New Exit Scamming Exchange?

The digital currency exchange Graviex.net has been down for some hours now with a 502 Bad Gateway Error, it may be in the process of being an exit scam. Please be warned. Any news or thoughts on what might be going is more than appreciated. Thanks.

They have been under a massive attack and have been ask for a ransom.

https://twitter.com/graviex_net/status/1211356470576631808

You can follow everything from their official twitter page.

So we need to wait for further announcement if it's an exit scam or not.

Oh thats terrible.. Isn't this the usual recipe for an exit scam?

I'd say the usual recipe still allows deposits but has "temporary" withdrawal issues. I've never used them and have no idea what they have been like as an exchange. Regardless this is just another good reminder to not keep any coins on an exchange long term.

You should also move this to Service Discussion

Hopefully this can reach more people since its in the exchanges listing but still this is terrible news. I don't know if anyone remembers the more well known names such as cryptopia and the infamous coinsmarkets but it was almost identical in what is happening now. It's true always due your diligence and if you can take your money out of the exchanges as soon as possible.

Quote from: Yaunfitda on December 30, 2019, 12:24:11 AM

They have been under a massive attack and have been ask for a ransom.

https://twitter.com/graviex_net/status/1211356470576631808

You can follow everything from their official twitter page.

So we need to wait for further announcement if it's an exit scam or not.

This the reason that I don't left investment in any exchanges now especially if I plan not to trade for long. Hopefully not many uses these exchanges or didn't have many investment left on it as I didn't use this exchange even once.

Well it's not nearly as big as a Binance but it still has a nice little daily volume of around 100,000 U.S. Dollars.

Quote from: Steamtyme on December 30, 2019, 12:31:42 AM

You forgot the zero trading but huge withdrawal fees which is also part of that standard recipe.
Though I currently have no reason to not believe they are under attack. A DDoS attack is a rather bad cover-up for an exit scam.

And the plot thickens:

Quote

As you may've heard #Graviex was under unprecedented DDoS-attack. Now we're online. Btw in a chat while hackers were demanding a ransom (we NEVER paid!), they casually shared their "agenda": @Sistemkoin, @hitbtc, @HuobiGlobal just in case their support will find this info helpful

https://twitter.com/graviex_net/status/1211572788055724032

They said that the criminals next target are the following exchanges. That is based on the conversation they have posted. So let's see, hackers find another loophole, they are not hacking the exchanges but a coordinate DDoS attack and then ask for a ransom money.

The site is somewhat back up so i think it might be back online but still to anyone that uses Graviex or any exchange for that matter as mentioned before please take your funds out as soon as possible. Thanks again and for anybody that has some news pertaining to this please keep us updated.

Is it the truth? What is the goal to DDOS an exchange with such low volume
https://coinmarketcap.com/exchanges/graviex/ ($62 688,82 USD 8,54440269 BTC)

A pic showed they don't pay for the botnet but they own it, I still don't get it, why don't they do it with a medium or large exchange.
Or are they desperate enough to find something to do with their botnet?

Well you know we could always play the paranoid conspiracy theorists and say it was an inside job of some sorts. To what conclusion? Who knows, who cares, just keep your funds safe.

Bad news guys and girls, I'm getting a 504 Error again.

Quote from: mrquackquack on December 30, 2019, 05:27:15 PM

Bad news guys and girls, I'm getting a 504 Error again.

Works fine here.

A DDOS attack is usual and common in every exchange. We can't just say that an exit scam will be followed*. Too early to assume so instead of making a conclusion right away that this exchange is making an exit-scam attempt, it would be better to throw away advice to people to take precautions using this platform.

However, it's not with the attack that users should be worried or make it a concern but it's always a good practice to consider using only those reputable exchanges. Unless some coins/tokens are only listed on those small to med exchanges, that's the only time people should take the risks testing the waters on these exchanges.

It is also working on my end.

But as far as exit scamming, still inconclusive at this point but it they did then this could be addition to weird circumstances of exchanges exit scamming (hacks, inside jobs, CEO die, etc).

site is back up---are withdrawals working? doesn't look like an exit scam (yet)....

Quote from: LeGaulois on December 30, 2019, 03:45:25 PM

Is it the truth? What is the goal to DDOS an exchange with such low volume
https://coinmarketcap.com/exchanges/graviex/ ($62 688,82 USD 8,54440269 BTC)

on its face, it was an extortion attempt. i wonder how much the attackers were asking for.

larger exchanges could presumably handle such a DDOS attack. maybe the attackers thought if they could take the site down long enough, the admins would simply give in to their demands.

It works for me, also withdrawal working stable and very fast. no issue here.
btw I never had any problem with Graviex, though I didn't overuse it.

Quote from: LeGaulois on December 30, 2019, 03:45:25 PM

Maybe unsatisfied user. it is to be expected that small exchanges have worse protection.

Quote from: LeGaulois on December 30, 2019, 03:45:25 PM

Is it the truth? What is the goal to DDOS an exchange with such low volume
https://coinmarketcap.com/exchanges/graviex/ ($62 688,82 USD 8,54440269 BTC)

Volume is low, but keep in mind that initiating a DDoS doesn't have to cost all that much. If they demand something like 1BTC they will profit big time. It may sound like a low amount, but for the little effort and cost needed to execute such an attack it's extremely profitable. I really hope they haven't paid anything if their claim of being extorted is legit.

I can somewhat respect these smaller exchanges for not artificially increasing their volumes to rank up high on sites such as CMC. Usually a sign of honest business.

Quote from: mrquackquack on December 30, 2019, 05:27:15 PM

Bad news guys and girls, I'm getting a 504 Error again.

Try it again, just like others me as well can verify that the site is working and not showing any error message. If you have doubts with them now, you should move your funds somewhere you are confident with.

Quote from: Yaunfitda on December 30, 2019, 12:24:11 AM

They have been under a massive attack and have been ask for a ransom.

https://twitter.com/graviex_net/status/1211356470576631808

You can follow everything from their official twitter page.

So we need to wait for further announcement if it's an exit scam or not.

If they were to exit scam they surely would not announce their intentions. There is nothing to be sure of here.

They should really just come out and say clearly whether or not customer funds are safe. If it is merely an attack on the front end of the site then I don't think that there is anything to worry about, whilst if the intruder somehow got access to the hot wallets then there is a much bigger problem.

But yeah, this is the risk you run with using these small name exchanges.