Lost 17k on CEX.IO *solved, CEX.IO paid

[DenzelDon]

Hello

@cex

I made a big transfer of KNC Token from Binance to CEX.IO. Unfortanely i did not know that Kyber
network made a upgrade and that they have now two different protocols. CEX.IO still supports the older protocol and Binance the newer one and also the older one. But they didnt inform on their deposit/withdraw page about that. KNC recommended that exchanges name the older one KNCL and the newer network keeps the name KNC. So i couldnt know that there was a upgrade in the first place! I am not going to check every time the site of the coin, especially not when it worked before that  just fine.

Recommendation + explanation of KNC:
https://blog.kyber.network/knc-token-migration-guide-fda08bfe62c2

So i contacted support on CEX.IO and they only did write me 5 days after my initial response. They did write this:

Hello D----

We have checked the information about your KNC deposit.

Please, be informed that CEX.IO does not support Kyber Network Crystal v2.

We would be more than happy to credit the mentioned deposit to your CEX.IO account or to send the amount of 9,435.551 KNC via Kyber Network Crystal v2 back to the sending wallet. However, as you may know, in order to perform both these actions, one will need necessary instruments. And, sadly, however, we have none of the instruments for cryptoprocessing of Kyber Network Crystal v2 token protocol.

Yes, we fully understand your situation, however, we are not able to recover the funds. Thus, we kindly ask you to refrain from unsupported tokens to your CEX.IO wallets.

Thank you for understanding!

So is this all? I will just loose my funds? Why can i retrive my coins when the same happens on Coinbase but not on CEX.IO?

Keep in mind i did several transactions from Binance to CEX.IO with KNC Token before this month and it worked without any problems. Also there was no warning on Binance Site or on CEX.IO site, nothing regarding that the network has changed or upgradet or whatever! Is this how you treat a loyal customer that does transfer coins worth of several millions dollar each month to and from your exchange? This response and thats it?

Now you let me wait again days before you respond me? No forwarding to a supervisor or anything similiar?

I contacted KNC and they said maybee if CEX.IO upgrades the token then i will get my funds, but this is just a big maybee IMO.

@cex please contact KNC and ask if there is anything you can do? I love to trade on your platform, but just this response after this 5 days is unnacteptable. Lets find a solution.

up136245374

[jackg]

The response they gave is completely unacceptable. The token only moved smart contracts (not even blockchain - since both are ethereum contracts)

You're just going to have to keep "politely" messaging them to ask for the tokens to be credited to your account. Its a 1:1 split too so they can't have problems in returning them back to you or credited to your account. I'd suggest you ask them to forward your case to an engineer who can resolve it.

[OmegaStarScream]

You can write to them here: https://bitcointalk.org/index.php?action=profile;u=148073

They pretty active on the forums, and I've seen them handling user's issues before which is not something not a lot of exchanges do, so hopefully you'll get your problem solved.

[DenzelDon]

The response they gave is completely unacceptable. The token only moved smart contracts (not even blockchain - since both are ethereum contracts)

You're just going to have to keep "politely" messaging them to ask for the tokens to be credited to your account. Its a 1:1 split too so they can't have problems in returning them back to you or credited to your account. I'd suggest you ask them to forward your case to an engineer who can resolve it.

You can write to them here: https://bitcointalk.org/index.php?action=profile;u=148073

They pretty active on the forums, and I've seen them handling user's issues before which is not something not a lot of exchanges do, so hopefully you'll get your problem solved.

Thx guys, much appreciated.

[teosanru]

Horrific, each day we are really getting new cases of unacceptable behaviour from these exchanges. If a token has an upgrade, It's both responsibility of the team as well as exchanges to make necessary updates on their platform for users. Isn't this what they charge fees for? Atleast the top 20 exchanges should do this. How can a user be expected to have knowledge of all the updates and everything? Moreover even if a mistake has been made I think they should try to issue a refund. It's not that difficult to issue a refund anyway? It's just their scammy trick to keep all the money with them.

[DenzelDon]

Well this is kinda scary since I used them a lot to transfer money and didn't have any problems. For sure I will be more careful in future. Hope bro you figure it out with them.

Yeah scary. I mean i use them a lot and my biggest problems so far has been "only" some delayed withdrawals/deposits, what is sometimes bit annoying, but if that happens, i know still in the end i will get my funds.
But this time its just not ok.

[DenzelDon]

Horrific, each day we are really getting new cases of unacceptable behaviour from these exchanges. If a token has an upgrade, It's both responsibility of the team as well as exchanges to make necessary updates on their platform for users. Isn't this what they charge fees for? Atleast the top 20 exchanges should do this. How can a user be expected to have knowledge of all the updates and everything? Moreover even if a mistake has been made I think they should try to issue a refund. It's not that difficult to issue a refund anyway? It's just their scammy trick to keep all the money with them.

Yeah i mean i think the main error comitted is by KNC, because they didnt implemented a solution? But still not sure about that, because on Coinbase you still will get your funds if they upgrade it to the new KNC protocol if you deposited from the new to the old protocol, just very strange why CEX.IO cant do that? As somebody mentioned before it shouldnt be something very complicated from a technical standpoint if i did understand that right.

Thus, we kindly ask you to refrain from unsupported tokens to your CEX.IO wallets.

Also clearly this is not my fault, why didnt they update the coins name to KNCL as recommended from KNC. They expect me to be up do date as a invidual trader and cant be up to date as exchange? There is no warning or something similiar on their page! How can i know that?

To be honest i think it is just a inexperienced First level 1 support guy. Then as company that cant be the solution just to say sorry and thats it, when its so obvious that it wasnt my error. Clearly there must be compensation. So lets see what CEX.IO says, i doubt they want to loose me as a customer because i make them this amount sometimes in just a few weeks and also i doubt they want to have their reputation damaged. In the end that will cost them more then 17k so thats why i dont think this is a trick or something similiar and hope that they will find a solution other then just a sorry.

[nelson4lov]

Sad story to hear. I'd say Binance is to be blamed for not providing appropriate information that would help users to avoid issues like this. Not all traders are in 100% sync with project updates. Binance usually provides some info about stuffs like this, I wonder why they would miss it. I've had similar issues like this in the past but it was from another exchange to Binance. When I couldn't Binance support for a possible solution, they didn't put me off like CEx.io support team did to you. Instead they just asked a couple of questions to be sure I initiated the transfer and then went on to recover my tokens for me. My point here is that, if the CEX.io team is concerned about customers, they should be willing to do stuffs like this for them. It's not like they won't support KNC new tokens in the near future. If they support it, then there's a very good chance that they can recover it if they're willing to do it.

[seleme]

Ouch, that is the worst thing that can happen to any trader, just do a small test transfer before sending all next time. For big funds, I usually triple-check all protocols, addresses, minimum/max limits, and daily withdrawal limits. As suggested above try to contact with exchange representative and hope the Cex.io team will help u to recover the funds. Manual intervention is required to solve this problem AFAIK.

[JeromeTash]

What a stupid and sad kind of response from the customer support, moreover after waiting for 5 day 
I am hoping that this was just some amateur responding to you and CEX.IO already have a solution to helping you retrieve your funds. CEX.IO should do better than this. No loyal customer should be treated in such a manner especially if they didn't do any mistake.

[DenzelDon]

Sad story to hear. I'd say Binance is to be blamed for not providing appropriate information that would help users to avoid issues like this. Not all traders are in 100% sync with project updates. Binance usually provides some info about stuffs like this, I wonder why they would miss it. I've had similar issues like this in the past but it was from another exchange to Binance. When I couldn't Binance support for a possible solution, they didn't put me off like CEx.io support team did to you. Instead they just asked a couple of questions to be sure I initiated the transfer and then went on to recover my tokens for me. My point here is that, if the CEX.io team is concerned about customers, they should be willing to do stuffs like this for them. It's not like they won't support KNC new tokens in the near future. If they support it, then there's a very good chance that they can recover it if they're willing to do it.

I mean depending how you look at it you could blame all 3 sides. Yeah normally they put up a warning on their deposit/widhrawal page. Idk what happened this time. Yeah binance was also every time very helpful when something similiar would happen. Really disapointing from CEX.IO that they just put me off like this. But lets see, i still have some hope.

[nelson4lov]

~Snipped

I mean depending how you look at it you could blame all 3 sides. Yeah normally they put up a warning on their deposit/widhrawal page. Idk what happened this time. Yeah binance was also every time very helpful when something similiar would happen. Really disapointing from CEX.IO that they just put me off like this. But lets see, i still have some hope.

Yes, all three parts (you, Binance, Cex.io) can share in the blame.

 - You, because if you had stayed closer to projects you're holding, you'd be aware of the recent changes.

- Binance, for not putting a notice about it.

- CEX.io, for doing very little to resolve the issue.

Even if you knew about the KNC token swap, you might still not be aware of which of the two tokens are supported by exchanges where KNC is listed. If CEX.io had put up a notice about accepting KNCL only, then I'm sure this would've been avoided. Most times when I'm about to make a deposit or withdrawal and there's a note about depositing the right asset, I take time out to read them and haven't had such issues aside from the one I made with BNB 2-3 years ago.

[jossiel]

I've seen a strategy of someone that before sending the whole batch of his funds, he's doing test sending with smaller amounts so that the receiving party will have it credit. And when it's done, that's the time that I'll be sending the whole amount if it's already credited.

On this case, CEX's response should be giving more of a solution than frustration. If they happen to know that you're a loyal customer, they should give a solution to give back to you as a loyal customer. I'm sure that there's a way for them to help you on that, it's just that the customer support that replied to you didn't raised the matter to the higher department.

[DenzelDon]

Ouch, that is the worst thing that can happen to any trader, just do a small test transfer before sending all next time. For big funds, I usually triple-check all protocols, addresses, minimum/max limits, and daily withdrawal limits. As suggested above try to contact with exchange representative and hope the Cex.io team will help u to recover the funds. Manual intervention is required to solve this problem AFAIK.

I mean i did several transfers to the same adress before, i dont see me doing test transfers and paying every time double the gas fees just because there could be something. Especially not as a day trader. This would not only cost me money but also a lot of time. Impossible.

~Snipped

I mean depending how you look at it you could blame all 3 sides. Yeah normally they put up a warning on their deposit/widhrawal page. Idk what happened this time. Yeah binance was also every time very helpful when something similiar would happen. Really disapointing from CEX.IO that they just put me off like this. But lets see, i still have some hope.

Yes, all three parts (you, Binance, Cex.io) can share in the blame.

 - You, because if you had stayed closer to projects you're holding, you'd be aware of the recent changes.

- Binance, for not putting a notice about it.

- CEX.io, for doing very little to resolve the issue.

Even if you knew about the KNC token swap, you might still not be aware of which of the two tokens are supported by exchanges where KNC is listed. If CEX.io had put up a notice about accepting KNCL only, then I'm sure this would've been avoided. Most times when I'm about to make a deposit or withdrawal and there's a note about depositing the right asset, I take time out to read them and haven't had such issues aside from the one I made with BNB 2-3 years ago.

No, i dont agree that i am to blame here. Not even a little bit. I always read and double check everything. It said KNC and on Binance KNC. Thats it. Keep in mind before that incident i did send several times KNC token from Binance to CEX.IO without any problem. When i say all three sides then i mean also KNC.  As a programmer i can assure you, you could implement some sort of solution so that Tokens cant get lost when there is a upgrade. There are hundreds of other coins who dont have this problem when they do a major upgrade. You can be sure that i would implement something when i would own a multimillion dollar company, because this is a very high possibilty that could happen and i am sure this happens now to a lot of people. So thats what i mean when i say all three sides. KNC, Binance and CEX.IO.
Also there is a difference betwenn hodling and day trading. This mindset would make day trading impossible. But i learned my lesson and for now i do check also every coin on their twitter page if there is a upgrade or something.

I agree with the note part. Clearly a error by Cex.io listing the coin still as KNC. Still would have send the coins to the old adress in the end. So or so you cant blame it on me, we pay them fees so they need to provide us with a working exchange. Imagine VISA would do a error like this. Would you blame the customer? No, exchanges need to get their shit together and compensate if they do a error or how else Cryptos and Exchanges would gain a good reputation and become a real alternative to FIAT? We need to demand high standards and report every error they make so they learn and hopefully in the end of the day they will provide us with a high standard service and Cryptos can grow as a whole.

[CEX]

Hello

@cex

I made a big transfer of KNC Token from Binance to CEX.IO. Unfortanely i did not know that Kyber
network made a upgrade and that they have now two different protocols. CEX.IO still supports the older protocol and Binance the newer one and also the older one. But they didnt inform on their deposit/withdraw page about that. KNC recommended that exchanges name the older one KNCL and the newer network keeps the name KNC. So i couldnt know that there was a upgrade in the first place! I am not going to check every time the site of the coin, especially not when it worked before that  just fine.

Recommendation + explanation of KNC:
https://blog.kyber.network/knc-token-migration-guide-fda08bfe62c2

So i contacted support on CEX.IO and they only did write me 5 days after my initial response. They did write this:

Hello D----

We have checked the information about your KNC deposit.

Please, be informed that CEX.IO does not support Kyber Network Crystal v2.

We would be more than happy to credit the mentioned deposit to your CEX.IO account or to send the amount of 9,435.551 KNC via Kyber Network Crystal v2 back to the sending wallet. However, as you may know, in order to perform both these actions, one will need necessary instruments. And, sadly, however, we have none of the instruments for cryptoprocessing of Kyber Network Crystal v2 token protocol.

Yes, we fully understand your situation, however, we are not able to recover the funds. Thus, we kindly ask you to refrain from unsupported tokens to your CEX.IO wallets.

Thank you for understanding!

So is this all? I will just loose my funds? Why can i retrive my coins when the same happens on Coinbase but not on CEX.IO?

Keep in mind i did several transactions from Binance to CEX.IO with KNC Token before this month and it worked without any problems. Also there was no warning on Binance Site or on CEX.IO site, nothing regarding that the network has changed or upgradet or whatever! Is this how you treat a loyal customer that does transfer coins worth of several millions dollar each month to and from your exchange? This response and thats it?

Now you let me wait again days before you respond me? No forwarding to a supervisor or anything similiar?

I contacted KNC and they said maybee if CEX.IO upgrades the token then i will get my funds, but this is just a big maybee IMO.

@cex please contact KNC and ask if there is anything you can do? I love to trade on your platform, but just this response after this 5 days is unnacteptable. Lets find a solution.

up136245374

Dear DenzelDon,

Thank you for bringing our attention to your situation here.
We’re sorry you have had an adverse experience as we strive to give all our customers top-quality services and support.

We have forwarded your case to the tech team for a closer investigation and will make every effort for you to get a satisfactory resolution. We will update you here with the news although it might take some time. As you were notified, we currently do not have instruments for the Kyber Network Crystal v2 token protocol and therefore, the processing will be time- and effort-consuming. 

Nevertheless, we'll be following the progress and updating you accordingly.

We highly appreciate your patience in advance!

[GoodLuckToken]

Glad to see CEX found this thread and is looking into it. Really sorry to hear the OP lost such a large amount of funds and I really hope this gets resolved. What's gotta be most frustrating is that you did it before and everything went through just fine. Hard to beat yourself up over not sending a smaller "test" amount first when you've done this before and had no issues. I kind of agree with what another poster (teosanru) mentioned in this thread, if the token makes an upgrade it should be both the responsibility of token and exchange that everything gets updated. Keep us posted!

[DenzelDon]

Hello

@cex

I made a big transfer of KNC Token from Binance to CEX.IO. Unfortanely i did not know that Kyber
network made a upgrade and that they have now two different protocols. CEX.IO still supports the older protocol and Binance the newer one and also the older one. But they didnt inform on their deposit/withdraw page about that. KNC recommended that exchanges name the older one KNCL and the newer network keeps the name KNC. So i couldnt know that there was a upgrade in the first place! I am not going to check every time the site of the coin, especially not when it worked before that  just fine.

Recommendation + explanation of KNC:
https://blog.kyber.network/knc-token-migration-guide-fda08bfe62c2

So i contacted support on CEX.IO and they only did write me 5 days after my initial response. They did write this:

Hello D----

We have checked the information about your KNC deposit.

Please, be informed that CEX.IO does not support Kyber Network Crystal v2.

We would be more than happy to credit the mentioned deposit to your CEX.IO account or to send the amount of 9,435.551 KNC via Kyber Network Crystal v2 back to the sending wallet. However, as you may know, in order to perform both these actions, one will need necessary instruments. And, sadly, however, we have none of the instruments for cryptoprocessing of Kyber Network Crystal v2 token protocol.

Yes, we fully understand your situation, however, we are not able to recover the funds. Thus, we kindly ask you to refrain from unsupported tokens to your CEX.IO wallets.

Thank you for understanding!

So is this all? I will just loose my funds? Why can i retrive my coins when the same happens on Coinbase but not on CEX.IO?

Keep in mind i did several transactions from Binance to CEX.IO with KNC Token before this month and it worked without any problems. Also there was no warning on Binance Site or on CEX.IO site, nothing regarding that the network has changed or upgradet or whatever! Is this how you treat a loyal customer that does transfer coins worth of several millions dollar each month to and from your exchange? This response and thats it?

Now you let me wait again days before you respond me? No forwarding to a supervisor or anything similiar?

I contacted KNC and they said maybee if CEX.IO upgrades the token then i will get my funds, but this is just a big maybee IMO.

@cex please contact KNC and ask if there is anything you can do? I love to trade on your platform, but just this response after this 5 days is unnacteptable. Lets find a solution.

up136245374

Dear DenzelDon,

Thank you for bringing our attention to your situation here.
We’re sorry you have had an adverse experience as we strive to give all our customers top-quality services and support.

We have forwarded your case to the tech team for a closer investigation and will make every effort for you to get a satisfactory resolution. We will update you here with the news although it might take some time. As you were notified, we currently do not have instruments for the Kyber Network Crystal v2 token protocol and therefore, the processing will be time- and effort-consuming. 

Nevertheless, we'll be following the progress and updating you accordingly.

We highly appreciate your patience in advance!

Hello

Thanks for the response and forwarding it!

I talked in the meantime also to KNC on their discord and they write me this:

Ece — Today at 5:21 AM
Since the old and new KNC are an ERC20 token, if the user sends new KNC to an Ethereum address controlled by CEX.io they should be able to return the funds later. But Kyber can't do anything on our end.
We have also contacted CEX and reminded them of this situation

Lets hope this is just a matter of the upgrade and that you will upgrade sooner or later KNC. Thanks

[Wind_FURY]

OP, VERY unacceptable. I can understand if they won’t accomodate a customer with such a problem for $100, but $17,000? They should have the resources to run a node for the upgraded network, and return the coins.

It’s a hard lesson, always do a “test transaction” before sending the whole amount.

[Luzin]

Looking at the case you are experiencing, there should be a preview of the status of the address you are going to. Or is there no official notification in the wallet you are going to? If it's like this then I think CEX.io is at fault. If there is already an announcement and you insist on sending it then it is purely your fault. Several times I moved my assets to do a trial with a small nominal, so everything was not straightforward. Until now it's safe.

[DenzelDon]

OP, VERY unacceptable. I can understand if they won’t accomodate a customer with such a problem for $100, but $17,000? They should have the resources to run a node for the upgraded network, and return the coins.

It’s a hard lesson, always do a “test transaction” before sending the whole amount.

Looking at the case you are experiencing, there should be a preview of the status of the address you are going to. Or is there no official notification in the wallet you are going to? If it's like this then I think CEX.io is at fault. If there is already an announcement and you insist on sending it then it is purely your fault. Several times I moved my assets to do a trial with a small nominal, so everything was not straightforward. Until now it's safe.

Guys thx for the input but i already explained why i didnt made a test transaction. Also there was no warning or something similiar as i said in my initial post.