C-CEX Exchange Lost All Their XVG Stash

in #bitcoin4 years ago

C-cex is an old exchange that i used back in time, currently i come there rarely. They are running since years and never had bigger problems - until now.

Lately they reported that due to some bug they have lost all XVG coins and also their backup wallet.

Now they came with refund plan.

Due to technical glitch we lost all XVG (including those in backup wallet) which we had on our user balances. This is very unfortunate and rare situation but here how we are working this out:

  1. We created XVGCT token which you can trade but can't withdraw. All users who had XVG on their balance now have same amount of XVGCT.
  2. We buy XVGCT with BTC every week (or more frequently) at market price.
  3. Everybody are welcome to sell their XVGCT

This method will help our customers to get their refund partially but faster if they set sell orders below XVG sell price. For those who can wait - they can set XVGCT sell orders at the BTC price equal to XVG price - and we will buy it in time.
This is best possible solution we can provide. We can't refund XVG because we don't have them anymore. So our best option is to buy your XVG with BTC.

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Keeping coins on exchanges is a risky business there is always a chance of loosing coins

Thanks for the update. We need decentralised exchanges! Way too much hacking of centralised exchanges. Time the crypto exchanges practice blockchain philosophy of decentralisation!
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People always talk about decentralised exchanges - but they refuse to use them. There are about six goodish decentralised exchanges out there, but the liquidity is low because no-one wants to take that step and use them.

So nice

Did you get lost on the way to the "making sense store"?

Anonymity is a serious security concern. Don't sweep it under the rug in the name of decentralization. Until we are some AI moving around in machine bodies, we can not pretend that decentralization is the holy grail to rescue humanity, at least lot the way we are going about it.

A great purchase, may the btc could change the system of the global economy in the future.

Glad I have not used that exchange for a very long time then

Thanks fot the great info

It says, "we created XVGCT"! Did they create a token just to say they "paid people back"?

nice one. thanks for the update. one love

Interesting story...The coins are lost, then they offer a refund but they have to sell below the price. I have to say when you hear these stories if you know little about crypto, this makes you very afraid to invest. I do wish they come up with a better more secured way for us to store our purchases on the platforms.

Nice update, thank you @kingscrown for the analysis

Thanks for the info ✌️

What the hell is XVGCT? I know what XVG is but the other is a new one on me!

A token created by them to aliviate the damage.

That is what I kind of gathered from the article. I would be more pissed by getting that junk than nothing at all.

Didn’t know this.. sad but kind of some respect to C-CEX for the sinsere action.

This is sad, bit at least they have plans for refunds. This is a risk that digital currencies will have to face.

exelente informacion exito saludos

nice post.

saludos como estas? gracias por la informacion, un fuerte abrazo

very helpful post
Thanks for your informationDQmShGRSbgeSQZ17ZUf7nawRepcUHr4PYeyXLLfYDX29PHv_640x480.png

Thanks for your information.

How much XVG have gone... will it affecting the price and volume?

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Great analysis! And upvoted!

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