Is IDAX Chinese crypto exchange sinking? – Bitcoin – Cryptocurrency 2020

For 48 hours, social networks have resounded messages of concern from users of the Chinese IDAX exchange. Indeed, withdrawals would have become impossible and the team would respond to subscribers absent on the usual channels of the crypto exchange.

Add to that rumors (unconfirmed) concerning one of the leaders who is said to have vanished with the keys of the safe and all the ingredients are there for a good big old-style FUD.

However, you don’t have to panic immediately. Indeed, the situation could be one of the very direct consequences of the new and brutal Chinese policy on crypto exchange, clearly pushing IDAX to move quickly to more lenient skies.

Is there a driver in IDAX?

This is the question that part of the community around the well-known Chinese exchange IDAX (ranked 25th in terms of volume by CoinMarketCap anyway, despite a reputation sometimes … contrasted we will say), arises in a nagging way in the last two days.

The last announcement on the official English-language Telegram of the exchange was made 6 days ago. She evoked “Great announcements for the next 2 years” (and by the way the suspension of trading pairs USDT). Since then, there has been radio silence and the channel remains unattended, delivered to trolls and jokers of all kinds.

Not very nice all that

“Is Idax in the middle of scam exit?” Withdrawals are not processed. The administrators do not respond on Telegram. Emails are not answered. It’s been going on for days. ”

Rumors and tremors

It’s probably on the social network Weibo that the most disturbing rumors are circulating: an unidentified “CEO” of the platform would have completely evaporated, taking with him access to a cold storage of the platform (“cold” storage of crypto assets, that is to say on a physical medium disconnected from any network). However, these elements not contextualized and even less sourced have no value at the moment.

In the meantime, many IDAX customers say they are unable to withdraw their funds, a situation which, admittedly, is in the TOP3 of the reasons for anxiety in the jungle that constitutes the crypto sector.


RealTract (whose RET token is listed on IDAX) thus indicates that it has been the recipient of numerous alerts concerning this subject since November 23. After having indicated not to have received a response from the exchange, the atmosphere is still clearly in concern:

“For RET tokens in particular and for IDAX users who are unable to withdraw their funds successfully, we will try to support and put in place compensation plans for RET tokens that are locked on IDAX . Although the RealTract team suffers heavy losses, we are committed to supporting our RealTract community with all our efforts. “ RealTrack team press release

Reasons to keep some hopes?

Whatever the real reasons behind this uncomfortable situation, it will be agreed that IDAX communication is most deficient. However, the exchange is clearly working at the time of writing these few lines.

Above all, it is the very specific context that must be taken into account to perhaps understand the situation. Indeed, IDAX announced 2 days ago that it no longer offers its services to nationals of Mainland China.

This decision follows the crypto-witch hunt that Beijing initiated in recent weeks, resulting in the closure of many platforms considered non-compliant.

It thus appears that IDAX either in turmoil, between the many Chinese traders trying to recover their funds on the platform in an emergency, clogging up the servers, on the one hand, and on the other hand, the forced move of the activities of the crypto exchange to less threatening skies.

This combination of exceptional events could explain both the silence of the IDAX teams and, on the other hand, the freezing of the assets of the exchange, while the dust settled. In any case, it is the assumption that customers with funds on IDAX will be keen to see their confirmation in the coming days.

Is IDAX Chinese crypto exchange sinking? – Bitcoin – Cryptocurrency 2020
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