that nothing bad will happen.

The member will leave them, and it will make the exchange getting lose a chance to become bigger. They need to think about renting bigger hosting server so the trade will not get trouble. Besides that, they need to care about the security of the site because that is the most important things they need to concern. And when I get those experience, I will leave the exchange, and I don't want to use their service because I don't want to be a worry with the worst things that might happen in the future.

[StarofBTC]

I don’t really know why you newbies choose to be making use of exchanges that has no reputation.

I don’t even know about this exchange you have mentioned. But anyway, if you were giving information earlier on that the platform is about to undergo some maintenance, why then did you choose to trade during the time for maintenance ?

You should have had patience till they are done. If you’re trading during time to maintenance you’re likely to lose your money, period!

[esetop01tryba]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

This is a common phenomenon on exchanges that do not want to make a name for themselves, they just want to get rich at the expense of others. Very often faced that when there is a run of prices on different exchanges. Conclusion close and sell their own coins. Also now it is important to put the bot on a certain coin so that it controls the course ! I think the system is rotten !

[travwill]

Unfortunately, these are the realities of using centralized exchanges. In addition to volume manipulations, they can do completely different things, which means that you are not a full-fledged owner of your funds while they are on the exchange.

[moonblocks]

If you don't use highly reputable exchanges then you may encounter all kinds of issues, but it's best not to assume anything and simply find out why the deposits and withdrawals were disabled as this is routine practice for a lot of exchanges regardless of whether there's volatility or not, so just make sure you assess the risks before using them and never deposit funds that you aren't actively using

[Alucard2425]

I have the same incident before and some exchange they have High minimum for trading.

[oppo070]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

I guess exchange are doing great cooperation with other exchanges out there, I read different news there pertaining to these scenario, if we still keep the market increase, it would be a good IDEA. So, don't be sad when we can't withdraw, just think of the future when these coins keep increase just the way as before.

[nlaara12]

There are so many things going on in the crypto space today that at times you find it difficult to believe,so many manipulation, i just hope things will get better.

[overnight03]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

you should not buy such coins to trade even though its rate increases very high but it is also very risky, you should buy the altcoin in the top 5 of the coinmarket to trade, it will be safer

[Accepted_check]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

I have also experienced that, but with other exchanges. They said they'll have a maintenance and will open their website after 2 months. After 2 months, they decided to extend their maintenance. And until now, they don't have an exact date or even a tentative date as to when are they going to open their site. I'm afraid I'll be going to loss my token.

[gowobonyok]

Yes, it's so usual nowadays. If there are something important news, exchanges go under 'tehnical works'. Also I had the sam situation while one coin was extremly growing, withdraw was unavailable.

it is important for the coin to avoid a dump when the price goes up and everyone sells. I also felt the same way.

[UAE Seasider]

It can be difficult trying to trade new or unknown coins that have not made it onto one of the bigger exchanges, but wallet maintenance on new exchanges is not uncommon and I doubt they are doing it just to inconvenience you. If you were holding whilst most people were selling it sounds like this was when you lost out rather than during the maintenance.

[Gridness]

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

it is usually when the price pump and hard to us to withdraw, may be caused to much transaction and cause server down

[icalical]

I am not using hotbit.io though, but some of my friend also has some issues with this exchange. You can complain on their ANN thread, if they have any thread in this forum. I don't have any experience like you do, but as a trader I know that I will be very upset if I was in your position, you have lost big opportunity. Moreover after a long bear market.

~snip
. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

And this is absolutely possible to happen, that's why I think we need to move to decentralize exchange.

[Krium project]

unfortunately a good part of the exchange works like this, increasing their daily volume and forcing you to trade again

[Nggedebus]

It is indeed sad, tho face that kind of occurrence.
Even if we are angry with that condition, we can't really do much if they are using that kind of excuse if that were to limit the customers from withdrawing their investment.