IDAX Crypto Exchange Confirms CEO Dissappearance with Cold Wallet Keys

[Metall303]

This is a very sad story. I don’t know why this happened. IDAX was one of the major exchanges. there have already been many examples of stealing money from exchanges, and now we are still convinced that it is the best to hold our money in a cold wallet

[alyssa85]

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.

It's a Chinese exchange, so it's likely that their address in Finland is just a letterbox, for legal purposes, but they have no other presence.

[Bananington]

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.

When I read that news, I wasn't so surprised since we've been seeing different patterns of exit scam by exchanges and crypto projects alike. However, I like the fact that China for instance is tightening regulations for exchanges, closing down all unregistered exchanges in their jurisdiction. In the scenario of IDAX, the CEO could have been brought to book easily if there were tight regulations, since it won't be so hard to track him down. CEO eloped with cold wallet sounds so wacky!.

[samuraijin]

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 been away from the idax exchange since many people say their site is scam, I withdrew my funds from there, the sale of the token bounty, finally it happened that I was worried about, but there are some of my friends still trading there, I'm afraid they will also lose their money , if it really happened

[TastyChillySauce00]

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.

When I read that news, I wasn't so surprised since we've been seeing different patterns of exit scam by exchanges and crypto projects alike. However, I like the fact that China for instance is tightening regulations for exchanges, closing down all unregistered exchanges in their jurisdiction. In the scenario of IDAX, the CEO could have been brought to book easily if there were tight regulations, since it won't be so hard to track him down. CEO eloped with cold wallet sounds so wacky!.

or IDAX CEO are too afraid of being raided and just get away with the money because dem monies are just too shiny? I don't know where IDAX's office located but it seems that their exchange is chinese ones so maybe they have an office in China.
Even that, these kind of exit scam is just wicked to run away with people's money like that and I'm really doubtful that the police could somehow caught him because you see even the corruptors of certain nation the police still have a hard time dealing with those. Let alone these so called CEO of exchange that could possibly faking their identities.

[el kaka22]

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 used to trade here and I can tell you that they had the worst kind of support to begin with. They were never the greatest of places, they never had withdrawals on weekends if they didn't had the right people just happen to stay at the weekend, there was multiple times I had to withdraw on Friday, they not sending me the money until Monday and so forth.

They were very easy to hack and got the information of peoples KYC out and many many other stuff as well. Long story short this was actually the best case for the people, get your money out if you can, if you can't that is a lesson you can't unlearn anytime soon, you will have to get smarter about your decisions on which exchange you want to use, if possible none at all is even better, never keep your balance on exchanges, deposit/trade/withdraw.

[Winscosinally]

Its best to go for Dex exchange to avoid all this scammers called centralized exchange, it will be better for all investors to start moving to dex exchange, the more people are using dex the more dex will have better volume and liquidity

[moynul2050]

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.

Actually I have also heard that IDAX Global has cheated on some IEO projects, but I do not feel anything strange that they do to traders like me, so I keep trading there, until something bad happened a week ago that they lost the CEO those who run away with our assets are traders. fortunately I have transferred most of my assets to my personal wallet

[Palider]

I'm sure this is an Exit scam and to lose people's attention on the Idax Exchange and the people behind it they passed the blame on the Global Moderators who are not well known and thus the idax administrator is safe from all accusations. .

Well, they still can't survive all the accusations because many people believe that what they did was a clear exit scam.

[tippytoes]

It has been a known fact that we should not ever store coins for a long time in exchanges or online wallets owned by certain entity. Even reputable or known exchanges can have the same fate. People is driven by greed and that is why this kind of situation happens.
I think if someone owned coins on that exchange, you will really have learned your lesson well by this time.

[Xxmodded]

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.

Although have positive news with IDAX I think impossible all your assets in IDAX exchange market get back, maybe big chance for IDAX become scam exchange market, many exchange have been scam for this years after cryptopia, coinexchange and now IDAX exchange market have been in the scam market listed.

[kissme09]

This news is equally interesting with 2016 at the end of the year when the Hong Kong crypto exchange was stolen about $ 65 million. By the end of 2017, after having completed the bitcoin price, it reached a new high of $ 20,000. Currently Upbit, binance are hacked platforms with large amounts of assets. Plustoken allegedly scammed an amount worth hundreds of millions of dollars in Bitcoin and ethereum. This is also a way to make Bitcoin scarce market. And to sell them they will have to push the price of bitcoin up and create a volume large enough to attract new sources of money from investors.

[Mia44]

This news is equally interesting with 2016 at the end of the year when the Hong Kong crypto exchange was stolen about $ 65 million. By the end of 2017, after having completed the bitcoin price, it reached a new high of $ 20,000. Currently Upbit, binance are hacked platforms with large amounts of assets. Plustoken allegedly scammed an amount worth hundreds of millions of dollars in Bitcoin and ethereum. This is also a way to make Bitcoin scarce market. And to sell them they will have to push the price of bitcoin up and create a volume large enough to attract new sources of money from investors.

I think this is not entirely true, those scammers are contributing to pushing down the price of bitcoin as they are gradually exhausting the money they stole. Since the Plus token scam The bitcoin price has been steadily declining from the highest level this year.

[OneCoinMan]

I always didn’t trust this exchange because all the glasses on it were empty and all volumes were created by bots, I decided to make money there, because I saw the price difference in the glass and put up a purchase request and I was quickly sold, and then I already sell the coin I couldn’t and went at a loss, because at the same price that I bought, nobody needed it either. Beware of such exchanges and never store your funds on them, let's all stop feeding these scammers together, then they will become smaller.

[#Darren]

Never like this exchange. Furthermore, I have heard that they just stopped accepting trades with their own token, without any explanation. It seems like they are going exit scam sooner or later, so I would transfer all my funds from this exchange.

[aemma]

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.

You said it all, most people are yet to understand the simple and whole truth, which is no exchange is safe and trustworthy, these CEOs being in charge of the private wallet details can decide to do whatever they want, or a hack taking place. Many exchanges have been hacked and anyone saying any top exchange is secured is only but lying. Lets all learn to secure ourselves by making sure our funds and assets are stored offline.

[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.

It's a Chinese exchange, so it's likely that their address in Finland is just a letterbox, for legal purposes, but they have no other presence.

True, but it's not a p.o. box but a real address that's marked on the google maps so i am guessing that the owner would have noticed it. But yeah, maybe it is just picked in random in order to confuse the authorities, that would make more sense.

[cryptonewbie]

I am still surprised how a CEO can just disappear like that with investor's funds. He needs to be apprehended. What exactly are security authorities doing? Is his photos everywhere yet? He needs to be declared a wanted fugitive by now.

[Anonylz]

What a huge disappointment this is to the crypto community, i remember few months back that crypto market ads project had issues with this exchange regarding their ieo, apparently the idax exchange was not very transparent with the ieo process and the project feel cheated, now i can see where all that is coming from, imagine a ceo of a company just disappear into thing air with cold wallet keys so he can have access to investors funds, this is the height of it, i guess it is better than him staging a hack and making people believe he was hacked, that would have been worse because nobody would have been able to know the truth,
i hope the law will catch up with this scammer and bring him to face justice.

[FlipPoint]

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

I’m not sure whether this should be directly stated with direct evidence, but I am inclined to believe that it is better to stay away from this exchange. I’m even surprised how IDAX got a rating above 3 with such reviews - https://revain.org/exchanges/idax. Why do need to use this particular exchange? I don see any problems to choose any other, which are very many now.