Be careful! A trading platform accused of selling cryptocurrency and suspected fraud around its operations

Be careful! A trading platform accused of selling cryptocurrency and suspected fraud around its operations

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Answer Be careful! A trading platform accused of selling cryptocurrency and suspected fraud around its operations

Between September and October, delisted 25 token pairs. According to a Reddit user, this indicates a scam in progress. has delisted a lot of their coins recently. Including a collection of the best cryptocurrencies such as BAT.

Meanwhile, customers are only given 15 days to withdraw cryptocurrency after cancellation (a month after the announcement). But people who are on vacation or sick will likely miss out on the platform’s news.

And this short announcement time seems to have a reason: Liqui has already started monetizing clients’ assets worth $300,000!

BAT was in the first batch of 13 cryptocurrencies to be delisted from the platform.

Read:Binance platform clarifies some new details about the leveraged trading feature

See the following address: 0xcc5570e7d39BA1738333782Fb0C5623fb6a6b1f2

It is alleged that this address belongs to the Liqui platform and that they are laundering registered balances from customers who have not withdrawn or liquidated their digital assets.

If this address is actually associated with Liqui it would seem to at least confirm that they are liquidating cryptocurrencies. The move to remove BAT came a few weeks before news broke that Coinbase would be adding the coin, driving up the price.

At the time of the announcement, the price of BAT tokens was around 16 cents, while at the time Liqui saw fit to move more than 1.4 million BATs the price had risen to over 24 cents.

As pointed out by Reddit user, Liqui’s 290,000+ users only had 29 days to withdraw their money.

If there are as many as 1.4 million cryptocurrencies left for a coin to be delisted from the platform, it seems wise to extend that time so that individuals can withdraw their funds. It also seems possible that the platform itself was engaged in BAT speculation and the resulting balance is a result of its trading.

Read:One of the founders of Ethereum: The Ethereum network will improve 1000 times by 2021

Liqui has never mentioned that they speculate against customers within their platform, so this seems unethical at best.

The Liqui blog on the topic of BAT delisting users said they would be “unable” to process withdrawals. The problem is that we clearly see on the processes described in the blockchain that in fact there were many tens of thousands of BAT tokens lying around.

Once the cancellation deadline is reached (October 13, 2018 12:00 US time), withdrawals will be disabled and assets will be completely shut down. From now on, we will not be able to process write-offs of assets. It is imperative that customers withdraw tokens that have been crossed out by the withdrawal deadline. Please note that this deadline also applies to previously written-off assets such as: VET and EOS.

A similar situation occurred with SONM coin, which was put to a freeze on October 20 and completely removed on November 11. Once again, we see strong market pressure for the SNM token and this means that Liqui has been able to sell off the cryptocurrencies that remained on the platform for more than they were worth at the time of the delisting announcement.

Read:Margin trading costs a trading platform manager to lose $80 million in client funds

In the case of SNM, more than 2.3 cryptocurrencies have been sent to the Binance platform. It was noted in the Ethereum blockchain that as a result of these deposits, Liqui subsequently returned over 34,000 BNTs worth over $1 each. About 4.1 million DNT tokens, worth $0.024 per transaction, and an estimated value of about $120,000, were obtained from the two tokens.

Other delisted cryptocurrencies were treated similarly, and according to a Reddit account, they likely earned over $300,000 in cash.

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