Twitter users are up in arms against Coindelta's high withdrawal fees for forced withdrawals owing to the closure of the business. I've written about the shutdown here.
The high withdrawals seems to have triggered many users as it is indeed unethical for a company to be doing this instead of maintaining normal withdrawal fees while shutting down their services.
Competitors WazirX and Bitbns have come to the aid of users and are lapping up any users of Coindelta willing to switch over by refunding any withdrawal fees incurred by the users of Coindelta.
Steemian @xyzashu has created a petition that's worth looking into here and I've tweeted it out today asking for a comment from some exchange owners and stakeholders here although I'm not expecting any response to come in for now.
But as you can see from the first picture on this post, the withdrawal fees feels like day light robbery by Coindelta. It's a really bad and shady way of exiting all things considered.
This is why we could do with some regulations or it would be great if exchanges self-regulated themselves to avoid these issues that gives a poor name to the industry as well as leaving the users feeling betrayed.
Now as far as claiming if this exit strategy used by Coindelta is a scam or not is left upto the users to decide. However, many are saying that it is an exit scam on twitter.
This is another reason why I suggest everyone to keep minimal or preferably no crypto with Indian exchanges.
Don't forget to read @xyzashu's post on the same and incase you want to sign his petition you can check out it out here.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Indeed this is a horrible trend, I think in no interest with the users in mind if anyone could sign the petition I would do so. Good Luck @durianwalker
Thanks a ton for tweeting, resteeming and giving exposure to this petition!
Irrespective of the response or attention it gets, I appeal everyone to sign and share it. At least, we can do this to express our anger or displeasure to deter other players who may follow such a horrible trend.
Thanks everyone for their support!
Horrible stuff. This is why we need regulations asap! I'd blame the short-sighted RBI as well for this mess.
Hope whoever's Government forms at the Center brings up crypto regulations within six months of assuming power.
What we need I believe is self regulation, if people still don't understand that there is no safety in 3rd party solutions or platforms, they should remain in the prison of fiat. We need to grow up and take our funds off the exchanges after each exchange... if you have an exchange that this takes days to do, boy are you ripe for picking, just get off them. Personal regulation is key, we should not want the governments (as they screw up everything), to be anywhere near the P2P platforms.
They might love to do last project and the reliability of the team is questionable!!
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Thanks @firepower for sharing this. I was about to try with Coindelta but i haven't and now I'm thankful for that.
I guess CoinDCX is still doing a great work.
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Ah now i am aware of it, thanks for sharing
Sadly a lot of these people are jumping into crypto for fast money and after making that money exit scams like this are a good way to get out with a bit more. Likely these exchange owners know they aren’t going to hold up to regulation and need to get out before they get too much attention.
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