All most 75 exchanges and tradings have been dead in 2020

[arajbhar]

5th October 2020, a crypto website Cryptowisser release an exchange list called Crypto exchange graveyard which shows almost all exchange and trading platforms that are gone scam in the note they didn't explain much except the platform's name, country, and when got scam.

But after one day they publish a press release on news.bitcoin.con and explain everything how and what causes platforms to go shutdown.

According to their report, crypto exchanges “die” due to voluntary shut down, hacking, scams, and being shut down by the government. While the scams and hacking are self- explanatory- the voluntary and government shutdowns as well as the mystery disappearances can be explained.

• Competition pushing out Crypto exchanges.
  Decentralized Exchanges push centralized exchanges out.
  Derivatives Exchanges see Growth.
  Non-Crypto Alternatives become more available.
  Regulations make it impossible for new Exchanges to survive.

The interesting thing on the list was Hotbit.io (which are popular among users) they said it got scam but it still live and working well. I use Hotbit.io for trading and had about $17 worth of Chainlink but after seeing the list I withdrawal all.

The list started from 2020-10-05 to 2014-02-07. You can see some name from the list below that shutdown in 2020.

BOA Exchange, Voluntary Shutdown
Bitunio, Voluntary Shutdown
Hotbit, Scam
Krypto Connection, Just Disappeared
CashFinex, Just Disappeared
Instant Bitex, Voluntary Shutdown
TokenJar, Just Disappeared
Orderbook.io Voluntary Shutdown
Blockonix Voluntary Shutdown
NLexch, Government Shutdown
FEX, Scam
Token.Store, Voluntary Shutdown
OpenLedger DEX, Voluntary Shutdown
Coinfinit, Just Disappeared
CoinMex, Just Disappeared
Coinrate, Just Disappeared
Bitbox, Voluntary Shutdown

All list - https://www.cryptowisser.com/exchange-graveyard/
Press Release - https://news.bitcoin.com/cryptowisser-75-crypto-exchanges-dead-in-2020-more-will-follow/
In case you need - Best bitcoin anonymous wallets.

[Oshosondy]

Not your key not your coin is the common sentence while dealing with cryptocurrencies, but because of trading to be convenient, traders prefer to make use of exchanges, but, it will be good for them to have it in mind that so far they do no have private keys to coins on the exchange, it means the exchanges are the ones securing the coins for them, but most of the exchanges make use of hot wallet to keep funds of thousands or millions of people, that is why they are not safe to use. Some people also like new exchanges, which some can be scam exchange, using exchnages that have been existing for long and that have not been hacked before is better, but having your private keys to your coins is the best.

[hugeblack]

I have not heard of most of those platforms, but what are the criteria by which we can classify these platforms, and then we can say that it is a platform?
The digital currency market is decentralized and many platforms present themselves that they give solutions, but most of them have small market capacities and it is wrong to classify them or store money in them.
Few platforms have reached market capacities of a few million or billions.

[bittraffic]

There are exchanges that voluntarily shutdown though, I think they have allowed users to withdraw coins making them not really among the ones that gone scam. But those thats labeled MIA is the worse. There will be more in the future, maybe some will disappear too in the next bear market.

Not your key not your coin is the common sentence while dealing with cryptocurrencies, but because of trading to be convenient, traders prefer to make use of exchanges, but, it will be good for them to have it in mind that so far they do no have private keys to coins on the exchange, it means the exchanges are the ones securing the coins for them, but most of the exchanges make use of hot wallet to keep funds of thousands or millions of people, that is why they are not safe to use. Some people also like new exchanges, which some can be scam exchange, using exchnages that have been existing for long and that have not been hacked before is better, but having your private keys to your coins is the best.

"Not your key not your coin" I'm sure doesn't apply to non custodial ones like the wallet projects which can connect to exchanges.

[masterzino]

Not surprised at all, especially about Hotbit - they are wash trading from day One.

Making an exchange is the easy part. The hard part is providing liquidity and security...

[notblox1]

It was expected result and there is not much surprise with this news if we know that most exchanges have fake volume, and if not total scam they are borderline scam for sure.
Looking at this list they say Hotbit exchange is dead, but that is not true, they are still working and washtrading everyday, and you can check that easy if you visit their website
Same thing apply for Finexbox exchange, they are still alive. Their website and twitter are working.

[mersal]

Still lot more exchanges to be closed due to no trading activity, most of the exchange still uses wash trading to give the fake trading volume to the users and cointracking websites are also still reporting them, newbies will understand once they entered into any of those exchanges with no trade orders to execute their trades.

Some exchanges got shutdown temporarily for hack and other reasons also should have a list though.

[eaLiTy]

Like many here i am hearing about these names for the first time and it was expected that majority of the exchanges will die off eventually as the risk of maintenance is really high and off course some of these exchanges might be exit scam.

Only trade in reputable exchange and never go after unknown exchanges simply because they are providing huge offers as majority will end up as a scam.

[btc_angela]

Only heard a few names on those lists, but never traded, but I don't understand "regulations make it impossible" to new crypto exchanges to open. I mean, isn't it much better for them to follow regulations instead of just putting up a crypto exchanges? If there are regulations to follow then we can minimised the risk and lost per se. And then obviously competition, this is a cut-throat business so exchanges needs to find ways to stop on top of their game, like competitions etc. If those low to mid tier don't know how to advertisement, then it will simply die.

[CryptopreneurBrainboss]

I'm not surprised seeing exchange like Hotbit.io on the list, I never liked them after I was focused to used their exchange as I could only offload one of the alts I got from working for a project on their exchange. They lacked proper customer service and only had mostly worthless coins listed on the platform. They probably wanted as many coins as possible for volume but this ended up costly them their reputations. I have see reports of discomfort from other previously customer online.

I think they also tried cashing on the IEO hyped and did various projects on their exchange but 99% of then failed. As for the other exchanges, I have never had about them. Some names actually sounds funny and I'll wonder who will go on to patronize them which could obviously contribute to their downfall. Lack of marketing.

With in next few months more DeFi related swapping exchange pumping up daily will also join the list which is way we're advice to abstain from patronizing most newly launched exchange until they prove their authenticity and don't store your funds on exchanges.

[carlfebz2]

I'm not surprised seeing exchange like Hotbit.io on the list, I never liked them after I was focused to used their exchange as I could only offload one of the alts I got from working for a project on their exchange. They lacked proper customer service and only had mostly worthless coins listed on the platform. They probably wanted as many coins as possible for volume but this ended up costly them their reputations. I have see reports of discomfort from other previously customer online.

I think they also tried cashing on the IEO hyped and did various projects on their exchange but 99% of then failed. As for the other exchanges, I have never had about them. Some names actually sounds funny and I'll wonder who will go on to patronize them which could obviously contribute to their downfall. Lack of marketing.

With in next few months more DeFi related swapping exchange pumping up daily will also join the list which is way we're advice to abstain from patronizing most newly launched exchange until they prove their authenticity and don't store your funds on exchanges.

I do end up on some unknown or not really popular exchange when i do also need to sell off some alts in my bag too where i do end up on registering even if im hesitant to do so yet you wont know
if those will be just an another crypto-eating platform and wont really take back all of your coins once you had deposited.

On all of the list then i didnt really much known majority of them and its true that some of names do sounds funny and on why the heck they do end up with that
yet platform name is one of the important thing and of course marketing.(They failed on that one).

I wasnt just expecting that there are lots that are trying to get some market share but its no surprise that majority of them will fail and the best one will sustain or remain.

[sheenshane]

With the rise of Defi projects and exchange, this isn't a surprise to me that most of not well know CEX will shut down. Imagine, 34 exchanges have voluntarily shut down while others are disappearing without any explanation. I worried those people who leave their fund on these 75 exchanges that shutting down for sure others are leaving their altcoins there, (just like me when I want to sell my token at a high price, I usually leave on exchange and bid on a high price).

As I see the problems of regulated exchange are the continuous growth of hack and scam incidents, probably people realized this matter and they think that Defi is the answer. Possible that these exchanges didn't have enough customers and decided to voluntarily shut down.

[CASTIEL05]

Not your key not your coin is the common sentence while dealing with cryptocurrencies, but because of trading to be convenient, traders prefer to make use of exchanges, but, it will be good for them to have it in mind that so far they do no have private keys to coins on the exchange, it means the exchanges are the ones securing the coins for them, but most of the exchanges make use of hot wallet to keep funds of thousands or millions of people, that is why they are not safe to use. Some people also like new exchanges, which some can be scam exchange, using exchnages that have been existing for long and that have not been hacked before is better, but having your private keys to your coins is the best.

Yes, but we cannot say that we will move out our token everytime we bought. Therefore, scalping is a bad strategy because we have to move our coins from exchange to their desired wallets. This only applies for long term hodler or swing traders. Yes, not your keys not your coins but I think the problem here is the security of every exchange. They are easily attacked by hackers which give away to their customers lost their funds. These exchanges who had been dead in 2020 are scam exchanges, that is why I trade only in CEX and popular ones.

[goaldigger]

I just heard about the Hotbit scam incidents and the rest is new to me, no doubt they wont stay longer in the market because they have no business here and they are just a scam project.

Choosing an exchange are very risky because we put our money to them so better to always deal with the top exchanges but never put big money to them, every exchange are vulnerable to the hackers. Expect more dead exchange because the top exchange are doing their best so they can attract and gain the trust of the traders, the competition with the exchanges are high.

[Xxmodded]

I just heard about the Hotbit scam incidents and the rest is new to me, no doubt they wont stay longer in the market because they have no business here and they are just a scam project.

Choosing an exchange are very risky because we put our money to them so better to always deal with the top exchanges but never put big money to them, every exchange are vulnerable to the hackers. Expect more dead exchange because the top exchange are doing their best so they can attract and gain the trust of the traders, the competition with the exchanges are high.

I think is not true with hotbit become scam exchange, I know many trader complaint with transaction when withdrawing using hotbit exchange because take longer time. Hootbit process withdraw manually and we need more than one or two hours waiting for receiveing withdraw from Hotbit, I like this exchange because make unbelivaeble price with some coin when listing, did you remember last moment when listing FLM launchpad coin on their exchange with higher price, but basicly this coin have lower price just $1 after listing on Binance, how many people get profit and lost when seeing this coin list on hotbit with price above 1,5k$.

[Akiko]

I just heard about the Hotbit scam incidents and the rest is new to me, no doubt they wont stay longer in the market because they have no business here and they are just a scam project.

Choosing an exchange are very risky because we put our money to them so better to always deal with the top exchanges but never put big money to them, every exchange are vulnerable to the hackers. Expect more dead exchange because the top exchange are doing their best so they can attract and gain the trust of the traders, the competition with the exchanges are high.

They are old but they don't make enough advertisement thats the reason why many people never heard about thier existence. That's also the reasons why they need to shutdown no traders ,no liquidity equals no income. The trend of exchange only started in 2017 and 2018 and many developer think it's easy to make money if they build thier own . they forget that they also need to make it popular so it will have users and maintain it by having many kind of promotion.

[justdimin]

Still lot more exchanges to be closed due to no trading activity, most of the exchange still uses wash trading to give the fake trading volume to the users and cointracking websites are also still reporting them, newbies will understand once they entered into any of those exchanges with no trade orders to execute their trades.

Some exchanges got shutdown temporarily for hack and other reasons also should have a list though.

Yeah, fake volume building is a common trick exchanges use to make their users believe like the exchange is running at rapid pace and millions USD worth of coins are being traded every minute but the truth is that exchange is just waiting for the users to deposit big amount and then run away with all the deposited money.

We can only blame ourselves after such exit scams because when we have better options we shouldn't have used these fake exchanges and also never keep money in an exchange as wise people always say "never use an exchange as a wallet" because the coins for which the private key you hold are the only coins you actually hold and those on exchanges is still not your money unless you trade and withdraw it.

[boyptc]

I have only heard and seen the three exchanges on the list. OpenLedger, Bitbox, and Hotbit. The latter has the most complaints that I've read.

It is not surprising to see exchanges getting close, the toughest and most popular will remain until it becomes oligarchy on the side of exchanges.

[Dorodha]

The reason all 75 exchanges and businesses died in 2020 is because most of the exchange sites are scamming as well as many new exchange sites are being added which are finally failing to make money soon after greed and leaving the market causing the exchange sites to become barren. There are also many exchange sites that have low reliability and risk for transactions. Many times the exchange is low due to the high amount of fees due to which the sites are getting lost day by day due to declining demand.

[el kaka22]

The amount of exchanges that dies constantly in crypto is nothing new, fall short of a major breakthrough in crypto exchange world the amount of exchanges that closes down will continue forever. There are few reasons for this, obviously there could be found a lot more but the main reasons are usually competition, bad development, hacking, greedy owners and lastly exit scams which are the most famous ones of course.

So, nobody is shocked that bitcoin exchanges gets closed down constantly, it is nothing new so there was really no need for a website like this. However we could use this as a cautionary tale to people not to use exchanges as wallets, if you are trading keep your money there and you will be happy about it, but if you are not trading take your money out for sure.