Is the Bitpaction Exchange Making an Exit?

The Bitpaction cryptocurrency exchange has ceased contact with its customers and followers on Twitter and Telegram and there are fears it is attempting a hasty exit.

The absence of the exchange’s admins was first noticed by the MasterContractToken twitter account on July 2nd, also noting that withdrawals reportedly only work for BTC.

Not good – @bitpaction admins have been inactive for 3 days on Telegram and their Twitter has gone silent. Withdrawals reportedly only work for BTC. Looks like it's back to waiting on @SwitcheoNetwork to be able to list Python-based tokens and @AphelionToken to launch their DEX.

— MasterContractToken (@MCT_Token) July 2, 2018

The withdrawal fees for bitcoin were also increased from 0.001 to 0.01, along with the fees for Ethereum: 0.0015 to 0.25. NEO, which was also listed, had its fees change from zero to 0.5, along with the numerous NEO project tokens including Master Contract Token (MCT), Bridge (TOLL) Orbis (OBT), Narrative (NRVE), Travala (AVA) and Loopring (LRN) all being affected.

The withdrawal process for the exchange also appears to be unreliable.

The absence of the exchange’s admins and the rising withdrawal fees has led to speculation that it’s in the process of closing its operations while taking as much revenue as it can from its customers.

In the wake of these fears, numerous NEO projects have issued statements warning their customers to withdraw their tokens immediately.

The Travala project posted:

“We have been investigating the bitpaction issue by reaching out to their admin and until now we have had no response. We have had numerous complaints about the exchange and Bitpaction has not publicly addressed these issues raised by their users and based on this we recommend that any members of our community withdraw their AVA tokens from that exchange immediately.”

The Bridge Protocol offered similar advice:

“After numerous attempts to contact their leadership, we have received no response. We urge the community to stop using Bitpaction immediately. If possible, you should withdraw your TOLL tokens from the exchange. Some users report being able to withdraw, others cannot.”

You can read the full announcements of each of them here and here. We will be sure to update this story about all NEO blockchain based tokens and the Bitpaction exchange delays.

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