IDAX Exchange Scam, and the Confusion of Users

Last Modified:7 Apr 2021 06:32:54
IDAX Exchange Scam, and the Confusion of Users

Crypto Exchange IDAX

The crypto exchange IDAX, which has been one of the most reliable and pioneer crypto exchange in 2018, is turning into one of the largest scams in recent years. From mid-November, there has been news about the arrest of one of the senior managers of this Mongolian exchange. Also, there has been paradoxical news about the death of one of the senior managers of this exchange that has confused the users of this exchange even more.

But what is probably giving credibility to the news of a large scam at IDAX, is the inability of users to exit their valid cryptocurrencies like Bitcoin and fiat currencies. Even though the exchange website is apparently open, but in case of depositing money or transferring cryptocurrencies via IDAX, the assets cannot be returned or refunded.

On the other hand, the senior manager of the official Telegram group of IDAX has exited this messaging service and has deleted this official group. All the users of this exchange have reported on different social media platforms that this exchange answers no ticket. Sending emails to the official email address of IDAX and also the email address of managers remain answered. The volume of frozen assets at IDAX exchange currently cannot be evaluated. Yet, this large volume of money includes large sums of fiat money, and valid cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Counos Coin.

On the other hand, some sources close to the senior managers of IDAX have reported that not just one person, but in fact, some senior managers of IDAX exchange have also been arrested. But it is also possible that much like other cases of scams in the field of crypto exchanges, the managers of this exchange have exploited the large volumes of trades and have stolen the cryptocurrencies of users.

In a relatively comprehensive news report, Bitcoinist has released some paradoxical news about IDAX. According to this news agency, media groups like RealTract have been unable to access the managers of this IDAX.

Even though the headquarters of this exchange are in Mongolia, the largest clientele of this company is in China, and many of the services of this exchange were supported from China.

IDAX released a statement a couple of days ago saying the problem with exiting assets from this exchange is with the high number of requests, and as such, urged users to exercise patience in order to access their assets.

And now, after only a short time, this website has announced that due to security reasons, all the services to Chinese users have been blocked.

In any case, with regard to all the ambiguous news that has been published, it seems that all the measures taken by IDAX are just one big scam.