iconIn progress
logo
iconMark the best answer to this question and earn +2 reputation points

Your funds at ChainRift at risk?

Recent news ChainRift Exchange demands that people should withdraw their coins from the exchange before their closure date.

And I know that ChainRift is one of the Exchanges that supports Telos.


Beginning today, new users will no longer be able to create accounts on ChainRift. Effective February 14, 2020, trading will be disabled on all our markets. Only the withdrawal function will remain available.
Please withdraw your funds from ChainRift by February 28, 2020.

Did you know about this?

Max

Answers 4

I have spoken to the people at ChainRift. They have been really great people to work with and I appreciate all they've done for Telos. They are very concientious and care about their customers' well being. I will miss their support. They were, in fact, the first exchange to ever list or sell TLOS tokens.

I believe that all funds are safe. There has been no breech or loss of trading funds that I'm aware of. Instead, they simply have not made enough money through trading to stay in business. The are going to shut down their servers once customer money is off the exchanges. They are aiming for Feb 28th for this.

I do not have any specific information, only what I've read or heard from the folks at ChainRift, but I do not detect any real urgency or panic the way you would if there was some kind of behind-the-scenes drama that was being kept secret. Instead there's a sadness and resignation like you often see when people work very hard on a project that they care about and despite their best efforts, it does not go their way.

I would suggest that all ChainRift customers do two things as soon as is convenient:

  1. Withdraw all of your funds to your own accounts for the various currencies you hold there. (ChainRift removed withdrawal limits for all customers to facilitate this.)

  2. Download the list of all of your deposits, withdrawals, and trades so that you can use them to file tax returns if your jurisdiction requires this. You need to do this in three places.

  • Go to Wallets then Withdrawal History and look for the Export button to download a CSV file.
  • Go to Wallets then Deposit History and look for the Export button to download a CSV file.
  • Go to Orders then Trade History and look for the Export button to download a CSV file.

You should download and save all three of these files. There's no guarantee that you will be able to do so in the future.

  • Max.jcicon1,414ResidentFeb 16, 17:11
    Wow 😮 Thanks Mr Douglas Horn for this comprehensive answer. It touched most of the aspects that people may need to know about.

I heard about it Max. Hopefully everyone with TLOS tokens at Chainrift get them out in time.

You and me know though Max - you don't keep tokens in exchanges. Keep them on the blockchain and in your own account.

SirKnight

  • Max.jcicon1,414ResidentFeb 16, 17:06
    👍🏽Thanks dear SK for your candid advice as always, I don’t keep my Tokens at exchanges anyway. For ChainRift, I did placed some SEEDS order which I’ve withdrawn.

Thanks for bringing this information here. I believe those who are not aware of this new development are now aware. thanks once again max

Thanks for the information, Messrs. It is good to always be up to date with all the events of the Blocks chain. I always look at the wallet and I get a lot of attention that the trade was closed. Thanks to this question I was able to investigate and know what is happening.

|
Preview
Nothing to see yet