PrologueAt the beginning of 2018 there was “a
51% attack” on the MONA coin network
During that time there was double spending, which resulted in coins that should not have existed and appeared on Livecoin; where they were sold.
Sometime after this event, this stock exchange realized what happened, but it was too late. So, they permanently blocked the wallets for deposits and withdrawals of this currency.
Thus, begins my problem. Back in 2018 I bought 750 MONA coins at this exchange (at that time, the equivalent of 0.30btc) and after a while the bitcoin exchange rate fell dramatically. The MONA coin followed that pattern as well. At that time, like everyone else, I floated in the euphoria of a non-stop growing market and did not pay much attention to this situation. I was thinking for myself that this was just another price correction and I would just wait until everything recovers again, especially since the MONA coin looked pretty good and promising to me at that time.
However, the exchange rate began to recover only during this summer (2019). I was concerned about the problem of withdrawing my MONA coin from Livecoin, because their exchange rate did not reflect the market rate and the coin’s wallet was blocked. This made me think more about this situation.
What really happened? After the attack, financial claims against the MONA developers were made and deposit/withdrawal option was restricted only by the Livecoin exchange. All other exchanges remained unrestricted. Strange, isn't it?
This exchange immediately blamed the MONA team for all its troubles and made a claim to them for financial losses. If you read the 51% attack link I provided above, you will understand that due to the low capacities and the initial stage of the emergence of the cryptocurrency industry, all currently existing coins are subject to this problem.
Not everything is as bad as it seems, because this process can be controlled! The solution lies in the simple control of the network. All exchanges that prioritize security of their users' funds control the network of coins that are sold on their exchange by program code. Computers monitor the network 24 hours a day to determine its reliability and detect abnormal activity. This is done by every other exchange except Livecoin, who, judging by this problem, were not familiar with such an automated security method.
To this day, Livecoin’s exchange system is not up to the standards of other exchanges. For example, making a deposit on Livecoin results in a 4x delay (4 hours vs. the standard 1 hour) before seeing said deposit reflected in your balance.
As I stated earlier, Livecoin blocked the wallets of this coin for any deposit/withdrawal operations and made a claim to the developers of MONA for compensation of their losses. –In fact, Livecoin itself caused their own loss there was no control over the network. To blame MONA for the loss is incredible impudence.
Now, let's try to understand on what rights they were using MONA software? They were using it based on the
MIT license.
Since they used the product at their own risk, they should have done all possible safety checks at the program level, prior to using this product because they are fully responsible for the user’s money. Unfortunately, this is just a fairy tale written by them in their rules for costumers’ mental comfort. Although the MIT license claims that the users are fully responsible for all the problems and damages arising from the use of this program code, Livecoin is still blaming someone else for their losses. This is simply unbelievable!
So, what happened to me? Having fully realized the danger of the situation, I requested the possibility of withdrawing all my funds from Livecoin. However, they sent me to solve my request with the developer. Yes, you understood me correctly – they sent a user, whose funds they have lost through their own fault, to solve the issue with the developer! At that moment I could not believe this and had to reread their answer several times.
After I have been submitting tickets to them regarding this issue, but they threatened me with a low priority of answering to my further inquiries, if I continue to ask them such questions. Meanwhile, there were more problems arising, and less and less methods of solving them.
Realizing that nothing could be achieved through the dialog with them - I turned to the public by publishing a post about this situation in the Russian branch in this forum and created a claim on the website bestchange.ru.
Can you guess what happened 10 minutes later? I am sure that you will be able to guess from the first try, considering all the information from above. My account with all funds was blocked on this exchange! I believe that somewhere in this world there is an age of cryptocurrency, progress and development, while here, there is a century of unlimited lawlessness and gangsterism continues and Livecoin is a vivid example to that.
I hope now you understand how they will act in case of a more serious problem - they will simply run away with your money!The blocking occurred on 06/18/2019 and my account remains blocked to this day. They do not react to any of my questions about the reasons for blocking it. So far, I only received 2 replies from them, in which there is not a single word about the reason for blocking my account. In their second reply they threatened me with taking all my money away, if I continue to violate their rules. I repeat that I was not able to get an answer to which rules I have violated. They persistently ignore this question.
Drawing my own conclusions and thinking that the cause for blocking my account might be related to published correspondence between me and them, I cannot attach the screenshots of our conversation with them and I apologize for that. I still hope that they will return my money someday, although my hope is disappearing day by day.
Many thanks to all of you for any assistance and support provided, and I also ask you to support the flag I created. Together we can make rogues work honestly, because they have no place on the cryptocurrency market!
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