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Cryptoxic

What can you do when the exchanges steal from the customer

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Is there any real action that can be taken against them? 
why are they allowed to continue to steal, lie, and cheat?
are they the REAL reason crypto  is being unanimously accepted? 

 

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Moderator Desais👮‍♂️

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I often wonder about this. I think there is a real grey area. If it's direct theft then customers should go to the police in their country. If someone sends currency to the wrong place or ends up in holding and the exchange isn't obliged to fix it then that's not theft in my eyes. It is difficult to get kney back but people dont go the right way and ofter just complain rather than resolve. 

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I am more upset on how the actions of exchanges and "hackers" what ever are rampantly stealing directly from us patrons and there isnt a "safety" or safe net put in place to help the victims.  tlike in america.. we have FDIC .. if your money is in an account is guaranteed up to $100,000 . in case of theft, bankruptcy, fire, babies falling from the sky with bazookas and can only eat 5 dollar bills and bank deposit slips.... your money is safe. would it be wise or maybe a smart business plan to implement that? could be a small amount.. like only allowed to leave in the exchange $100 worth of crypto at a time.. or something.. this is just me thinking here... 

Edited by Cryptoxic
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Oh 

32 minutes ago, lovesybitz said:

Just be wise in choosing the good exchange mate. 

Well yeah..thats a given. im looking for more of a solution. i hate saying this but i think if operating an exchange... and im gonna catch so much shoit for this.. but there should be more regulations. and maybe some government intervention and then maybe crypto would get worldwide acceptance

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The exchanges are a trading site just remember to have your coins in your wallet, something that I apply is just to leave the capital that will be moving and withdraw the profits to avoid any theft or loss since there is nothing 100% on the network sure.
 

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3 minutes ago, Shiftingsand77 said:

Theres a lesson for that ; never use an untrusted exchange. If you do, check for the reviews first whether it has a negative feedbacks or positive feedbacks. Just be careful in choosing the exchanges.

yes its true, and never hold so many coin on exchange, we better keep on secure wallet, better lost to pay some fee to arbitrage or multiple deposit

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1 hour ago, Cryptoxic said:

Is there any real action that can be taken against them? 
why are they allowed to continue to steal, lie, and cheat?
are they the REAL reason crypto  is being unanimously accepted? 

Whats the name of the exchanges? you can share specified here, may be other member have same situation or may be some experience to solved the problem

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Once you invested with any exchange site, then you have to take care until the money comes out from their possession. I would suggest to use good exchanges only that are in the market. Nowadays Exchanges are like Scam ICO's so they can scam BTC and other coins too easily.

Invest in top coins and trade with top exchanges.

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15 minutes ago, pageraji said:

Whats the name of the exchanges? you can share specified here, may be other member have same situation or may be some experience to solved the problem

Take you pick, cryptsy, coinsmarket, cryptopia, the old cryptohub, i can go on and on. its not about specifics one. this is just bothers me and want to know what else can be done

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2 hours ago, Hartoyo said:

yes, we need kyc, it's better for customers to be mindful, also good for both parties

KYC for me is needed when its connect to fiat money account like bank account or others, yobit no need KYC and still good for me to deposit and withdrawal

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Actually I think it is possible to prevent by avoid bad excghange which have no rights or no legal papers/registration under govt. Most people like using better exchange which have no bad reviews and have govt licence. So we should use that.

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I think there may be need for more strict regulations. Would you sacrifice some "pseudo anonymity" and possibly pay a slight tax for a guarantee like FDIC in an exchange? Or would you sacrifice a percentage.. this is brainstorming  paying an insurance fee at an exchange for the in case something happens while coins are in the exchanges care you are guaranteed your funds up to a certain amount?Insert other media

Edited by Krewshul
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What m reading here is that most people feel that we have to just bend over and grab our ankles. when that isnt right. if it wasnt for us traders then these exchanges that pop up wouldnt be needed at all. And their business would be obsolete and pointless. Dent that mean they should be kissing our asses more. I mean ill go back to selling coin on ebay .. or in forums.. its doable.. 

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i think @Krewshulsaid it best ... what are you  all willing to sacrifice to give you more security and saftey measures with exchanges.. are we willing to give up a little anonymity and pay some taxes? would we be willing to pay a isurance fee to  exchanges to garuntee the funds in our accounts up to a certain ammount like the FDIC?

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3 hours ago, Shiftingsand77 said:

Thanks to the concerned users in this forum. I hope the admin will give incentives to those who help prevent the forum from further spamming activities.

I too reported so many things in the past and people are jumping for post count and so on. There are more people who are posting shit posts with a line or two words sentence. I saw some yesterday threads are locked  that means moderators are working hard.

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With 100% probability it can be stated that if the exchange itself has stolen your assets, then you will never see them again. But before you blame this exchange you need to make sure that you yourself have not visited the site clone exchange. This is another question, but it should not be brushed aside. If the exchange steals, it will be more likely to steal from all users at once.

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I think you can take action to them but certainly with a variety of complicated processes that must be passed It seems like it's a person and not all exchanges or employees are like that. Anyway, why crypto didn't accepted because cryptocurrency was using for negative action like buying drugs, weapon, etc, so we need to change people mind and maybe crypto will adopted globally, Cheers!

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centralized exchanges are one of the most dangerous parts of the system, as you loose custody of your assets when delivering these to them. So, in the end, they work as banks with no regulation. Anyone can open an exchange and grab customer money...

si, if it is a small exchange that has no public image, there will be nothing you can do and you should forget the issue and learn from it

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Unfortunately there is not much to do if you are "robbed" by an exchange, as the world of cryptos has no regulation, it is a decentralized market as a rule, without a central inspector, not a physical entity at least, because we are the biggest enforcers ourselves, your members who are part of this huge community, so if you are injured by any scammer or know of any kind of scam, all that remains is to spread the word so that more people will not suffer the same, and so we will be banning these types of scammers from our midst, I see that only that is really possible to do.

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Nothing can be done, again when you register at the exchanger you can read the terms of aggrement before agreeing to regist. in the case of exchangers who have big names stealing is risky, it's just that in business such actions are natural to survive.

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I guess that you would report them to the local crypto authorities. There's nothing you can do because crypto isn't widely respected, so you can't call someone to file a complaint if you lose your crypto. They should have someone that handles crypto claims, and see if they can track your money to get it back to you. Until that day comes, you just have to deal with scammers. 

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On 10/4/2019 at 8:23 PM, Cryptoxic said:

Is there any real action that can be taken against them? 
why are they allowed to continue to steal, lie, and cheat?
are they the REAL reason crypto  is being unanimously accepted? 

 

Do not forget the rules for creating topics (topics begin with a capital letter)
Moderator Desais👮‍♂️

This is one of the most entrenched disadvantages in the crypto environment, since exchanges not being regulated have more vigor to be able to sneak away with large amounts of money attached, I do not think there is a law that protects us from that directly, It is more common for the FBI to go for them and prepare them for accountability.

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No one is safe from hacking and embezzlement of funds on the exchange, and the money that was stolen cannot be returned. It is a pity that sometimes this happens. 

 

The exchange itself sometimes pays compensation to its traders. 

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On 10/5/2019 at 7:23 AM, Cryptoxic said:

Is there any real action that can be taken against them? 
why are they allowed to continue to steal, lie, and cheat?
are they the REAL reason crypto  is being unanimously accepted? 

the most possible people who can steal your money in exchanger are hackers or the team itself. hacker upgrade their tool day by day to break the security system in some exchangers. also they create an app that contain malware or a phising tool. also the exchangers team itself that lie to other people that the money is stolen by hacker. but maybe the truth is the team steal all of the members money. so be careful on some exchangers, even KYC won't solve this problemm, but add another problem.

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