Coinmarkets.com is a Scam:
Coinsmarkets is a cryptocurrency exchange that has been all but not working since January 5, 2018, with trading and withdrawals disabled. The Coinsmarkets exchange blames their server and database but really what happened?. In late January Coinsmarkets announced on their site that “trading would be enabled in a few hours” but after that, they never replied to a single query.
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Fake Name! Fake Address! And Fake Site!
The Coinsmarkets domain was registered under a fake name that shows an address in the Netherlands. There’s a Bitcointalk topic called “Experiences with CoinsMarkets.com?” and somebody living near that address in the Netherlands went to check it out and there was nothing related to a cryptocurrency exchange at that address. It was just some wealthy residential area.
The person/s behind the Coinsmarkets profile on Bitcointalk has logged in at least on January 20 and March 15 but didn’t post anything there. Coinsmarkets has not communicated at all apart from the often short banner texts on their webpage with promises that the problems they’re having would soon be fixed. Previously Coinsmarkets was down for a short period of time in September 2017 and back then the Coinsmarkets profile provided updates in the Bitcointalk forum.
In mid-February, ECA team announced they would start looking for legal action to get Coinsmarkets open the withdrawals for all coins. Soon after, Electra withdrawal was opened on February 24.
Coinsmarkets update on their own webpage stated, “We decided to withdraw to every coin we completed checking, we are free to withdraw or keep your coin in our exchange, remain off until we finish. More coins to follow. We thanks ECA dev team and all member for their patience”.but all that has followed is the opening of withdrawals only for coins that have no value. On March 12, they opened withdrawals for Sucr, Muncoin, Ember, Tagit, Flappycoin, Modjo, Interzone, Philscurrency. Then March 16 followed DCS, BYZ, PLATINUM, HRMC, BTN, CNTF, SAT, Santa. Then March 19 followed Lemanum, GoaCoin, Nanucoin, MoneyBag, OCOW, Xylo, CRDS, Onex.
All they allow to be withdrawn are worthless coins. In fact many of which aren’t even on CoinMarketCap, and there are around 350 coins listed at Coinsmarkets. It’s been almost three months and basically nothing has changed. Almost no communication. No legit business does that.
Now the talk in the Bitcointalk forum is that Coinsmarkets has actually begun transferring users’ Bitcoin out of wallets, basically going for an exit scam.
The latest official announcement from coinsmarkets is, “Some coins face failed withdraw those will be processed manually, please hold on”. The news was released on May 15.
Now Coinsmarkets.com is offline for more than 6 months. For Crypto traders, it is very important to choose right exchange rather right coin.