Poloniex is Down Amidst Rumors of Insolvency and New ToSsteemCreated with Sketch.

in #poloniex7 years ago (edited)

Poloniex has recently gone offline, whether it's a DDoS or other issue, is not known.

polo.jpg

In recent days, stories have surfaced online about insolvency at Poloniex as the reason for low quality and time-delayed support. Whether this is true or not is not confirmed, but people are upset over being hacked and make claims.

Some say they are having trouble with an increase in demand these past few months. But they are not being transparent about their issues with their own user-base and customers.

One major recent change has been to the Terms of Service, where they say all users trading on the platform waive their right to participate in a class action lawsuit. This type of ToS is common in many places, even in some crypto markets, but with Poloniex adding it, it just fuels the fire and rumors about it's troubles and shady behavior.

What do you think is going on with Poloniex? Will it be back, or are they taking their customer's money and running? :P


Thank you for your time and attention. Peace.


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Haaaa, this could explain why they've refused to increase my withdraw limits. Supposedly, they couldn't verify my address LOL. Which is a bunch of B.S.

I really hope this isn't true. I never traded their, they wont deal with NY residents but after recent events, I'm glad I don't trade there. A big part of this game is risk management. That's why I try to spread my trades over multiple platforms and use cold storage wallets whenever possible. By opening multiple trading accounts, if one exchange goes down, you don't risk losing your entire portfolio and you still have coin to rebuild with.

Good advice.

I hope not I have a lot at stake my holiday funds

get it out while you can use software/hardware wallets or another exchange

This has been going on for three years and the troubles of late have been escalating ...I see the platform shutting down.

Yeah I used to read polo's troll box when I first started trading 6 months ago, I followed a lot of the troll box complaints to reddit, over three years of complaints. Ive done a lot of reaserch regarding centralized exchanges, which made me extremely cautious about keeping coins on the exchanges wallet. Polo lost some of my sbd, it took two months get it back, they never comminicated with me when I filled a ticket, that was 3 months ago. I never traded more than 80 sbd or steem on that exchange. I like blocktrades ...it's simple lololol

I mainly stopped using Poloniex when a bunch of Steemians funds were stuck there. The writing could be on the wall. I feel like every exchange has probably been hacked on some level but it is just how well they have protected the funds from huge losses and if they can make it back fast enough.

I also stopped using Poloniex around the time you say. It wasn't necessarily because of the hold on Steem......but I definitely started getting a bad vibe and just moved everything into a hardware wallet for safety.

Good thinking. Better safe than sorry!

"hacked" means that they took your money lol

Yup! Now they will skip town and everyone will be like WTF!

Yeah I'd figure they should be more secure after getting hacked hehe.

Poloniex used to be one of the best exchanges around, who didn't love the trollbox? Now with no trollbox there is really no reason to use them :p

On a serious note I hope everything turns out OK and people will be able to finally withdraw their STEEM/SBD and other cryptos...

Yup hopefully they get their act together.

When I saw the list of wallets in "maintenance" mode growing I started getting Crypsty flashbacks.
As my top trading exchange I'm rooting for them.

Some of us have been seeing the crumbling of Polo for some time. They have virtually no customer service, don't answer inquiries. A strategy seems to be to disable wallets at key times, or like now, one can't even log in. What is the Solution?? Use exchanges to do just that, exchange. Keep coins in Cold Storage!

Yup, good lessons for us all.

It may be nothing, but adding that to their terms of service certainly sounds suspicious.

Yes it does indeed!

thanks for flagging that info up to us ... peace to you too