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How to Save Money in 2019: Top Most Insecure Crypto Exchanges

Feb 04, 2019 at 15:53 // News

2018 has been a long and challenging journey for most cryptocurrency exchanges and the industry at large. As fabled investor Warren Buffett loves to say “only when the tide goes out do you discover who's been swimming naked.” Every time any exchange is attacked the market is going down together with all crypto assets. Coinidol has collected eight cases of fails among world crypto exchanges in 2018.

Cobinhood, Taiwan   

The Taiwan-based crypto exchange Cobinhood was among the most striking failures last year. In 2017, the firm accumulated over $15 million during an Initial Coin Offering, encouraging and promising potential investors a commission-free frontier and frequently used tokens in its work.   

The investors that risked it became victims of a classic pump & dump scheme: initially, the quotes of tokens were artificially shaken over 40 times, and thereafter, the price dropped over 100 times, and currently, their cost is not more than 20% of the initial price. The exchange shows total degradation, and the quotation lists of Cobinhood are also so indicative.   

Paxful, U.S.    

Customers in the crypto sector were angry about reports that the Paxful crypto exchange was scamming them. Some users say that Paxful is having undercover hackers who steals funds from the accounts of users.   

BitGrail, Italy   

Early last year, the Italy-based crypto exchange, alerted the community of the malicious theft of 17 million Ripple tokens. Very many ‘unconfirmed transactions’ made a total loss of over $170 million. Stolen tokens delineated a large ratio of the entire quantity that were traded within the Nano market. Later, BitGrail declared itself bankrupt.   

Other currencies on BitGrail were not affected at all. Francesco Firano, the BitGrail owner, believes that the event ha...

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