Summary: https://ift.tt/2QvsL8F exchange (MXC) supposedly registered in Singapore, but now stating themselves to reside in the Seychellesoften rushes to list obscure and highly volatile tokens to get early access to volume and trading feeshistory of withdrawal problems in the recent past: first DOS, forcing a hardfork by the DOS team, and now XOR, holding both bought and deposited tokens hostage for 2 monthsthey intend to hold them for at least 6 more months, maybe even 1 year, depending on how fast XOR / DOT develop their mainnet (But later is to be expected considering tech and extensive testing. And even then there's no guarantee they will actually release the tokens, since "by mainnet" is an entirely arbitrary statement.)people can't sell on the exchange because the price is more than 50% under market valueMXC started selling the user-deposited tokens on Uniswap ~1-2 weeks agolawsuit likely underway soonthis incident has already been mentioned by IvanOnTech, Chico, and ElliotradesThey also have bots promoting the idea of how "safe" depositing on their exchange is, which is nothing short of laughable considering these recent incidents. In addition to referral links and other attempts at getting people to spam this exchange all over social media such as Telegram, Twitter, and Reddit.Please guys, always be careful using exchanges you don't fully trust! Using this exchange is extremely risky. And consider spreading awareness if you know any influencer or people connected to crypto-related media. If MXC has the tendency of using some kind of fractional reserve when selling DOS and XOR, it could very well be another Cryptopia in the making.
Submitted August 23, 2020 at 06:55PM
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