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Author Topic: What Might Be The First Exchange To Close Down or Exit Scam in 2020?  (Read 273 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (4 posts by 3 users deleted.)
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January 07, 2020, 12:21:58 AM
Last edit: January 07, 2020, 01:04:41 AM by JollyGood
Merited by nutildah (2)
 #1

2020 has started but the scams and shady practices of exchanges shows no real signs of abating. It is still a case of scammers will scam but which exchanges will we be saying goodbye to or good riddance to in 2020? Last year in December 2019 we saw Cryptobridge shut down and not much noise about scamming there so there are non-scam related reasons for shutting down to consider too.

Do you have any exchanges in mind that just might close down because of lack of business or force of regulation, or one that just might steal all funds held there by virtue of an exit scam in 2020? Maybe some exchanges that are already selective scamming users regularly are in your sights as candidates for closing down, maybe you have other criteria which you feel will need to be fulfilled before an exchange closes down.

I am listing my views below:


- I think none of the exchanges operated by scammer Valerii Solodovnyk from Ukraine who runs scams such as coinsbit, p2pb2b, whitebit and many others because all the evidence points to him being out there to play a long game and he has a desire to probably maximise any funds gained in any of his scam exchanges before actually running off. Most probably coinsbit and p2pb2b will continue to selective scam users and charge $100,000 to list coins and tokens because they keep advising potential project owners to check their (fake) trading volumes on Coinmarketcap.com

- Even with all the allegations of selective scamming by HitBTC, I think it will remain a case of just selective scamming. They will probably see out the whole year, they will not either close down or exit scam their way out

- Tradesatoshi: now this is one exchange I think just might be exit scamming some time in 2020 and it will try to take as much crypto as it can before slipping in to the sunset so I would advise to beware of that one

- Yobit has been spending money on one campaign after another since late September (or early October) 2019 and even though I would not be unhappy in the slightest if they went out of business (just for the sake of stop getting headaches seeing their promoted signatures all over the place) the truth is they are making enough money from the investbox scam and IEOs (some of which have been suggested they are definitely in-on-the-scam) to fund their ridiculous signature campaign so they will definitely not be going out of business in 2020


PLEASE NOTE: This thread will be self-moderated because those posting here with Yobit banners displayed will probably have their posts deleted as soon as I see them. Yobit has been outed by too many users as a scam and for that reason if gullible users or newbies see this thread full of posts showing a Yobit signature campaign they might end up falling victim seeing it as being promoted in an exchange related thread. Those displaying Yobit signature campaigns have the rest of the whole of the forum to promote it. Furthermore, if I think posts might have some worthwhile content but were made just for the sake of promoting a banner or flooding the thread with a particular banner, I will probably delete them too.

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January 07, 2020, 01:02:34 AM
 #2

@kotwica666 - I have kept the contents of your post for which I thank you but since you did not comply with the Please Note section your post was deleted for reasons stated in that section.


Exactly 24 hours ago I received an email with this information from LEX exchange (https://lex.exchange/)



On their dashboard is this information:

Quote
IMPORTANT ANNOUNCEMENT: ACTION REQUIRED Lex Exchange is ceasing all operations and closing down, the last day of trading will be 31st January 2020.   Please withdraw your Cryptocurrency to an external wallet controlled by you as a matter of urgency.   Any Cryptocurrency not withdrawn by the end of the month incur significant processing fees to recover.

If they warn, this is not an exit scam, but unfortunately the next exchange is closing.

SCAMSADAB SOLUTIONSBANKERABETKING BITSAFE & DEAN NOLANBITINGLECHANGELLY CHANGENOW & ATOMIC SWAPCOINSBITCRYPTOKNOWMICSDIGITAL ASSETS PROGRAMFURTCOINFLYP.MEHITBTCHOLY TRANSACTION
HUMANCOINHUMANITYONEMINEXCOINMOBILEGOREPUBLIAROCK TRADINGSOVRANOCOINSPECTROCOINSWIFTEX EXCHANGETOKENPAYTRADESATOSHIULORDVIBEO520bit/vitalii_invest/RoyalTeam
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January 08, 2020, 02:45:58 PM
 #3

The reality is that ANY centralized exchange has the potential to Close Down, Exit Scam or just plain Scam & all of them probably will at some point - it's what they have always done. Using a decentralized currency on a centralized platform goes against the very core of crypto & is why so many people get scammed. The only way to stop this happening is to use decentralized exchanges, always has been & always will be.

Warning: Beaxy exchange is lying & refusing to answer questions - BEWARE!!  https://bitcointalk.org/index.php?topic=2912122.msg50692375#msg50692375   Funniest/stupidest shit list thread ever:  https://bitcointalk.org/index.php?topic=1064824.msg20344174#msg20344174   The ultimate example of trust abuse by exposed scammer craslovell...
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January 08, 2020, 06:39:19 PM
 #4

I think HitBTC is going to be the one to exit scam this year, I do salute their resilient because I have been looking for the day they would get disappear. They exhibit all the features one need to look out for in a scam exchange, fake volume, fake order, endless delay of withdrawals, bad support to name few. I would advice people to only trade their if the tokens is only listed on the exchange

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January 08, 2020, 11:29:04 PM
 #5

Actually knowing it wouldnt really be possible but somehow into their current reputation and performance we can somewhat tell that they wont last long but those things would just remain presumptions.Just like what we do saw in Yobit exchange and i thought it would exit scam anytime on previous years but i was wrong yet they are still alive and kicking.Knowing it first is impossible until we suddenly received a news of about closure either an exit scam or simply they closed its doors due on being unprofitable.

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January 09, 2020, 05:45:56 AM
 #6

It's kinda ironic that we even need to discuss this, as the need for centralized exchanges is slowly fading away, day by day. The demand for DEX's is increasing, and fast. Sure I understand the sceptics out there, but let's face it. It's gonna happen slowly, but surely.

Most people are SICK and tired of KYC, exchange hacks, wallet maintenances at the worst possible times, and the list goes on and on.

Blocknet is leading the DEX development, and is a project I'm personally watching very closely. https://blockdx.com/

It makes me sick, that these centralized exchanges could at any time run away with everyones money, under the disguise of being "hacked".  Roll Eyes
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January 09, 2020, 07:49:18 AM
 #7

Hitbtc?

Never like that exchange lol
It just the matter of time Hitbtc will exit scam/close down

Furthermore
Their withdrawal is very pricey

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January 09, 2020, 07:36:15 PM
 #8

The reality is that ANY centralized exchange has the potential to Close Down, Exit Scam or just plain Scam & all of them probably will at some point - it's what they have always done. Using a decentralized currency on a centralized platform goes against the very core of crypto & is why so many people get scammed. The only way to stop this happening is to use decentralized exchanges, always has been & always will be.

The community should promote dex more so people will move there.

So why are you promoting the Yobit scammers?

Warning: Beaxy exchange is lying & refusing to answer questions - BEWARE!!  https://bitcointalk.org/index.php?topic=2912122.msg50692375#msg50692375   Funniest/stupidest shit list thread ever:  https://bitcointalk.org/index.php?topic=1064824.msg20344174#msg20344174   The ultimate example of trust abuse by exposed scammer craslovell...
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January 09, 2020, 08:35:10 PM
 #9

I think HitBTC is going to be the one to exit scam this year, I do salute their resilient because I have been looking for the day they would get disappear. They exhibit all the features one need to look out for in a scam exchange, fake volume, fake order, endless delay of withdrawals, bad support to name few. I would advice people to only trade their if the tokens is only listed on the exchange

Ah yes, HitBTC. That was a name I should have added to the OP.

There is a big chance it might exit-scam its way out of existence because of the number of allegations of scamm9ing against them. I am surprised they lasted this long without the authorities getting involved and shutting them down.

Any and all investors really need to avoid that exchange and if they have any crypto stored there they must withdraw the balances before they end up losing them all.

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January 10, 2020, 10:03:07 AM
 #10

Last year the cobinhood was reportedly bankrupt and it seemed that was true, I got an email from cobinhood that they would shutdown cobinhood. But what makes me suspicious is that users cannot withdraw their funds and cobinhood has the reason to audit and migrate their user data until February 9th. Is it a must? Are they going to exit scam?

You can also see their tweets about it https://mobile.twitter.com/COBINHOOD/status/1215558951778996225


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January 10, 2020, 12:24:28 PM
 #11

You know what is horrifying, many of the new staking coins are centralized.  You rent your coins out to nodes, you host your coins somewhere besides on your own computer with your own wallet.

Just check out www.stakingrewards.com which lists most of the staking coins.

They don't list CompoundCoin, VersionCoin, TruckCoin, InflationCoin, Bottlecaps, Stackbit, InflationCoin, BitcoinTalkCoin, Stackbit,
ProofofStakecoin, or OverpowerCoin which have active devs and teams staking the coins in wallets on their own computers.

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January 10, 2020, 12:46:32 PM
 #12

Actually knowing it wouldnt really be possible but somehow into their current reputation and performance we can somewhat tell that they wont last long but those things would just remain presumptions.Just like what we do saw in Yobit exchange and i thought it would exit scam anytime on previous years but i was wrong yet they are still alive and kicking.Knowing it first is impossible until we suddenly received a news of about closure either an exit scam or simply they closed its doors due on being unprofitable.
I agree that Yobit (by all intent and purposes) should have shut down by now with a massive exit scam the most probable cause but they seem to be playing for the long haul.

The fact they are paying money anybody willing to show their banner in this forum shows two important things.

First, it shows they are happy to spend that money because they must be making money from their website/exchange especially with newbies and gullible users falling for their investbox trash. Second it shows they are desperate to main a presence in this forum, it seems they are willing to go to almost any lengths just to have their banner promoted here in the hope it will drive extra traffic to their website which they hope would result in extra income.


SCAMSADAB SOLUTIONSBANKERABETKING BITSAFE & DEAN NOLANBITINGLECHANGELLY CHANGENOW & ATOMIC SWAPCOINSBITCRYPTOKNOWMICSDIGITAL ASSETS PROGRAMFURTCOINFLYP.MEHITBTCHOLY TRANSACTION
HUMANCOINHUMANITYONEMINEXCOINMOBILEGOREPUBLIAROCK TRADINGSOVRANOCOINSPECTROCOINSWIFTEX EXCHANGETOKENPAYTRADESATOSHIULORDVIBEO520bit/vitalii_invest/RoyalTeam
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January 10, 2020, 07:05:06 PM
 #13

It's kinda ironic that we even need to discuss this, as the need for centralized exchanges is slowly fading away, day by day. The demand for DEX's is increasing, and fast. Sure I understand the sceptics out there, but let's face it. It's gonna happen slowly, but surely.

Most people are SICK and tired of KYC, exchange hacks, wallet maintenances at the worst possible times, and the list goes on and on.

Blocknet is leading the DEX development, and is a project I'm personally watching very closely. https://blockdx.com/

It makes me sick, that these centralized exchanges could at any time run away with everyones money, under the disguise of being "hacked".  Roll Eyes

True, hopefully DEX's will be adopted at a larger scale in the coming future!  Grin
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January 10, 2020, 08:06:18 PM
 #14

With regards to this topic, I am thinking about P2PB2B. Why? This is just my opinion on this. First, because they are accepting and listing shit tokens from IEO and IEOs are flooded on this exchange and when the time comes investors will not support this exchange. And Second, I have seen a lot of complaints on their telegram, doing maintenance for some coins/tokens every now and then, KYC issues for days or even weeks and so forth.

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January 12, 2020, 09:19:59 AM
 #15

Our plans are listing on p2pb2b or Coinsbit  Sad
Interesting topic...

.                              BULL coin
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January 12, 2020, 03:56:30 PM
 #16

I think it might be a bit misleading to say close down or exit scam in the same title. One can simply close down and return everyone money,,, business close down all the time so no issue. While exit scam happens with no warning.

I do not think yobit or tradesatoshi is any of those though,,, yobit already survived they hype and bear, same as tradesatoshi. They both deal with so many alts that they are not worth anything anyway.

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January 12, 2020, 04:21:18 PM
 #17

I think hitbtc  Grin.. there is a lot of complaining about this exchange since then. their withdrawal limit as well is very high.. and there are speculations before  that they are scam.

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January 16, 2020, 02:13:01 AM
 #18

Looks like coinsbit.io are the first in 2020:

https://bitcointalk.org/index.php?topic=5185065.msg53617290#msg53617290

No surprise there then. Closely followed by p2pb2b I expect, seeing as it's the same crew.

You heard it here first folks!

PIA went evil: https://bitcointalk.org/index.php?topic=5203968.msg53160131#msg53160131 Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0    Do not trust Yobit/HitBTC/BiteBTC/coinsbit/p2pb2b/Mercatox/C-cex/Poloniex/WEX/KuCoin/LiveCoin/TheRockTrading/Bitfinex/ADAB/Okex/TradeSatoshi/Gate.io/Changelly/Freewallet.org scam exchanges or ICO's by known scammers like HashCoins/Ambisafe/Bountyhive - they WILL scam you! Use diligence & research. Buy coins, sell coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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January 16, 2020, 08:22:21 AM
 #19

It's kinda ironic that we even need to discuss this, as the need for centralized exchanges is slowly fading away, day by day. The demand for DEX's is increasing, and fast. Sure I understand the sceptics out there, but let's face it. It's gonna happen slowly, but surely.

Most people are SICK and tired of KYC, exchange hacks, wallet maintenances at the worst possible times, and the list goes on and on.

Blocknet is leading the DEX development, and is a project I'm personally watching very closely. https://blockdx.com/

It makes me sick, that these centralized exchanges could at any time run away with everyones money, under the disguise of being "hacked".  Roll Eyes

Decentralised exchanges would clearly solve the problems of KYC and it would protect users from the excuses of "hacks" that you highlighted. I still think time is needed before these exchanges start shutting down and wide spread use of excellent decentralised exchanges are commonplace.

Do you have any views on what might be the first exchange to close down in 2020?

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January 16, 2020, 10:21:36 AM
 #20

cobinhood has already been mentioned. this should be the first shutdown for 2020. Roll Eyes
probably there will be a lot of exchanges throughout the year. the funds are melting and without new users
who throw in money without any basic knowledge it will be more and more difficult to survive.
as new exchanges are added all the time it is only logical that old ones will be dropped.


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