ICONex Wallet Issues and Substandard Customer Support

ICON was arguably one of the best performing ICOs of 2017, ICON raised more than 40 million dollars in their crowdsale and gave more than 100x returns to its investors at its peak. It is currently one of the top 50 cryptocurrency projects with a total market cap of 360 million dollars at the time of writing this post. Although ICON has lost a lot of its value from its all time high of over 10 dollars, it still remains one of my favorite projects in the crypto space.

Around mid June, ICON announced their token swap schedule where investors holding their ERC20 ICX tokens could swap them for mainnet ICX coins with a 1:1 swap exchange rate. Token holders could swap their tokens using the token swap feature of ICONex wallet in order to obtain their native ICX tokens.

Since I was a holder of ICX tokens, I tried using ICONex wallet to do the token swap. To my surprise, the procedure wasn't as seamless as I thought it to be. Firstly, when I sent my ERC20 tokens to ICONex wallet, it did not appear in the wallet for 2 days and as a result I could not proceed with the token swap and then when the tokens finally did arrive and I tried to swap my tokens to the native ICX tokens, there was another delay of 3 days before I finally got my tokens.

For a project which was once valued in billions, you expect a particular level of focus on customer satisfaction and providing basic support for their services is the least that they can offer to their customers. Every product/service can have bugs and it is totally understandable but what really pissed me off was the customer support services that ICON was providing. Since there were issues with the token swap and the delay happening in the entire process, people were concerned about their tokens and raised the same to the customer support but what they received as a response was a standard reply for all their queries.

I have attached below the screenshots of different support tickets and the response people got.

I really hope to see better customer support services from ICON in the future and would like to end this post with a famous quote from Tony Hsieh.

"Customer service shouldn’t just be a department, it should be the entire company"

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