Some people are growing concerned over the business practices exhibited by the C-Cex exchange. For a platform that has always focused on altcoins rather than direct bitcoin trading, C-Cex has always been considered a second-rate exchange platform. New allegations surfaced on Bitcointalk claiming C-Cex is a scam, as the company allegedly runs fake ICOs and buys their own “coin supply” in the process.
What Is Going On With C-Cex?
It has to be said, the accusations posted on Bitcointalk should not be dismissed that easily. Back in July of 2015, users claimed this exchange was a scam for hosting their own ICOs in an attempt to defraud users and investors. Since no one knows who the real developers are behind most of the new altcoins, it is not unlikely exchange operators create fictitious listings to earn more revenue.
One of the business practices people have been concerned about pertains to these altcoin ICOs. The company’s terms of service stated how C-Cex would “intervene” if sell order prices would fall to below 75% of the ICO price during the initial 5 day fund holding period. Most altcoins attract early investment and get dumped across exchanges shortly afterward. That is the way these – mostly useless – currencies have worked from day one. However, there is no reason for C-Cex to put up a full buy wall for 2 full days at the original ICO price, as that only attracts more people to sell their coins.
Quite a few C-Cex users reported getting banned for calling out the exchange in the platform’s chatbox. It seems evident the moderators don’t want anyone to make their exchange look bad as they try to collect money for currencies that will never see any future development. A very shady tactic that hurts the overall public perception of cryptocurrency. Banning people is an effective way of censoring them, although it is not the only way for them to make their voice be heard.
In August of 2015, C-Cex listed another altcoin ICO on their platform that caused a lot of controversy. The sudden listing of the Ghostly currency had quite a few people stunned, as there is absolutely no reason to list that coin on any exchange. There is no innovation, no roadmap, and no use for another copy-and-paste altcoin that brings nothing new to the table. It comes as no surprise to find out the development of Ghostly was halted briefly after its launch and successful ICO. It remains unclear how much money was raised from investors during the process, though.
Fast forward to today and the scam allegations against C-Cex continue to grow. One user reports how his account saw funds stolen on several occasions. Since the account itself was not compromised by a third party, and the transfers were not initiated by the account owner, there is only one possible reason for funds disappearing. While it may be a stretch to blame this on the C-Cex team, it is not entirely impossible they are actively draining user balances one at a time.
Although all of these claims were sent to us by other C-Cex users, it is evident this exchange has a lot to answer for. So far, their team remains tight lipped regarding these allegations, as they seem to have no interest in defending themselves. While this does not necessarily validate the claims made by the exchange’s series, it also goes to show something is up. Users are advised to tread carefully when using the C-Cex exchange and never store funds longer in their wallets than need be.
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Funded my acct with C-CEX and next day my account is blocked and I cannot reach anyone and keep getting errors trying to open a ticket and they have no phone number TOTAL SCAM
I had HEAT tokens on c-cex and traded them for 2443 Crown Tokens. When I went to transfer them to Bittrex they magically disappeared, conveniently with no txid! Stay away from c-cex, they’re fraudulent!
Well, I currently feel ashamed of myself for saying this (as I knew from the very beginning that it would happen), but I just lost 2.14 BTC to C-Cex. They claim that I have been compromised, but nothing holds that true. I mean, who on Earth with a sound mind would waste 2.14 BTC buying and selling Dogecoin in one second using a ‘bot’ instead of just withdrawing the bitcoins?
Next time, I am going to trust my guts.
Wow. C-CEX just screwed over the Piecoin (PieX now) community while we were trying to swap out coins from our old chain to the new Masternode chain…C-CEX said they had 17 million Piecoin in wallets on their exchange so our leadership team sent them the coins. Well, over the weekend our team noticed we had swapped out all of the coins we created for the purpose of swapping and have run out of coins.
The PieX leadership team has even audited all of the leadership team’s wallet addresses and they are all clean. The only variable here that is not accounted for is the 17 million PieX our leadership team sent to C-CEX. They cannot and will not provide reasonable evidence that they did swap the 17 million coins and our community noticed a MAJOR dumping of coins onto the exchange which bumped up the daily volume to over 5.5 BTC when we were averaging between 1-2.5 BTC/day…
Our team wanted to do a manual swap so we knew everything was accounted for. C-CEX insisted they launch PieX trading on their exchange BEFORE our leadership team was done with the 30-day swap. Now we are stuck in an embarassing situation where members of our community are upset and cannot swap their coins to the new chain because our leadership team ran out of coins to swap…we are suspecting C-CEX essentially kept the coins – new and old – and began selling PieX on their own exchange, which is still the only exchange to trade the new chain, PieX.
PLEASE Write about this – I am happy to give you more supporting information about this issue we are having with the exchange. Thank you in advance!
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