IDAX: Uh, oh! We’re in trouble!

[cheezcarls]

Following almost a week of rumors and missing withdrawals, the cryptocurrency exchange IDAX Global has made an announcement. It appears its CEO has gone missing — forcing the company to restrict access to its cold storage solution.

The news from IDAX comes just days after the exchange suddenly announced its withdrawal from the Chinese market entirely. Citing “policy reasons,” a statement on November 25 explained that the company would no longer provide its services to China. Although not explicit, the sudden announcement seems almost certainly linked with recent news of a further clampdown on digital currency trading venues by the Chinese government. BeInCrypto first reported on shutdowns in the Chinese cryptocurrency industry earlier this week.

Read the full news here

I remember the time when IDAX was being suspected to scam crypto projects for up to 5 million here in Bitcointalk.

There’s also someone from LinkedIn who contacted me that she is from IDAX that if I’m interested for one of the projects that I’m involved back then to list with them. However, I tried to find that woman on LinkedIn and her past conversation, but I can’t find it anymore.

I even find IDAX as one of the platinum sponsors for The Capital by CoinMarketCap a couple of weeks ago at the Victoria Theater Singapore along with Vechain and AAX. I attended that event by the way. I was surprised that even with the scam accusations against them, they’re having the guts to show up in these events.

Now it gets even worse because the CEO is nowhere to be found and the cold storage is under lockdown. Their reputation is at stake now. If they really want to regain that reputation, the CEO has to show up no matter what sort of hole is he hiding now.

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[kudil]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

[TrevorS]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

I heard this story. It seems then that the exchange managed to get out, citing the fact that they did not understand each other at the initial agreements.
It seems that this was the first call talking about the reputation of the exchange.
It will be very unpleasant if the rumors turn out to be true. I had no business with this exchange, but many people on this forum had.

[rijaljun]

I hope the CEO has a real tragedy, like got stabbed in the way home and instantly died or anything. I am sorry but it would be better than to hear another stupid drama.

If there is nothing to be done, how much approx. the loss?

[Mahanton]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

I heard this story. It seems then that the exchange managed to get out, citing the fact that they did not understand each other at the initial agreements.
It seems that this was the first call talking about the reputation of the exchange.
It will be very unpleasant if the rumors turn out to be true. I had no business with this exchange, but many people on this forum had.

Going back a few years where IDAX is really giving out some buzz but i didnt tend to use up this exchange.Actually im already numb into these kind of sudden news.
Exchange hacks and founders either not to be found or committing suicide blah blah reasons.Im expecting for another dip of prices in the market.
Its always been unexpected to happen like these but people do just keep on being reminded that never ever hold up your coins into exchangers.

[aardvark15]

This seems to be a recurring issue with exchanges. I had the same problem with Crypsy a couple of years ago and never got back some Bitcoin I had on that exchange.  We’ve seen this with MtGox and others as well.

[romero121]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

I heard this story. It seems then that the exchange managed to get out, citing the fact that they did not understand each other at the initial agreements.
It seems that this was the first call talking about the reputation of the exchange.
It will be very unpleasant if the rumors turn out to be true. I had no business with this exchange, but many people on this forum had.

Myself too used the IDAX exchange for the trading needs. Recently got an update from them and I updated the mobile application which has got everything refreshing with more visual changes. This is quite disgusting to see exchanges making users suffer. Luckily I have withdrawn all my funds almost a month ago, and now there might be very few dollars worth of cryptocurrencies.

When it comes to their presentation on conference and different meets will be based on pay. Most of the meets were organized to show the potential of the project, and here we need to schedule our presentation with the specific pay. This way IDAX might have been promoted even after several scam accusations.

[Bitcoin_Arena]

Luckily i never go to use or sign up for such a shit exchange. Something wrong is always bound to happen and they won't give a fuck about their reputation so long as they have a planned exit scam.
Coinmarketcap sometime advertises projects that are scam.. All they care about is money.

[DarkDays]

As far as I'm aware there is no evidence that he actually ran away with the cash.

The actual IDAX announcement is in some seriously broken English, so it's difficult to determine if they actually know more than they are letting on.

However, the exchange founder (Lei Guorong) has practically no internet presence, there are no images of him and he seems to be a complete ghost.

Because of this, I think he could easily pull and exit scam and not get caught. Good riddence, another centralized exchange bites the dust.

[dark08]

As far as I'm aware there is no evidence that he actually ran away with the cash.

The actual IDAX announcement is in some seriously broken English, so it's difficult to determine if they actually know more than they are letting on.

However, the exchange founder (Lei Guorong) has practically no internet presence, there are no images of him and he seems to be a complete ghost.

Because of this, I think he could easily pull and exit scam and not get caught. Good riddence, another centralized exchange bites the dust.

Yeah I agree to you but people are too scared with this news even it's legit or fake news. I'm so lucky because I withdraw all my find 3weeks before this issue happen I hope there will be a clear news regarding this IDAX problem.

[Twinkledoe]

As far as I'm aware there is no evidence that he actually ran away with the cash.

The actual IDAX announcement is in some seriously broken English, so it's difficult to determine if they actually know more than they are letting on.

However, the exchange founder (Lei Guorong) has practically no internet presence, there are no images of him and he seems to be a complete ghost.

Because of this, I think he could easily pull and exit scam and not get caught. Good riddence, another centralized exchange bites the dust.

Yeah I agree to you but people are too scared with this news even it's legit or fake news. I'm so lucky because I withdraw all my find 3weeks before this issue happen I hope there will be a clear news regarding this IDAX problem.

Never expect that IDAX will turn out this fast. I hope we can read some actual announcement from them. But for those who happen to have funds on that exchange, I guess you need to withdraw as fast as you can if you still can. You should not really store your coins in an exchange as many things can go wrong.

[logfiles]

Yeah I agree to you but people are too scared with this news even it's legit or fake news. I'm so lucky because I withdraw all my find 3weeks before this issue happen I hope there will be a clear news regarding this IDAX problem.

I believe the news is real because they released Announcement on their website. I suspect one of the 3 things could be possible.

- They could be genuine and CEO indeed disappeared with access to the cold wallets
- Money was stolen from the cold wallet, and they are trying to cover up that there were abnormal withdraws being made hence triggering the account lock down
- They are trying to hoodwink the users into believing that the CEO's disappearance is connected abnormal withdrawal and yet it's all planned, and they are pulling of an exit scam.

But for those who happen to have funds on that exchange, I guess you need to withdraw as fast as you can if you still can.

They can't withdraw right now since all withdrawals are blocked

[cryptothreads]

Luckily i never go to use or sign up for such a shit exchange. Something wrong is always bound to happen and they won't give a fuck about their reputation so long as they have a planned exit scam.
Coinmarketcap sometime advertises projects that are scam.. All they care about is money.

Currently, Coinmarketcap has warned all users to stay away from this exchange so currently Idax will not be able to attract new investors in the near future. I think the last few days have been really bad news for investors at this exchange because they can't withdraw money and every activity in Idax has stopped working, so this will be the big scam exchange in history.

I also feel very disappointed about what is happening but hope that investors can withdraw money soon and it is best to keep calm and try to wait for what happens next.

[Wexnident]

Oof. Unlucky for those who tried to sign up with them. It could actually just be a conspiracy against the CEO since there isn't really any official information about it, but well, who knows right?

There’s also someone from LinkedIn who contacted me that she is from IDAX that if I’m interested for one of the projects that I’m involved back then to list with them. However, I tried to find that woman on LinkedIn and her past conversation, but I can’t find it anymore.

I even find IDAX as one of the platinum sponsors for The Capital by CoinMarketCap a couple of weeks ago at the Victoria Theater Singapore along with Vechain and AAX. I attended that event by the way. I was surprised that even with the scam accusations against them, they’re having the guts to show up in these events.

Now it gets even worse because the CEO is nowhere to be found and the cold storage is under lockdown. Their reputation is at stake now. If they really want to regain that reputation, the CEO has to show up no matter what sort of hole is he hiding now.

Might not actually be from IDAX and could just be scamming you ngl. Plus, they have to attend these events. This is a potential scapegoat for them or at least nullify a bit of these scam accusations from the community after all. Sadly about their CEO, IDAX really turned upside down with all of these issues surrounding them. I really doubt they could make a comeback in the near future.

[PLATO]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

It seems to be CryptomarketADS project and I have been involved in this campaign in the past. Actually, this is an unacceptable job and IEO here is very vague so I avoided participating when I heard this news. In the past, I used to trade here for a very long time but thankfully I withdrew all of it to another exchange from a few months ago. When I learned that IDAX had abandoned investors, I felt very sad and this is the worst news for all investors at this exchange.

[watergold]

I'm so lucky because I never trust IDAX since they had scam one of my projects, CMA project, I remember when they got scammed by IDAX for 10 BTC! I also doubt about their IEO, seems abnormal, only in a few second/minutes SOLD OUT, remind me scam project EARNBITS Exchange.

And now I find this news, I think only need a time till this exchange out and shutdown. So sad for all users if this situation really happened, hopefully you can withdraw your funds ASAP..

It seems to be CryptomarketADS project and I have been involved in this campaign in the past. Actually, this is an unacceptable job and IEO here is very vague so I avoided participating when I heard this news. In the past, I used to trade here for a very long time but thankfully I withdrew all of it to another exchange from a few months ago. When I learned that IDAX had abandoned investors, I felt very sad and this is the worst news for all investors at this exchange.

The project scamed by IDAX by swallowing 10BTC funds namely Cryptomarads and xCrypt is where investors can no longer trust IDAX exchange and now I also no longer believe if there is a project that launches IEO on IDAX and this name is tarnished with this news.

[moynul2050]

hopefully you can withdraw your funds ASAP..

I am very sad about the current situation, I have several assets in the IDAX echanger, I have tried to do WD in the previous 5 days, and unfortunately until now I still cannot finish it. although my assets were WD before, but I was devastated by IDAX's current situation.
many of my colleagues have big assets there. I hope there is no best way out of all these problems.

[carlfebz2]

hopefully you can withdraw your funds ASAP..

I am very sad about the current situation, I have several assets in the IDAX echanger, I have tried to do WD in the previous 5 days, and unfortunately until now I still cannot finish it. although my assets were WD before, but I was devastated by IDAX's current situation.
many of my colleagues have big assets there. I hope there is no best way out of all these problems.

Sad to hear but dont expect too much when it comes to recovery or for its CEO to comeback.Once they do have this locking issues then retrieval would be hard specially if
the said Ceo is missing.

Hopefully he would come out soon and just giving out some valid reason of such absence but pretty sure that this incident would already implant negative impressions towards the platform
and in result on losing a big part of their users.

[electronicash]

there wasn't yet anything that is reported besides that the CEO is missing. too hard to believe these days that someone yet can be missing still when in fact the world is already overpopulated that when you get out in the middle of the night there is a chance that people will still notice you.

hope the issue will still be resolve though. did this idax ceo, affected the price these days? i think not.

[buwaytress]

I'm not sure if I should be surprised to say I actually recognise the name IDAX but if this is going to teach people never to leave their funds at an exchange, well forget it. Mt Gox didn't teach anyone anything. The numerous hacks and alleged CEO deaths of centralised exchanges didn't seem to get people afraid of not having their own private keys.

The recent Binance research showing that most institutionals don't even have their private keys (something I always knew anyway) proves even that the more money people have, the more they seem to not care about controlling their own bitcoin.

This is shitty news, but it's going to be forgotten, and people are going to repeat their mistakes.