It was for a while the place to be. Trade began pouring in, traders acting like kids trading baseball cards. But the platform had (and continues to have) a neverending list of digital assets, some of which are household names and others that seemed like they belonged to an exclusive inside club. It all worked smoothly. Until one day, it didn’t. Read the full article.
The Slow Burn
To begin with, it was small things. It took longer than expected for the withdrawal. A support ticket went unanswered. Most of them brushed it off, and a few users grumbled. Tech issues happen, right?
Then, the delays stretched. Days turned into weeks. People started sounding alarms. Their money was stuck. It felt like a bad script just being run again and again. “Unforeseen technical issues.” “Routine security checks.” “Temporary maintenance.” Yet, deposits? Those still zipped through instantly. Strange how that worked.
The Vanishing Act
And then—gone. No warning. No refunds. Just radio silence. Then the traders logged in and saw their funds frozen, their accounts useless. Millions were ‘evaporated’ from the exchange.
Panic set in. Lawsuits followed. The investigators tried to recover what went on. It was a lost cause, but for most. The money had vanished into the digital abyss.
A Hard Lesson in Trust
It wasn’t just a failed exchange again. It was a harsh reminder. In crypto, gambling is trust and the house doesn’t, often, pay out. A few worked out and got out before it was too late. Some clung on in hopes that it would kind of work itself out. They didn’t.
Realization of one truth, if you do not control the keys you do not own the coins. Leaving your funds on an exchange is equivalent to leaving your wallet on a park bench and expecting to find it there when you go to check. Sometimes you get lucky. Sometimes you don’t.
Will it happen again? Without a doubt. Greed clouds judgment. People forget the past mistakes because promises of easy gains. Always the red flags are there. The question is—who’s paying attention?