Warning to all cryptocurrency traders!
This is a warning message for all cryptocurrency traders, including our own Auxilium (AUX) cryptocurrency.
Unfortunately the cryptocurrency market is still filled with a lot of exchanges and individuals that can't be fully trusted. Lack of rules and regulations make it easier for (groups of) people with bad intensions to offer business opportunities. All cryptocurrency traders and cryptocurrency companies have to deal with these third party platforms, which comes with risks.
BiteBTC - since yesterday called Fedlio - can definitely be added to the list of cryptocurrency exchanges you should avoid. BiteBTC and Fedlio are third party "organisations" and not associated to the cryptocurrencies listed, including Auxilium. Exchanges can (de)list whoever they want and have full control of your trading account and coins and tokens you hold in there.
There were mixed signals about the legitimacy of BiteBTC before. After January 2019 it went downhill. The exchange claimed funds were lost in a fire, people were locked out trading accounts for no valid reason and deposits and/or withdrawals were withheld. In some cases they showed betterment, but this was more a destraction than a real effort to do good.
The past few weeks we've tried to get in touch with the BiteBTC exchange after they had problems updating the Auxilium wallet on their exchange. They failed to properly update the wallet and started to respond with great delay. Instead of leaving the wallet in maintenance - and check the changes were implemented correctly - they took the risk to remove the maintenance notice and open the deposit and withdrawal functions.
Directly after we found out we contacted BiteBTC with the urgent message to close deposits and withdrawals. Unfortunately we never received a reply. Same for the e-mails we sent on behalf of a deceived community member, and concerning a trading account of a team member that was blocked shortly after he wanted to withdraw a small amount of BTC and ETH.
Overnight, without a proper announcement, BiteBTC became Fedlio. Claiming BiteBTC is now part of the Seychelles Commercial Bank. It states on the website all people with a temporarily disabled account can send a document through mail to an address in the Seychelles to restore the BiteBTC suspended account and see their funds be returned that were frozen by BiteBTC.
However, the document for instance requires the user to note the deposit and withdrawal address connected to the account. These details can't be looked up as a (temporarily) disabled account on BiteBTC/Fedlio doesn't allow viewing the balances and/or trade history and/or wallet addresses. Making it (nearly) impossible to meet all requirements. You could always try to send them the document by mail, but don't expect results. They probably won't reply.
It's advised not to trade on BiteBTC/Fedlio and try to withdraw your funds if possible (for AUX holders this is not possible as the wallet is not updated properly!). Preferably keep your coins and tokens on an official wallet of the cryptocurrency itself or a hardware or paper wallet if possible. This is the only way you solely have control over your funds.
Users of Auxilium can keep AUX in the desktop wallet. A paper wallet can also be created from within the desktop wallet. We're working on the Trezor hardware wallet listing and hope to add more hardware wallets to the list soon.
This situation is another good lesson for everyone involved in crypto.
For us it means we're more motivated than ever to do it right. Utilising our unique and innovative blockchain technology to solve the world's problems.
We'll request delisting from BiteBTC/Fedlio, but not expecting a reply…
We wish everyone a great week. Take care!
Please share this message to warn your crypto friends!