Dogecoin wallets disabled on Poloniex (3 days now)

[mcsean2163]

The dogecoin wallets were disabled Friday, it's now late Sunday.

My guess is that they ran out of dogecoin, they didn't have the right amount in cold storage.

It's now 107 sat (poloniex) versus 122 (binance).  Poloniex are just making their own prices and presumably they sell on the dogecoin and profit when anyone exits a trade.  At one stage it was about 30% in the difference.

Does anyone have any insight?  Should I just sell doge to BTC on poloniex and move the BTC to binance and accept the loss or hold out for poloniex to re-enable the wallets?

It'd be funny if I didn't have 50k dogecoin on poloniex.

S

[1714171531]

1714171531

[1714171531]

1714171531

[1714171531]

1714171531

[blockedCantBelieve]

Yes it is blocked  

Their Twitter account acknowledged it since 4:05 PM UTC   Jan 29 . The price can't match other exchanges since Friday.

They're saying their team working on it, but I can't believe this kind of issue takes 3 days to resolve.


I suspect they worry customers like us leaving the exchange because we don't want sell our doge on discount on the exchange.

[Febo]

Dogecoin wallets disabled on Poloniex (3 days now)

Dogecoin is just a simple Bitcoin clone. Poloniex infrastructure should be well prepared for it. So it is suspicious. There would be no reason to have wallet offline for even a day.

[mcsean2163]

Yes it is blocked  

Their Twitter account acknowledged it since 4:05 PM UTC   Jan 29 . The price can't match other exchanges since Friday.

I suspect they worry customers like us leaving the exchange because we don't want sell our doge on discount on the exchange.

Trollollool I presume!  Thanks for coming here.  I've written several tickets to poloniex but they no longer respond except to say I already have a ticket open.

Put it this way, it's very unlikely that anyone will use poloniex again after this.  The price is low because the wallets are disabled, otherwise everyone would be buying up the poloniex at these prices.  Right now I'm afraid they'll go bust and I'll lose everything.  I lost 500,000 dogecoin before with cryptsy, they just stole it.

Right now, anyone selling, poloniex can just sell directly on another exchange and profit.  e.g. I sell for 100 satoshi, poloniex takes my satoshi and sells it on binance and make a 20 satoshi profit.

My guess is that there are short of dogecoin due to the leverage and are hovering on bankruptcy.

Might be better to take a loss, than to lose it all.

I don't know  They should be in jail.

[mcsean2163]

Dogecoin wallets disabled on Poloniex (3 days now)

Dogecoin is just a simple Bitcoin clone. Poloniex infrastructure should be well prepared for it. So it is suspicious. There would be no reason to have wallet offline for even a day.

It's a scrypt clone but yeah, agree 100%  The fact they are still trading and the gap has lowered from 30% means they may be able to trade out of the problem.  It's a risk to hold but it's a bitch to sell at such a huge discount...

[Lanatsa]

This isn't something new when it comes  to  events like  these where wallets had been blocked/disabled for some  reason.

The team telling that they are aware  and fixing off things? that isn't something believable.It wont really be taking  3 days for that issue to be fixed up.

They are really just obviously showing off something fishy.For op then I wont  really be stopping you if you do sell it all for loss rather than on
losing it all.I do agree with that mindset.

[Agiravax]

Poloniex is to crypto what Robinhood is to stocks 

[mcsean2163]

Little point talking to the trollbox.  I filed a report with the SEC, link is here if anyone want to try too:
 
https://www.sec.gov/tcr#:~:text=We%20strongly%20encourage%20the%20public,.sec.gov%2Ftcr.

[andulolika]

lol, they probably played with the coins held and didn't take doge serious.

It is sad.

[blockedCantBelieve]

Put it this way, it's very unlikely that anyone will use poloniex again after this.  The price is low because the wallets are disabled, otherwise everyone would be buying up the poloniex at these prices.  Right now I'm afraid they'll go bust and I'll lose everything.  I lost 500,000 dogecoin before with cryptsy, they just stole it.

Right now, anyone selling, poloniex can just sell directly on another exchange and profit.  e.g. I sell for 100 satoshi, poloniex takes my satoshi and sells it on binance and make a 20 satoshi profit.

My guess is that there are short of dogecoin due to the leverage and are hovering on bankruptcy.

Might be better to take a loss, than to lose it all.

I don't know  They should be in jail.

Dang, sorry about that.

I'm moving out all my coins from poloniex now. That is just too much, worst than the RH story with GME .

Still hesitating if I should take the cut.  

[mcsean2163]

Put it this way, it's very unlikely that anyone will use poloniex again after this.  The price is low because the wallets are disabled, otherwise everyone would be buying up the poloniex at these prices.  Right now I'm afraid they'll go bust and I'll lose everything.  I lost 500,000 dogecoin before with cryptsy, they just stole it.

Right now, anyone selling, poloniex can just sell directly on another exchange and profit.  e.g. I sell for 100 satoshi, poloniex takes my satoshi and sells it on binance and make a 20 satoshi profit.

My guess is that there are short of dogecoin due to the leverage and are hovering on bankruptcy.

Might be better to take a loss, than to lose it all.

I don't know  They should be in jail.

Dang, sorry about that.

I'm moving out all my coins from poloniex now. That is just too much, worst than the RH story with GME .

Still hesitating if I should take the cut.  

Me too.  It's a big cut.

[mcsean2163]

I was going to do a test BTC withdrawal -->

withdrawal fee = 0.00050000 BTC  ($16) is that right?  Seems a lot?

[blockedCantBelieve]

I was going to do a test BTC withdrawal -->

withdrawal fee = 0.00050000 BTC  ($16) is that right?  Seems a lot?

That's normal btc withdrawal fee for most exchanges. Even binance is charging 50k sats. Why not convert your btc first to LTC or EOS, they have relatively low transfer fees? If you are transferring your coins from one exchange to another use other alts. It is really not advisable to use btc, better convert it to other alts with cheap transaction fees. Now, this situation is giving more reason for Polo users not to trust this exchange.

Do your math first.

Poloniex is charging 0.125% when trading. if trading to XLM/LTC/EOS and back to BTC cost more than $16 you're better off paying the $16 fee.

[stadus]

That must be suspicious and a big slam on their reputation, poloniex was biggest exchange in the past but at least they should keep their good reputation. What are their explanation on why the withdrawals are disabled? Actually this is illegal without a valid reason and I believe they can be reported as they are regulated just like other exchanges.

[mcsean2163]

That must be suspicious and a big slam on their reputation, poloniex was biggest exchange in the past but at least they should keep their good reputation. What are their explanation on why the withdrawals are disabled? Actually this is illegal without a valid reason and I believe they can be reported as they are regulated just like other exchanges.

I got an email from a guy who it says is Irish on Friday.  

Poloniex does not decide the price for any given asset. The price is related to what price the buyers and sellers using our platform are willing to pay or sell for.

Additionally, the DOGE wallet isn't working properly so we temporarily disabled it.

We are working to have the wallet re-enabled as soon as possible, but we don't have an estimate on the timeline at the moment. We will notify you here once the wallet is re-enabled.


Their parent company has an office in Ireland as well as one in Maryland, US.

https://www.solocheck.ie/Irish-Company/Circle-Internet-Financial-Limited-531058
https://www.bloomberg.com/profile/company/1700828D:US

Their US office is a PO Box, no address on their website.  I used to think it was a legit company but it looks so sketch.


I'm thinking of giving them until tomorrow to see if things are corrected after the weekend.....

[bitcon]

All these problems are associated with the attempts of users to withdraw hundreds of millions of Dogecoins. Due to the huge load on the platform, maintenance was forced to shut down the input and output on Poloniex and Huobi. I think now the excitement will subside and everything will return to its place.