Rumors have been circulating about the possible insolvency of Poloniex prompting users of the Bitcoin exchange platform to share their own dissatisfaction with the platform and increasing frustration for the lack of timely customer support.
The rumor first started in post in 4chan where a user claimed that Poloniex is on its way to insolvency giving the many issues that it is encountering. While the user did not give any telling evidence to the claim, the post garnered enough attention from many users recalling their most recent disappointing experiences on the exchange platform.
On Reddit, one user also floated the issue of Poloniex insolvency after his account containing $70,000 was hacked. Alexander Levin explained that his Poloniex account was hacked a month ago. He said he immediately created a ticket, thus far Poloniex is yet to respond to his issue, making him conclude that the company might be in insolvency.
Alexander Levin writes:
“I have a support ticket with Poloniex and have been updating it every day, to no avail. They never respond. Because this is quite a large amount of money, it makes absolutely no sense that they would not reply to my requests, except to say that that a reasonable person would consider them insolvent.”
Withdrawals and frozen accounts
Several other users have been very unhappy and unsatisfied with how Poloniex is addressing the rumors and their specific issues.
With their accounts frozen and withdrawals disabled, more users are becoming more worried that the rumors could be true.
Another Reddit user shared how his $15,000 was frozen for three weeks without hearing any word from Poloniex, with the thread prompting to share their own disappointing experiences with the platforms.
“I have tried contacting everyone I can find with any ties to Poloniex, each time I was met with no reply. $15,000 might not be a lot for some people, but for me, it’s the difference in being able to pay my bills. I have waited over 25 days with no reply to my ticket. Please help me by upvoting this so Poloniex will be forced to fix this for me. Thank you so much for all your help. Ticket #228146.”
While occasional service disruptions are becoming a normal occurrence in exchange platforms due to various factors including possible DDOS attacks and increasing demands, it is the lack of response from Poloniex team that’s causing the most alarm to its users.
Lack of response and transparency
Unable to get response from Poloniex after several months, others have also turned to Twitter hoping that public shaming could help with their demise: as @milliondollarsj sarcastically praised Poloniex on his/her tweet for missing ETC withdrawal for more than a month now:
Good job #Poloniex My missing #ETC is still missing. One month and counting. @Poloniexpic.twitter.com/lZZnAvJjrn
— Million Trader (@milliondollarsj) July 20, 2017
Other unhappy traders also tweeted their experience with Poloniex with @CryptoBully particularly pointing out the lack of transparency:
It’s pretty ballsy for @Poloniex to just keep users’ #BCC and not even issue a statement. Not a good sign for the company’s future, frankly.
— CryptoBully (@CryptoBully) July 29, 2017
Litecoin wallets got disabled on July 20 without any warnings
Not just ordinary traders have shared their disappointments with Poloniex. Even Litecoin creator and CEO Charlie Lee has called out Poloniex and asked to address the issue on their message warning.
Charlie Lee, Creator and CEO, Litecoin, tweets:
@Poloniex Can you fix your warning message! Every time you take down your LTC wallet, people think there’s an issue with the LTC network. ☹️ pic.twitter.com/ZOF3PRmI1P
— Charlie Lee (@SatoshiLite) July 28, 2017
Increasing number of pending tickets yet to be resolved
Aside from withdrawal and frozen account issues, people were also complaining about Poloniex’s ticketing system. The response mechanism to people’s complaints seemed not to be working, as many shared how for number of days they are not hearing anything from Poloniex.
Peter Davis, full-time crypto trader shares:
Frozen markets, missing deposits, zero support, zero reply to messages.. get your coins off @Poloniex$crypto
— Peter Davis (@petermarshalld) July 20, 2017
With the month of August drawing near, growing concerns about cryptocurrency exchanges coping with the increasing demand and retaining their transparency is becoming paramount.