Recently, cryptocurrency exchange, Poloniex, took to Twitter to warn the public of a phony app available in the Google Play Store. The fake Poloniex app (Poloniex itself doesn’t actually offer an app) was set up to steal investors’ information then ultimately, their crypto funds. Poloniex assured everyone their information was protected and safe from any vicious hacking activity.
Then, Thursday, March 8th, the exchange took to Twitter again. This time to inform the public of a maintenance procedure which would be done “shortly”. A staggering 16 hours after the announcement, there was no follow up Tweet not any indication at all if they had finished. Needless to say, investors on the exchange, are concerned. On the heels of the phony app issue, the fears are warranted.
People want instant access to their funds. When exchanges prevent user access for an extended period of time, without updates, not only do red flags start waving but the realization of just how vulnerable everyone is, still, in the digital space starts to sink in. Instead of holding up a bank, criminals got digitized and “hodl” up investors’ crypto and/or steal energy and power for mining.
Those who utilize the exchange are taking to Reddit to voice their concerns and issues. One investor claimed they haven’t been able to withdraw funds for over seven weeks. After warning the public of a fake Poloniex app, to then announce a seemingly, never-ending maintenance, doesn’t look good.
Hopefully, the exchange is able to right itself quickly. Otherwise, these events might possibly lead to a mass exodus from Poloniex as cryptocurrency investors, at present, simply aren’t willing to wait for transactions. Why should they?