Troubling news have reached the Crypto-Coinz.net team. A newly opened exchange may have pulled an exit scam 2 days ago leaving miners and traders unable to withdraw their BTC or ALT coins.
What we have confirmed from EXVO.IO users is that you can still deposit and trade ALT coins, but at this moment you can’t withdraw from the site. The main developer account in the EXVO discord channel is not responding to messages and this situation has been going on for the last 2 days. EXVO is a new exchange that has been operational for the last 42 days according to their WHOIS records.
A Sales and marketing person has shared that their BTC wallet is out of sync and due to stability issues the exchange had in the last days they are thinking of moving the wallet to a new server. Well that sounds shockingly familiar to the issues CoinsMarkets began to have last December before closing down their BTC withdraws and taking over 10 BTC from their users.
What makes it worse, is that there is no news or anything from the EXVO developer. Yes, 1 Developer apparently, as the rest of the people in the EXVO discord are titled Marketing and Sales, Community managers, moderators and so on, and none of them have any news on what is going on.
Even if the developer is sick or have some domestic problems, this situation just shows why people should stay away from 1 man shows type of exchange sites. Such sites that can’t sync a wallet for 2 days, or haven’t predicted what infrastructure they will need to run 10 wallets, should make you want all exchanges to be regulated. Let’s hope they enable the withdraws again and users coins are safe.
We will have to wait and see what is going to happen, but if you have coins you can’t get out of EXVO.IO, might be a good idea to drop an email to their domain registrar GoDaddy.com and report the abuse. GoDaddy.com contact are below.
Registrar Abuse Contact Email: firstname.lastname@example.org
Registrar Abuse Contact Phone: +1.4806242505
YouTuber Kevin Muldoon has reported on it as well.