Is this a scam attempt? Or Nothing to panic?

[bobelr]

If you are doubting about this thing then it's better to move your funds to a better exchange or in a secured wallet as early a possible. This occurrence on such exchange is really suspicious so we have to do something before it's too late. I have tried using Idax before and there were really lots of lapses. There are still lots of exchanges that you can trust despite all the issues that exchanges are now facing.

I really do not have my funds on IDAX anymore. I was lucky to get out weeks ago and moved it to atomic wallet.
But now I'm worried for other users since withdrawal is not possible for now. This is because the cold wallet where cryptocurrencies on IDAX are kept is not accessible.

[Furious 7]

I have been suspicious of IDAX exchanges for a long time at that time there were indeed many fake volumes there and a lot of IEO funds have been swallowed by it, here IDAX CEO decided to deactivate their withdrawals on the grounds of a sudden situation why the CEO did not explain this happened so more trust for users.

[Mia44]

Are all exchanges working the same way as IDAX? All user assets are held by one person and when this person disappears, all assets also disappear? I remember the Canadian cryptocurrency exchange, QuadrigaCX, was also unable to access the wallet containing millions of dollars because the operator died suddenly.

[target]

Is IDAX operating in China that authorities caught them?

Are all exchanges working the same way as IDAX? All user assets are held by one person and when this person disappears, all assets also disappear? I remember the Canadian cryptocurrency exchange, QuadrigaCX, was also unable to access the wallet containing millions of dollars because the operator died suddenly.

Yep remind me of that Canadian exchange too. Users even find it hard to believe he is really dead and that he is just somewhere else. This IDAX will just be another scam in crypto and they are going to pile up while more exchanges were developed since last year and up to this day there are exchanges being developed.

[coin-investor]

In my opinion, I think IDAX is attempting a scam exit. We all know how cunning they can be when they're ready to ooze off. Different strategies they use. And now, even if the CEO shows up, users will flee the exchange as they will lose confidence and trust for it. And that would be the beginning of the dead end of IDAX. So, I'll advise that you start using non-custodian waller.

Yes, it is indeed an exit scam, the authorities should now take over the case and get after the CEO,  I don't think he can run away even if he has huge money, the world is small and it will be smaller for him now, soon a warrant and a bounty will be put to his head.
Time and again we cannot trust exchange wallet, and this is not the last thing that it's going to happen, either hackers or CEO will steal the coin you store in your exchange.

[Insomnia family]

Maybe using a decentralized wallet is a very appropriate choice considering many cases that occur in projects such as idax, of course it will be very detrimental for us if we do not have time to make withdrawals when there are cases like that, of course with such notice a crisis of confidence will occur on idax so many people will switch to not using it anymore.

[kro55]

From there official blog  

Since we have announced the announcement on November 24, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO.

For this reason, access to Cold wallet which is stored almost all cryptocurrency balances on IDAX has been restricted so in effect, deposit/withdrawal service cannot be provided.
Source

Lets hope its not a scam and CEO show up very soon. But incidence like this are certainly not good for crypto exchanges.

[bitvalak]

Earlier this morning, I read from whatsapp group how IDAX CEO, has suddenly gone missing.

If you doubt this, read full story on IDAX blog here http://idax.zendesk.com/hc/en-us/articles/360037327571-Urgent-announcement-about-current-situation-of-IDAX-Global

As I speak, cold wallet in which all crypto assets of users, investors etc are kept in custody is inacessible. Perhaps, if anyone should have veto access to it, would be the CEO basically. Withdrawal is blocked and users are stranded.

I also use IDAX but lucky was on my side two weeks ago when I pulled out my $200 worth of Ether to AtomicWallet.

A friend said it is more like I'm a prophet. Hahaha, I am not one either but I was skeptical of being at the mercy of exchanges when I was Introduced to AtomicWallet. Immediately, I head for atomicwallet.io and downloaded on my PC. AtomicWallet is a non-custodian wallet where your private key remains with you giving you the full control you desire over your funds.

I can't actually afford cold wallet so a decentralized wallet was the best option for me. Meanwhile I could have used 75% of the fund to get a cold wallet but for the flexibility in moving funds, and some cool features of atomic wallet not available on cold wallet. I'll start to use the latter when I need to store up to 100BTC for lengthy period 

In my opinion, I think IDAX is attempting a scam exit. We all know how cunning they can be when they're ready to ooze off. Different strategies they use. And now, even if the CEO shows up, users will flee the exchange as they will lose confidence and trust for it. And that would be the beginning of the dead end of IDAX. So, I'll advise that you start using non-custodian waller.

It's better to wait for clarification from IDAX, because there could be an internal problem or a system repair is happening. If they have lost their funds in the account you can be sure it is fraud.
Because usually if withdrawal access is restricted, there must be an improvement in the system that calls on customers not to make transactions in and out so as not to avoid funds suddenly disappearing. Usually it happens like that.

[Bananington]

It's crystal clear that IDAX has exited scam already, no two ways about it. What baffles me is the story line, as though they are telling kids in kindergarten lol. The CEO is missing haha.  Well, it's a general lesson go those using centralized exchanges as alternatives to their personal wallet.  I pity those who actually left funds on IDAX for trading purposes.

[Febo]

I also agree with you, a classic thing that we used to see back then when the exchange wanted to scam their costumers and close their service.
yesterday we heard about a hack on upbit and today we are hearing idax, is it a coincidence?

Time to move your funds from exchanges. For Binance to get hacked, I will never trust exchanges with my token again.

Binance was hacked few months ago. 7000 BTC was stolen. Big question is, did they rebuy what was lost or they just hope all will be fine.

[dataispower]

It's crystal clear that IDAX has exited scam already, no two ways about it. What baffles me is the story line, as though they are telling kids in kindergarten lol. The CEO is missing haha.  Well, it's a general lesson go those using centralized exchanges as alternatives to their personal wallet.  I pity those who actually left funds on IDAX for trading purposes.

Does it mean IDAX is not registered in their jurisdiction and has been operational, even attending blockchain and crypto events? Can't the CEO be followed up by the authorities? This is why we need regulations to come, things like this are highly astonishing.  Why didn't the CEO elope with the cold wallet ever since, why now? Or probably he met his target to exit scam. Stuff like this keep painting crypto red, giving it a negative tag especially to newbies who plan to hold some crypto.

[kissme09]

eww, another scam though. that's why I rarely keep my coins on exchanges, cause I'm not the one keep private key though.
I often transfer to my mobile wallet (IMtoken is what I'm using). and never lost any penny since then/

[bigcash2011]

There were already some red flags and suspicion alerts by fellow forum members and i am really thankful to them as i skipped this exchange because of the scam warning of the forum members, for newbies i will also suggest not to transfer their coins in any new, un-reputed or exchanges with allegations from members this is just to save yourself from shocking situations although risk is everywhere but we need to protect ourselves as much as possible.

[cryptonewbie]

I can imagine how traders with funds on IDAX would be panicking by now. It is no surprise that the CEO is in the process of an exit scam. We can't say why because I feel IDAX is one of the average big exchanges out there. Stuff like this happening will always scare off big investors from venturing into crypto

[Mianae]

Despite how sad this is, but it's really true IDAX has admitted the CEO vanished with the funds in a cold wallet its scary what this space faces daily.

[krb91]

I think it has been confirmed thay the CEO has make away with the private keys ti the cold wallets of the exchange. It's becoming increasingly alarming the rate at which exchnages are scamming the cryptocurrency community. Is there no way to bring these criminal to book and have them answer for their crimes?

[aemma]

What else can it be called? Someone calling it an exit scam won't be mistaken; how can a CEO make away with the cold wallet details where all funds are stored, it simply means he has taken hold of the savings and disappeared. Also, how sure are we the other team aren't involved. All these unfriendly behaviours and fraudulent acts keeps confirming the fact that storing funds on exchanges, in fact centralized exchanges is a bad idea. Also heard about upbit getting hacked now the CEO of Idax, the best way to secure ourselves is to keep all funds out of exchanges.

[rdewilde]

The facts and figures are clear, what else to call it other than exit scam. No I call it well perfected scam, making away with the cold wallet keys is really a big blow to users and an embarrassment to the whole crypto space. I think it's high time, these CEOs stop having complete access to the cold wallet so that in cases like this, there can be a way out. Let the law enforcement get hold of him and charge him appropriately.

[Mila52]

Earlier this morning, I read from whatsapp group how IDAX CEO, has suddenly gone missing.

If you doubt this, read full story on IDAX blog here http://idax.zendesk.com/hc/en-us/articles/360037327571-Urgent-announcement-about-current-situation-of-IDAX-Global

As I speak, cold wallet in which all crypto assets of users, investors etc are kept in custody is inacessible. Perhaps, if anyone should have veto access to it, would be the CEO basically. Withdrawal is blocked and users are stranded.

I also use IDAX but lucky was on my side two weeks ago when I pulled out my $200 worth of Ether to AtomicWallet.

A friend said it is more like I'm a prophet. Hahaha, I am not one either but I was skeptical of being at the mercy of exchanges when I was Introduced to AtomicWallet. Immediately, I head for atomicwallet.io and downloaded on my PC. AtomicWallet is a non-custodian wallet where your private key remains with you giving you the full control you desire over your funds.

I can't actually afford cold wallet so a decentralized wallet was the best option for me. Meanwhile I could have used 75% of the fund to get a cold wallet but for the flexibility in moving funds, and some cool features of atomic wallet not available on cold wallet. I'll start to use the latter when I need to store up to 100BTC for lengthy period  

In my opinion, I think IDAX is attempting a scam exit. We all know how cunning they can be when they're ready to ooze off. Different strategies they use. And now, even if the CEO shows up, users will flee the exchange as they will lose confidence and trust for it. And that would be the beginning of the dead end of IDAX. So, I'll advise that you start using non-custodian waller.

Sad news. There is an important rule: don't store your assets on exchanges, even large exchanges were hack, not to mention new ones.
As for the Atomic wallet , I would advise you to be more careful. I participated in the bounty at the beginning of the project,
many complained that assets were lost on the  Atomic wallet. Perhaps these were flaws and problems at the initial stage of its testing.

[Chuky92]

This is a clear picture of exit scam nothing more nothing less to say on it. The CEO really planned all these and took off, but I think he will be caught; wonder what have him the mindset to do so. This is sending a wrong signal that most CEOs might think of this, nevertheless let's endeavour or implore the habit of storing assets off exchanges, because none is ever safe.