IDAX Crypto Exchange Confirms CEO Dissappearance with Cold Wallet Keys

[Jercyhora2]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

[1714878030]

1714878030

[JeffBrad12]

If the amount inside his cold wallet is big, there are plenty of possibilities that he's fleeing from the country. Storing your money into exchange is always a bad idea to begin with but people always ignore it because they think it's inconvenient but actually it's better safe than sorry even if that takes effort. Now this happen. I've seen the volume in this exchange is quite big and if this news come out to be true well, usually this comes out to be true or if not at least it will destroy the exchange reputation, that'll suck a lot and this happen after the korean exchange hacking.

[Furious 7]

A long time ago many people said that they should never keep assets in the stock market, it would be risky if something happened like Upbit and IDAX, but keep it in a safer cold wallet.
IDAX exchange has been controversial for a long time but never used it after much news about IDAX with many fake volumes and other embezzlement.

[Coyster]

It may be an exit scam, there is no way the CEO can just go into oblivion that way with the wallet keys of customers, as long as the CEO is alive and not dead, he can definitely be traced. This Chinese exchange seems to want to shut down due to china's hostile attitude to everything about cryptocurrency, I think they are choosing to use this method to do so(exit scam).

The customers of that exchange need to be patient for now, and cease any operation on the exchange. Anything can happen to exchanges, store your coins in a hardware wallet, not on volatile exchanges.

[Kupid002]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

Yes and weve been many times the same thing happen to other exchange cryptopia and c-cex also do this before.
Only use reputable exchange in terms of trading therw are many exchange just to make the exit plan when they are so popular to traders, thats why we need to be careful.

[Blue_oxen]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

I myself am the victim of losing money in this exchange. I was quite subjective when trading RET there and lost over 5k $. That is a huge amount of money that I have saved and saved since the beginning of the year. Now things are messy and there is no chance for me. The CEO had officially left the company and the employees there could not contact him.
So the lesson for everyone is to never spend all your money on any exchanges. Please keep 50% of fiat money, 25% for cold hold coins and the remaining 25% to make a profit. anything can happen, so manage your capital smartly.

[SvonioneFromMangoCoinz]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

I have read a lot of news about this scam in the past few days. but it certainly won't take place at major exchanges. why? simply because at large exchanges they always have great returns after every year of work. Because their volume is high, they will make a lot of money based on transaction fees. and for small exchanges, there are scams. So we should now transfer money to large exchanges for trading, stop trusting shit exchanges.

[o48o]

From a little bit of googling, it looks like the Idax is located in Finland, since i live in there too i could basically visit on that address but i highly doubt that i find anything from there. Could investigate though.

[semobo]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

That is why every old member suggesting store your funds in a wallet with private keys exchanges can be hacked or shut down like these at any time even the reputed exchange holds the same amount of risk.

[Strongkored]

Shameful and pathetic at the end of the year there is news like this, Upbit and now IDAX CEO missing with a cold wallet key, done by people who should educate many people about crypto but instead they want to enrich themselves only.
I'm only use IDAX once when want to swap my coin but never get the coin and never answer my ticket, decided to not use it forever.

[_IRMAN]

IDAX has been very suspicious lately, many projects that were once considered a scam held an IEO there, and now the CEO has disappeared
IDAX = SCAM EXCHANGE

[Jercyhora2]

What will happens to the users got scammed by this CEO? Is there any suggested steps to do? Or nothing and accept the truth that all users funds are all gone.

[LouVandetta]

So like a hit and run? I've never used IDAX before, but seeing these kinda news for the past few days is kinda surprising. Just like the other exhcanges that have been hacked, I thought IDAX was no different. Turns out it was the CEO themself that has gone missing and even the staffs were out of touch as well. So, does that mean all of IDAX's users lost their money that's on their exchange? smh

Storing your assets on an exchanges could be dangerous, especially in some shady exchanges. I don't know how popular idax was, but storing a big amount of assets on an exchanges is not recommended. In any case, it won't kill you to always be careful with these kinda things.

[Bitbtc8]

I don't trust idax for a minute, since many new projects claimed they seize funds after raising softcap on the exchange and they are been threatened by idax and i quit using the exchange, i don't belief that the exchange CEO disappeared, its all intentional

[amazigh15]

Here's the reason we should not store our assets on exchange, like this news

According to the article it could be a type of exit plan.
This can be happened in any exchanges. There are many ways to lose our funds this is the one example.

Yes, always avoid storing corners in exchanges, in my opinion the best solution is the local wallet or the wallet ledger

[alan2here]

So like a hit and run? I've never used IDAX before, but seeing these kinda news for the past few days is kinda surprising. Just like the other exhcanges that have been hacked, I thought IDAX was no different. Turns out it was the CEO themself that has gone missing and even the staffs were out of touch as well. So, does that mean all of IDAX's users lost their money that's on their exchange? smh

Storing your assets on an exchanges could be dangerous, especially in some shady exchanges. I don't know how popular idax was, but storing a big amount of assets on an exchanges is not recommended. In any case, it won't kill you to always be careful with these kinda things.

This is very bad news for investors here because this is one of the top 10 big exchanges and the fact that can't withdraw money at Idax makes me very disappointed. I think everyone was warned a few months ago but since this exchange started lending I was very suspicious and withdrew all assets from this exchange. I am also a victim at IDAX but fortunately I only have a few $ here and it does not affect the current life.

For now, centralized exchanges are dangerous and it's best to hold your assets in cold wallets as this is the safest way to keep you away from other attacks.

[drumamat]

So like a hit and run? I've never used IDAX before, but seeing these kinda news for the past few days is kinda surprising. Just like the other exhcanges that have been hacked, I thought IDAX was no different. Turns out it was the CEO themself that has gone missing and even the staffs were out of touch as well. So, does that mean all of IDAX's users lost their money that's on their exchange? smh

Storing your assets on an exchanges could be dangerous, especially in some shady exchanges. I don't know how popular idax was, but storing a big amount of assets on an exchanges is not recommended. In any case, it won't kill you to always be careful with these kinda things.

The most important question as the owner of the cold wallet was one person? I think initially for the owners of exchanges need to come up with a way that will exclude the possession of the key by only one person.And what if the owner of the exchange did not run away and let's just banal died and no one knows where he kept the key?! I think it's too much of a risk.

[DaMut]

What will happens to the users got scammed by this CEO? Is there any suggested steps to do? Or nothing and accept the truth that all users funds are all gone.

the exchange does not have any fund left based on their report which means the only way to get their money back is finding the ceo.
reporting to its local law might help them find the ceo, just like what happened with mt.gox

[Bttzed03]

Why am I not surprised that a shady exchange does this? 

What will happens to the users got scammed by this CEO? Is there any suggested steps to do? Or nothing and accept the truth that all users funds are all gone.

Withdraw their funds if they still can. If that option is no longer available, they can file a lawsuit or they can wait and hope the CEO appears again and returns the funds.

[knuckey]

Upbit hacking problem is not over, now there are other crimes in exchanges. I do not know who will be responsible for this incident and it is certain that the user has lost, because the deposit and withdrawal have been stopped or frozen by Idax. I hope that Idax CEO can be found and Idax can be responsible for all the losses of its users.