eXch to shut down

[Freemind]

they obviously used the hack on bybit to finally do what they all wanted to do back then which is shut down many platforms as much as they could and now they were given a reason to do that the community knew this would happen and we are right that they are being more strict and there could be unjustifiably shutting down of many platforms

I also think we're likely to see more exchanges shut down. Their excuses (some people call them laws) are almost perfect and likely have widespread support among those unfamiliar with cryptocurrencies, money laundering and terrorist financing. Anyone asked about the exchanges that supposedly fund and approve these activities would respond that those services should be shut down immediately, what they don't know is that it's not true. Taking advantage of one's own failure, whether technological or human, to harm others, in one way or another, doesn't reflect well on the exchange's name or the cryptocurrency industry.

[NotATether]

I also think we're likely to see more exchanges shut down. Their excuses (some people call them laws) are almost perfect and likely have widespread support among those unfamiliar with cryptocurrencies, money laundering and terrorist financing. Anyone asked about the exchanges that supposedly fund and approve these activities would respond that those services should be shut down immediately, what they don't know is that it's not true. Taking advantage of one's own failure, whether technological or human, to harm others, in one way or another, doesn't reflect well on the exchange's name or the cryptocurrency industry.

It is almost comical.

The common person just wants to use crypto to make more money (+ wHeN LaMbO??!) so they use whatever regulated exchange they like, and then act surprise when the exchange withholds their funds for an investigation or shuts down and never obtains them back. They then while about crypto being "a scam" when if they simply used an anonymous exchange or a P2P trading site, they wouldn't have this problem in the first place.

[Crypto Library]

I also think we're likely to see more exchanges shut down. Their excuses (some people call them laws) are almost perfect and likely have widespread support among those unfamiliar with cryptocurrencies, money laundering and terrorist financing. Anyone asked about the exchanges that supposedly fund and approve these activities would respond that those services should be shut down immediately, what they don't know is that it's not true. Taking advantage of one's own failure, whether technological or human, to harm others, in one way or another, doesn't reflect well on the exchange's name or the cryptocurrency industry.

I personally think that if we still look at any survey, we will see that most of the cases of money laundering and other crimes are happening through fiat currency. I am not saying that crypto currency or such services are not involved in money laundering or other illegal activities at all, but even though these activities are more visible through fiat currency, we are more likely to express an assumption about crypto currency or these related tools. Which main target is to creates  bad image for the crypto space.

[Wiwo]

This is why i never put funds in an exchange account because most of the time the exchange gets hacked and then shuts down. This is really a shame i have used their services a few times in the past and it all went smoothly. If we want we can use the best exchanges like binance and kucoin because their security is very good. I have seen that top exchanges do not face much hacking problems. eXch has completely shut down, it is sad for everyone. I wish them and their management all the best so everyone will be more careful.

This case is more than what you think man, because hard it been that this exchange was never traced with the Bybit jack loots nothing could have happened to the platform and as for bad fact that their are one if the no KYC cryptocurrency exchange that give high priorities to users privacy, so the Lazarus group exploited that privacy features pn eXch.

Well regardless also you are right, about not to save huge amount of money on an exchange due to this kind of cases of shutdown Becassine in some situations, the exchange won't even give a time frame to withdraw fund's before their shutdown.

[snowpega]

No it do pays If you will check the Bitcoin signature observer thread on bitcointalk, you will see this signature is listed there as in paid list and it pays $4 per post even as the salad dagging said before, the campaign is voluntary, but it do pay.

Ahan, then I don't have any idea, as I have also been a part of both these campaigns, Bitcoin Peach and BitList. Well, I do know that the BitList campaign is paying weekly bonuses to the good posters, but according to what I knew, Bitcoin Peach is paying nothing, and if it is paying $4 per week, then it's great, mate.

Nah I don't have any idea about it, maybe because they had some similarity with coinjoin or mixer feature, but I don't know for sure, you have to look for yourself, I did read about it but now I can't remember.

I am way too busy these days; if I get spare time, I will surely check about this. I asked you because you are a senior member, and you may have kinda idea about this, but you also don't remember it as well, hehe.

[Cryptsafe]

It is unfortunate that they would have to shut down this way, as it was not their fault that the Lazarus group used their platform to transact stolen assets. They had no idea, and I believe if you ask them too they would say the same but fate just held them ransom this way and they had to give up their position in the industry but I believe they would bounce back and in another form so that the government do not come after them again.

I'm not exactly sure what pressures eXch is facing that led them to cease operations, but it seems like everything stems from their actions when they were exploited by hackers in the Bybit incident. eXch chose to remain neutral and didn't intervene, which led to them being seen as accomplices and enablers of the hackers.

I'm not saying eXch's actions were wrong, but it's quite risky for the fate of these CEXs. Governments don't want this to happen again, CEXs that don't implement KYC will be in the crosshairs of regulations. Anonymity is no longer as prioritized as transparency and cooperation!

I believe exch had no idea of such happening on their platformand besides their platform is an anonymous platform and there is no way they could be able to know who did that and it could be that they are just being guided by the principles on which they run the exchange on to remain anonymous and they choose to exit the market with no plans of coming back anymore.

We all know that the government can go to any extent to make sure they frustrate any exchange or organisation that wants to go against their policy and exch is not the first to have suffered such and I believe this was the only issue that gave the government the force on them bending them to exit the market. If I may ask, is Exch the only platform the hackers used to launder the money they hacked from Bybit? What about the other platforms they used If I am not mistaken, has anyone heard anything about the others till this moment?

[Faisal2202]

Ahan, then I don't have any idea, as I have also been a part of both these campaigns, Bitcoin Peach and BitList. Well, I do know that the BitList campaign is paying weekly bonuses to the good posters, but according to what I knew, Bitcoin Peach is paying nothing, and if it is paying $4 per week, then it's great, mate.

Okay, I never joined any of these before, but will surely join them sooner or later. I did not know Bitlist was paying because I did not see it on the signature observer list,

I am way too busy these days; if I get spare time, I will surely check about this. I asked you because you are a senior member, and you may have kinda idea about this, but you also don't remember it as well, hehe.

I just checked the last post by Icopress on the Wasabi Wallet thread, and it just says they are stopping the campaign, no reason is given. if you want to check, then here is the link, busy boy https://bitcointalk.org/index.php?topic=5401963.msg63791790#msg63791790 I just guessed that, so I think there was no specific reason they stopped it like you were expecting.

[snowpega]

Okay, I never joined any of these before, but will surely join them sooner or later. I did not know Bitlist was paying because I did not see it on the signature observer list,

+1. Well, mate, I am kinda surprised that BitcoinPeach was also paying all that time with the pay rate of $4, and I had no idea even I was also a member of this campaign for some time. I just checked it with the help of your given link, and the manager has posted some posts for weekly payments in the campaign thread.

<snip>

Surely after checking this, no reason is given in the thread, but on the top of the thread this term is written: [CPBS]. What does it mean? I see this term for the first time, hehe. Do you have any idea what it stands for?

[taufik123]

-snip-
We all know that the government can go to any extent to make sure they frustrate any exchange or organisation that wants to go against their policy and exch is not the first to have suffered such and I believe this was the only issue that gave the government the force on them bending them to exit the market. If I may ask, is Exch the only platform the hackers used to launder the money they hacked from Bybit? What about the other platforms they used If I am not mistaken, has anyone heard anything about the others till this moment?

Except for a few Anonymous Exchanges that are closed and there will be more exchanges of this kind or mixing platforms that can be used without being disturbed by the government.

Now the government does have control and can shut down anyone, but not with growing growth.
Privacy is important and it cannot be violated.

Cybercrimes like money laundering and the like involving crypto are indeed very troubling, but of course there are better ways to eradicate such things, shutting down won't stop them but there will be many other ways that can be used, the government has to think one step ahead.

[Cryptsafe]

-snip-
We all know that the government can go to any extent to make sure they frustrate any exchange or organisation that wants to go against their policy and exch is not the first to have suffered such and I believe this was the only issue that gave the government the force on them bending them to exit the market. If I may ask, is Exch the only platform the hackers used to launder the money they hacked from Bybit? What about the other platforms they used If I am not mistaken, has anyone heard anything about the others till this moment?

Except for a few Anonymous Exchanges that are closed and there will be more exchanges of this kind or mixing platforms that can be used without being disturbed by the government.

Now the government does have control and can shut down anyone, but not with growing growth.
Privacy is important and it cannot be violated.

Cybercrimes like money laundering and the like involving crypto are indeed very troubling, but of course there are better ways to eradicate such things, shutting down won't stop them but there will be many other ways that can be used, the government has to think one step ahead.

True that the government has the sole power to shut down any exchange that defaults, but to some extent, not to be too harsh with their sanctions on exchanges. Sometimes, a proper investigation ought to be done so that details and information can be gathered to track the offenders who violate policies, as it pertains to matters of this nature.

Maybe the government should look for an alternative way of sanctioning them as the case may be, and not shut down an organisation that has been in existence for years, just because they are anonymous and, for the first time in their existence, money was laundered through their exchange, unknown to them.

[PX-Z]

True that the government has the sole power to shut down any exchange that defaults, but to some extent, not to be too harsh with their sanctions on exchanges. ...

Maybe the government should look for an alternative way of sanctioning them as the case may be, and not shut down an organisation that has been in existence for years, just because they are anonymous and, for the first time in their existence, money was laundered through their exchange, unknown to them.

Yes, but so far there's no exchanges has been force to shutdown by the government yet (imo), they were sanctioned instead and sued, the platform and the execs and force to follow their regulation policies. Most are xlosed due to competitions, low volumes, and few more other reasons.

[Cryptsafe]

True that the government has the sole power to shut down any exchange that defaults, but to some extent, not to be too harsh with their sanctions on exchanges. ...

Maybe the government should look for an alternative way of sanctioning them as the case may be, and not shut down an organisation that has been in existence for years, just because they are anonymous and, for the first time in their existence, money was laundered through their exchange, unknown to them.

Yes, but so far there's no exchanges has been force to shutdown by the government yet (imo), they were sanctioned instead and sued, the platform and the execs and force to follow their regulation policies. Most are xlosed due to competitions, low volumes, and few more other reasons.

The government pressure at times forces organisations to shut down because they just might not know what and how to go about their activities, so the best thing they could resolve into doing is to shut down and in some cases just like the exch, they did shut down because they stood their ground to follow their principles for which they operate which is not in line with the government policy otherwise they would not have shut down but rather.

[taufik123]

True that the government has the sole power to shut down any exchange that defaults, but to some extent, not to be too harsh with their sanctions on exchanges. Sometimes, a proper investigation ought to be done so that details and information can be gathered to track the offenders who violate policies, as it pertains to matters of this nature.

Maybe the government should look for an alternative way of sanctioning them as the case may be, and not shut down an organisation that has been in existence for years, just because they are anonymous and, for the first time in their existence, money was laundered through their exchange, unknown to them.

Very simple, there is money in all cases will run smoothly without obstacles.
The government needs profits from the operating exchanges, so they need full control so that the exchanges cannot be released and continue to pay taxes to the government regularly.

No matter what the organization is or how long it has been built, if you don't follow their rules then everything will be banned.

[Faisal2202]

+1. Well, mate, I am kinda surprised that BitcoinPeach was also paying all that time with the pay rate of $4, and I had no idea even I was also a member of this campaign for some time. I just checked it with the help of your given link, and the manager has posted some posts for weekly payments in the campaign thread.

Thanks for the appreciation, and I think it is on the manager to pay whoever he wants to, I don't think you have to apply for the pay, if you would be eligible maybe he would have paid you by asking you with details, IDK it is a maybe because I am not sure.

Surely after checking this, no reason is given in the thread, but on the top of the thread this term is written: [CPBS]. What does it mean? I see this term for the first time, hehe. Do you have any idea what it stands for?

I also read this, but it is the nature of ICO to write such things haha, I mean few days ago he brought a Reddit campaign, and he wrote something on it, I think he meant fuckoff haha, but not sure what that abbreviation meant. Speaking of this one, I think it means, Campaign Paused But Still or something like that just made that up, but I guess the first two words correct.

[Cryptsafe]

True that the government has the sole power to shut down any exchange that defaults, but to some extent, not to be too harsh with their sanctions on exchanges. Sometimes, a proper investigation ought to be done so that details and information can be gathered to track the offenders who violate policies, as it pertains to matters of this nature.

Maybe the government should look for an alternative way of sanctioning them as the case may be, and not shut down an organisation that has been in existence for years, just because they are anonymous and, for the first time in their existence, money was laundered through their exchange, unknown to them.

Very simple, there is money in all cases will run smoothly without obstacles.
The government needs profits from the operating exchanges, so they need full control so that the exchanges cannot be released and continue to pay taxes to the government regularly.

No matter what the organization is or how long it has been built, if you don't follow their rules then everything will be banned.

True that the government collects taxes from exchanges, and that is a good one for them because they use it to further development as it relates to their country, but they always have control of the exchange since they take tax from them and if bannng them, there would be no means of tax collection so why not handle situations properly to be able to investigate matters as to get to the tooth of the cause of occurrences than to make them suspend there activities or getting them banned.