bitmax.io Scamed?

[predpred]

Who knows or who worried about bitmax.io? It's not working at least 9 hours...

[DoublerHunter]

Who knows or who worried about bitmax.io? It's not working at least 9 hours...

^ Definitely right, who knows and who cares because we are using at a right and reputable exchange, not the unpopular one that possible scam exchange sites. I am not accusing but it sounds like that, I hate exchange that has horrible service like withdrawal it takes days before it will arrive in your wallet. You need to have more patient, probably just a day of waiting and the fact is no one will help you here, nevertheless, contact the support and ask why have delayed the withdrawal transaction.

[mk4]

Here's their recent announcement on Twitter:

https://twitter.com/BitMax_Official/status/1324958458752479233

Such unplanned downtime are almost always not a good sign, but time will tell.

[btc_angela]

Here's their recent announcement on Twitter:

Such unplanned downtime are almost always not a good sign, but time will tell.

Well most exchanges are overwhelmed when bitcoin goes on a rally, similar to what Coinbase has supposedly experience and doing unscheduled downtime. So if I'm the owner of this exchanges perhaps it's time to upgrade those servers to cope up with the sudden surge of traders.

Anyways, I haven't heard of this exchange though, probably 2nd or 3rd tier, but yes definitely, unplanned downtime is not a good sign. If I'm the OP, better withdraw all your coins and move to other established exchange.

[mk4]

Well most exchanges are overwhelmed when bitcoin goes on a rally, similar to what Coinbase has supposedly experience and doing unscheduled downtime. So if I'm the owner of this exchanges perhaps it's time to upgrade those servers to cope up with the sudden surge of traders.

Anyways, I haven't heard of this exchange though, probably 2nd or 3rd tier, but yes definitely, unplanned downtime is not a good sign. If I'm the OP, better withdraw all your coins and move to other established exchange.

True. Hence why I wouldn't make conclusions like saying that the exchange scamquit or something. 48 hours of ETA downtime is pretty long though, but they probably used that number just to play it safe.

[predpred]

Well, this Ex seems to work since 2016 or 18.

I used it really carefully before i started to trade there with whole my stack. And started to trust since i use it more than 1 year...

Such things are not good if they are often. But as was said even Coinbase was down not for once, and if it is a really problem of huge trader activity it is a good sign surprisingly...

Actually many Ex had problems with AWS

[hugeblack]

Actually many Ex had problems with AWS

The fact that they have been working since 2016 does not mean that they are good, but the scale is in the people's experiences and quick solutions from support.

I will choose not to trust a platform that suffers from a lot of technical problems or (technical) failure of the system for more than 4 hours without a specific disaster such as an earthquake or government restrictions on the servers, which means that they do not care much about QoS.

[joniboini]

Actually many Ex had problems with AWS

I will choose not to trust a platform that suffers from a lot of technical problems or (technical) failure of the system for more than 4 hours without a specific disaster such as an earthquake or government restrictions on the servers, which means that they do not care much about QoS.

Looks like this is the cause https://www.coindesk.com/amazon-cloud-outage-causing-major-issues-at-some-crypto-exchanges.

I'd not ditch them straight away tbh, but it looks like they're overly reliant on AWS and then this happens. Who knows why, probably to save some fees.

[cryptoaddictchie]

Who knows or who worried about bitmax.io? It's not working at least 9 hours...

This happened during the bitcoin steadily increasing right? Seems like a tactics for me. They know people would want to cash out some profits, it happened so many times on other major exchanges too like Binance they suddenly have glitches and some traders using future contract cant access due to this resulting to possible rekt. Anyway, bitmax is a top notch exchange, and I cant see them will exit soon as many traders also trusted them a bit. Ive also using this exchange but not as frequent to binance.

[joniboini]

This happened during the bitcoin steadily increasing right? Seems like a tactics for me. They know people would want to cash out some profits

You mean they deliberately crash their AWS servers? Well, we can't know for sure but at this point, it's just speculation. Which is why you should not leave your assets on exchanges.

Their website is still not accessible for now, while other exchanges already run properly.

[coupable]

Well, this Ex seems to work since 2016 or 18.

I used it really carefully before i started to trade there with whole my stack. And started to trust since i use it more than 1 year...

Not only you. Many other people use Bitmax because some tokens are only tradeble there. And most of them faced critical problems such as suspicious login activity or delay time for withdrawals, but the issue usually solved in few hours. I did also find this scam accusation against Bitmax here in bitcointalk which reveals how much suspecious this exchange is : [SCAM ALERT] Bitmax/Bitmax.io (Must read!!)

[jossiel]

I've tried different browsers to check if their website is working but it seems to be not yet working. Give them until the given timeframe that they've said of fixing their server.

This happened during the bitcoin steadily increasing right? Seems like a tactics for me. They know people would want to cash out some profits, it happened so many times on other major exchanges too like Binance they suddenly have glitches and some traders using future contract cant access due to this resulting to possible rekt. Anyway, bitmax is a top notch exchange, and I cant see them will exit soon as many traders also trusted them a bit. Ive also using this exchange but not as frequent to binance.

Some exchanges are doing this. They will try to control the cashflow outside their exchange when their traders are in profit. That is why it's better to choose an exchange that whenever a pump comes, they wouldn't do such but it's hard to tell which exchange is going to be like that. But for bitmax, I think they have justified why they have encountered a problem.

[BitMaxz]

It's almost 2 days, but I can't still access the site with Error 522: connection timed out.

If they actually have a backup of their website they can fix their server right away by switching to other service than AWS.

Let's see if what will happen in next few hours if the website will remain alive again if not this is considered hacked website or if they still have control of their wallet maybe they are going to send them back to original owner.

They also own "BTMX.io"  according to their terms and service but when I tried to access that domain it get's internal server issue. So the issue might be on AWS server.

[predpred]

Well, it seems that they are not hacked and it is not a scam.

Seems, it is a real problem with AWS. Last one really sucks. Binance and others always have problems with them. Including withdrawal time hang on, this one i really dont understand. But Binance made an official statement on this...

So, these guys are newbies. And if they will fix i am going to continue using it. Even Binance was hacked...

[dkbit98]

That is the risk with all centralized exchanges, and reason why you should never keep coins  on any exchange, or you can only keep small amounts of coins for trading.
Exchanges are used for exchanging coins, and wallets are for keeping.
Bitmax say that service will be restored in next 24h, and they explained in this twitter post what was the problem:
https://twitter.com/George_BitMax/status/1325423983462772736

After several rounds of review and escalation across multiple global AWS teams, BitMax has made major progress in restoring system operability. Services are estimated to start recovery in 24 hrs. Pls note this does NOT affect BitMax wallet and all user assets are SAFE.

https://twitter.com/BitMax_Official/status/1325637699315920898

[Harlot]

Judging it on their recent tweet I don't think that there will be an issue of them being hacked since they are updating about their current system problem and not giving some kind of excuse about delays or other reasons which crypto companies usually do when they are hiding something. I know for people who have invested or have some money in them it makes them worrisome seeing these kinds of shutdown happening but you have nothing left to do but to wait and see if what they are saying is really true.

[BitMaxz]

There is a new tweet from George Cao that they are going to resume the service estimated time "tonight at around 11pm est."
Source: https://twitter.com/George_BitMax/status/1325817723708973058


The latest updated just posted 5 hours ago according to Bitmax announcement "the services are estimated to start recovery within next 24 hours." So it's another day for their service recovery and they said all customer funds are safe.

It is also better to follow the announcement below that they always post a new update regarding their situation.
- https://bitmaxhelp.zendesk.com/hc/en-us/articles/360058875873-Update-on-BitMax-Service-Recovery

Let's hope that the recovery process is successful...

[predpred]

Finally all works. Made withdrawal of coins wich are not used. NP.
 Also came latest deposits.

All works. I am going to use it further. AWS sucks for real...