Allegations of Crex24 Exchange Hiding Severity of Hacking Surface March 9, 2020 March 9, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMarch 9, 2020 by Kelly Cromley

Allegations of Crex24 Exchange Hiding Severity of Hacking Surface

Crex24, a cryptocurrency exchange in Estonia, is accused of concealing the intensity of a hacking incident from its customers after temporarily halting trade in multiple altcoin pairs.

Clients of Crex24 allege that the exchange has not offered any clarification for its termination of over sixty altcoins.

The exchange has also suspended withdrawal and deposit facilities for several of the platform’s coins.

In spite of the obvious breakdown of services and requests for queries on Twitter, the latest posts on the social media platform indicate that the cryptocurrency exchange is more interested in garnering support for its new listings than responding to the worries of its clients.

A news report on March 6 from Brazilian crypto related website Livecoin indicates that an unidentified Crex24 client has claimed to have found dubious price volatility of altcoin Htmlcoin, and has additionally doubted shady game by the exchange.

The anonymous customer has revealed that the exchange deliberately held on to his funds in mid-February, causing a loss of roughly $32,000 in cryptos. According to the client, Crex later announced that 200 million Htmlcoins were looted from its wallets and it would work with Hgmlcoin team to return the crypto to investors.

Nevertheless, the unnamed source claimed to have noticed 1.30 billion Htmlcoins moved from Crex’ wallet, worth ~$72,800, on February 12. The funds were moved to crypto exchange Hitbtc.

Htmlcoin, which supposedly has a huge Brazilian client base, was listed on the exchange during January 2020. Two months later, the crypto pairs have been delisted.

Crex24 has also improved its KYC criteria for accepting withdrawal requests since allegations of fraud practices began to circulate, further making it difficult for clients to withdraw funds from their trading account.

As per Coin360, Crex24 has seen a trading volume worth $2.62 million in the past 24 hours, giving it 137th rank among altcoins in terms of daily volume.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.