IDAX Crypto Exchange Confirms CEO Dissappearance with Cold Wallet Keys

[Katashi]

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.

Exactly and as far as I know they are under some regulation since its an exchange so the CEO can be declared fugitive and the authority can file a case against him especially those who have lost access of their funds in IDAX, it's another bad news in crypto exchanges but I hope this will be the last.

[landoffaucets]

I thought that we already have enough crypto exchanges, but with recent hacks and scams we need more better exchanges that will finally bring trust to this industry.

I had 1 EOS on IDAX, what a big loss.  Just kidding, but I feel sad for the others who had a lot of cryptocurrencies there. 

[Nadziratel]

I don't believe what CEO is missing. It seems cheap lie. This looks like a complete exit-scam case. But the lies come out one day. It won't take long.

[Chicky213]

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.

I really hope so too cause this is a huge loss for users, traders and investors. The CEO should be found so he can at least take responsibility for this tragic situation. I have learnt never to leave my digital assets on an exchange again.

[rdewilde]

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.

Over and over again this has been said but people don't tend to listen. Early this year, Binance a top exchange was hacked, that should have been enough reason for people to save their funds off exchanges. Now this week alone, Idax CEO did this, while Upbit exchange was also hacked, when will people learn to be smart as only "you" can manage and secure your assets. The deed has been done by the CEO and it looks more like an exit scam and I hope the law enforcement will get hold of him.

[CaVO32]

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.

Over and over again this has been said but people don't tend to listen. Early this year, Binance a top exchange was hacked, that should have been enough reason for people to save their funds off exchanges. Now this week alone, Idax CEO did this, while Upbit exchange was also hacked, when will people learn to be smart as only "you" can manage and secure your assets. The deed has been done by the CEO and it looks more like an exit scam and I hope the law enforcement will get hold of him.

I remember the QuadrigaCX story, still a mysterious one for me how the CEO really ended up dead in India. if this is true or just a made up story. Now, with IDAX, what story will they weave to get away from this trouble? what final statement they will release to its customers? Another dead story?
I can say Binance is different, they handled the situation very well. Binance CEO is well known in crypto so I don't think he will stake his reputation by small amount of money.

[huu78]

I think this is weird, why? Because IDAX is obviously running long and their projects are good and in the use of many people. They recognize the CEO and their various real team and suddenly there is news saying that their CEO brought a run-off of money traders as well as people who use IDAX? Why like so, just as odd as they already really have a clear project and a passive income from the trader who does the transaction there. Very in the pity once.

[BigBoy89]

The news really sucks...IDAX was one of the decent exchanges about more exotic coins.

Good God that I'm holding just ABBC there, due arbitrage opportunities with BitForex. I guess I will need to scratch off those ABBC.

[TopTort777]

I had 1 EOS on IDAX, what a big loss.  Just kidding, but I feel sad for the others who had a lot of cryptocurrencies there. 

Do you know how many active users account are on idax? Imagine everyone lost 1 eos;  the total amount would not be so funny

[crustycrab666]

One more case related to exchange which makes the members more worried. After a few days before Upbit experienced hacking, now IDAx is experiencing problems related to funds whose rumors were taken away by the CEO. and true to the OP's advice, don't deposit funds in wallet exchange, it's very risky. I only use wallet exchange when trading, after that I choose to secure my assets in another safer wallet.

[bitsurfer2014]

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

Yes of course! This is another unfortunate story on the drawbacks of using a centralized exchange in which control, which is in the hands of a few, could be really dangerous that if some of them acts maliciously, they can wreak havoc indiscriminately!

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.

If this developing story turns out be a scam, then I guess those affected users will have a very little chance of recovering their funds and I would assume they will most likely have a class lawsuit but it doesn't guarantee that their funds will be fully recovered. Imho.

[TimeTeller]

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

Yes of course! This is another unfortunate story on the drawbacks of using a centralized exchange in which control, which is in the hands of a few, could be really dangerous that if some of them acts maliciously, they can wreak havoc indiscriminately!

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.

If this developing story turns out be a scam, then I guess those affected users will have a very little chance of recovering their funds and I would assume they will most likely have a class lawsuit but it doesn't guarantee that their funds will be fully recovered. Imho.

Those who have large sum of money on their accounts can afford to file a formal lawsuit.
I guess there are individuals who can afford such kind of action towards that exchange.
Since the CEO is known, I guess it is much easier to run after him.
I'll follow the development of this case and hopefully that CEO will pay for whatever he has done.

[cryptothreads]

One more case related to exchange which makes the members more worried. After a few days before Upbit experienced hacking, now IDAx is experiencing problems related to funds whose rumors were taken away by the CEO. and true to the OP's advice, don't deposit funds in wallet exchange, it's very risky. I only use wallet exchange when trading, after that I choose to secure my assets in another safer wallet.

In just a week, there were 2 news that made investors panic and now I have withdrawn all my assets to cold wallets because this is the safest way during this period. In my opinion, should only use 20% of the assets to make a profit and always research that exchange before making a deposit.

This year, a lot of exchanges like Idax, Binance, Upbit made many investors lose money and currently decentralized exchange is a temporary solution for everyone. Personally, I don't trust new exchanges because the risk is much higher than the old ones.

[Malam90]

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.

Idax is really a not trusted exchange. Few months ago, they stole money of Migranet, CMA and few others' project fund. I don't trust IDAX now for their bot volume, theft activities and inactiveness of the CEO.

[PLATO]

One more case related to exchange which makes the members more worried. After a few days before Upbit experienced hacking, now IDAx is experiencing problems related to funds whose rumors were taken away by the CEO. and true to the OP's advice, don't deposit funds in wallet exchange, it's very risky. I only use wallet exchange when trading, after that I choose to secure my assets in another safer wallet.

I think Idax, Upbit are making it more difficult for investors and if the withdrawal is not done soon, this will cause anxiety for investors. These exchanges are highly ranked in the crypto market and always attract a lot of investors. I believe that everything will stabilize and don't worry too much because everyone will get it back. However, the Idax exchange will not return and the situation will certainly get worse.

[ttcsalam]

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.

Idax is really a not trusted exchange. Few months ago, they stole money of Migranet, CMA and few others' project fund. I don't trust IDAX now for their bot volume, theft activities and inactiveness of the CEO.

I have dealt with the same problem with you.I can tell from my personal integrity that this is not a very trustworthy wallet.

[zahed]

I got the reason why my ethereum still not deposited in IDAX exchange. Last week i transfer 0.29 ETH for idax exchange but it's not added in my idax wallet even a lot of times i am trying to contact support but i am disappointed because i did not respond. That means now idax is scam?

[Bossfidelity]

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.

This news is quite repulsive and another indicator that storing crypto assets on an exchange is a very bad idea. I personally learned it the hard way when I left a substantial amount of my holdings on cryptopia exchange only to wake up with a news of the exchange been hacked and since then I haven't been able to access my funds.

[Ucy]

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.

This can be happened in any exchanges.

Can it happen on real decentralized exchanges? I don't think so. Or maybe the loss won't be as big or as serious as those of centralized exchanges considering that trading on DEX is peer-to-peer and can be instant.
On proper decentralized exchange, everyone trades from wallets he/she controls. It would be very unattractive to to serious hackers


Sometimes I wonder why exchange CEO have too much Power over people's funds. Why not use multi-signature addresses or something?

[awakpane]

This is very unfortunate. whereas IDAX Crypto Exchange is one of the most active Exchange trades. This incident is a valuable lesson for us to be more careful in storing our assets in the stock.