Crex24 Exchange Accused of Lack of Transparency About Recent Hack On the Platform

News / 09.03.2020

Users of the Crex24 crypto exchange have been accusing the platform’s team of hiding the magnitude of a recent hack from them after suspending trades for several altcoins on the platform.

The users claim that Crex24 has not given them any concrete explanation for its suspension of over 60 altcoins trades. Moreover, the exchange has frozen deposits and withdrawals for most of the coins listed on the platform.

Despite the calls for answers and scam accusations from the twitter community, the exchange has not shown interest in addressing the customers’ concerns. It is rather advertising for new listings on the platform.

Livecoins news outlet published a report on March 6, citing an anonymous Crex24 exchange user who claims to have identified suspicious movements of the altcoin, Htmlcoin. According to the user, this move may suggest a foul play on the part of the exchange. He also claims to have lost about $32,000 worth of crypto in mid-February due to funds frozen by the exchange.

Crex24 later confirmed that 200 million Htmlcoins, approximately $11,200, were stolen from the exchange’s wallets. It added that their team would be working with the Htmlcoin team to reimburse the victims of the theft.

However, it was identified that 1.3 billion Htmlcoins, worth $72,800, were being withdrawn from Crex24’s wallet on Feb 12.  The funds were moved to the Hitbtc crypto exchange.

Htmlcoin was listed on the exchange in January 2020, and in less than 2 months later, its pairings are now offline. Crex24 has also reportedly increased its KYC verification requirements for withdrawals since the accusations began to heat up. This, in a way, is preventing most of their customers from removing their funds from the platform.

Featured image courtesy of Shutterstock. Source: Cryptopress. 

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.