I haven't had the time to post this until now, I already have my coins after threatening them to sue and almost a month of waiting. But since it happened, I've been having the need to advise people in the crypto space against using Cobinhood exchange, it sounds cool to trade without any fees, but check this out. This happened a month ago:On September 5th I tried to withdraw some IOTA (MIOTA) from Cobinhood to Binance since the first has been losing trading volume (not like they had a lot though) for the last days/weeks, and trading has become almost impossible.Now, I'm pretty experienced in the crypto space, and in the computers/internet world. I know that sometimes withdrawing funds from an exchange can take hours, even a day or two in the worst case scenario. Let's be honest, the whole crypto space is in like alpha or beta phase, we are all early adopters here, and of course there a lot of risks that we are all aware that exist, and we are fine with that.From my previous experiences, withdrawing funds from an exchange never took more than an hour, Binance, Kucoin, Huobi, etc. But I was keen to give it some time, I had no rush to get those coins on Binance.After 24 hs, nothing, but hey! no problem! this is crypto! we are still in testing and learning phases, just chill dude! Just for curiosity I check the transactions history on Cobinhood, "Processing". So it means it hasn't even left the exchange yet. A small sign appears when I hover my mouse cursor over "Processing", something on the lines of "If more than 24 hs have passed please contact [support@cobinhood.com](mailto:support@cobinhood.com). So, I just shot them a quick email:> Sep 6, 14:17 CST>Hi>It's been more than 24 hs since I withdrew some MIOTA from the exchange, and it is still in processing status. Could >you do something about it please? >Thank you.8 minutes later I get a reply but I see 20 minutes after, first thing I thought, even without reading the email, was "Damn! That was quick! Terrific support! Probably is nothing and they are going to solve it pretty soon">>Sep 6, 14:26 CST>>Hi there,>>Thanks for the message!>>Please provide the information below. This will help shorten the process time:>> - Your USER ID (the email address you registered)>> - Transaction information (e.g. TxHash / screenshot/ name of exchange or wallet used)>>\Transaction information is a MUST for deposit/withdrawal issue*>>*Please copy and paste the TxHash (TxID) to this message>>Thanks for your support!>>Cheers, AliMy reply:>>>Sep 6, 14:42 CST>>>USER ID: myuserID@blahblahblah.com>>>MIOTA wallet. Screenshot attached. As you can see, there is no TxHash yet, because it hasn't been processed after 25 >>>hs.>>>Attachment(s)>>>Capture.JPG https://imgur.com/a/Eus7JdOSupport:>>>>Sep 6, 14:53 CST>>>>Hi there,>>Thank you for your reply. We've referred your issue to our team, please kindly wait. We will inform you if there are >>any updates, thank you.>>>>Cheers, AliI wait 1 more day, I check Cobinhood, still "processing", and reply:>>>>>Sep 7, 13:33 CST>>>>>48 hs now... still "processing"... a simple transaction that should have taken an hour at most.No answer1 week later, same thing:>>>>>>Sep 11, 13:18 CST>>>>1 week already, 7 days and no notice from you at all. A simple transaction that should have taken less than an >>hour, it has taken 7 DAYS already. Is this a joke? Is this really the way you want to compete with the leading >>exchanges? How hard is to solve a stucked transaction? I can't believe that after 7 days it is still "processing" on >>>>your end. Please solve it, this is so unprofessional.They replied:>>>>>>>Sep 11, 13:29 CST>>>>>>>Hi Martin,>>>>>COBINHOOD exchange is currently implementing system maintenance for MIOTA. We've referred your issue to >>>our tech team, please kindly wait. We apologize for any inconvenience this may have caused you,we appreciate >>>>>your support and understanding as we continue to improve our services.>>>>>>>Best regards, AliMmmm, that's weird, I haven't seen any notice of a maintenance and I follow Cobinhood on Telegram, Twitter, Reddit, etc. and nothing. Ok, sounds like an excuse, but let's not be that guy and check the facts. If they are saying that the wallet is currently under maintenance, I shouldn't be able to use it right? Nobody should be able to use it right? So I logged in, and checked the wallet... not only it was completely available to withdraw but to deposit too... There was NO maintenance. But I thought, OK, they are obviously lying, but hey! let's give them some more time to solve it, before we go all RAGE MODE.A week later (2 weeks after the withdrawal), I recieve an automatic email from Cobinhood, asking for feedback on the now "SOLVED" issue. I thought "Solved? WTH?" I check the Tx, still "processing", I check Binance (maybe their system failed to email me when they got the deposit), nothing. That was the point where I started to rage. So I did the feedback quiz detailing everything and threatening to sue them. Nothing, no answer, no reply, nobody tried to contact me.A week later (3 weeks after the withdrawal) I email them for the last time:>>>>>>>>Sep 19, 15:53 CST>>>>>>3 weeks already and nothing has changed. Don't tell me there is a system maintenance for MIOTA, because >>>the wallet is and has been available to use for everyone, if there was a maintenance why can we still use it? If >>>>>you don't solve this in the next couple of days I'm going to take action on this matter.They never replied, but a couple of hours later I recieved an email from Binance notifying me about the deposit.I'm not the only one that went through this, and probably there is a lot of people that have no intentions to start a legal battle against an exchange, so they don't give them their money back for a long time, or never. Here are some other examples just on reddit, imagine on other platforms, imagine the people that doesn't even make this public:https://np.reddit.com/r/cobinhood/comments/9lqmxu/my_withdrawal_is_not_being_sent_for_more_than_24/https://np.reddit.com/r/cobinhood/comments/9adpq0/how_you_going_to_help_your_customers/(This guy typed the wrong address, but he realized when he recieved the email to confirm the withdrawal, so he didn't confirmed, and another endless story of poor support help started)https://np.reddit.com/r/cobinhood/comments/8j41fh/withdraw_processing_for_48_hrs/https://np.reddit.com/r/cobinhood/comments/7q1a84/eth_deposit_how_long_does_it_take_i_have_938/dspil9lhttps://np.reddit.com/r/cobinhood/comments/7mtsev/cant_withdraw_anything_feeling_scammed/https://np.reddit.com/r/cobinhood/comments/7pzp5i/it_has_been_96_hours_and_i_still_havent_gotten_myConclusion... try to use DEX exchanges, or if using centralized ones, use only the trustworthy ones.
Submitted October 09, 2018 at 04:05PM
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