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Bexplus crypto exchange closes, gives users only 24 hours to withdraw funds

1 Comment
A B with a diamond formed by the crossbar, and an arrow pointing up and to the right. The B is followed by the text "Bexplus" in all capitals, and both the symbol and text are in sky blue.

The cryptocurrency exchange Bexplus announced that "due to force majeure, Bexplus will stop service from now on". Users were told to close their open positions and withdraw any funds within only a 24-hour period, before positions would be automatically closed and the withdrawal service would become unavailable.

Only four days prior, on July 14, Bexplus had published a press release offering "rewards worth up to $5,000 to new users who sign up and make their first deposit". The project also promised its users up to 21% interest on bitcoin kept with the exchange. Bexplus had also promised a 100% match on deposits to the platform, up to 10 BTC (currently priced at $235,550).

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sirwired
134 days ago
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A 100% match up to $0.25M? Yeah, that's not the least bit suspicious, and totally the sign of a healthy and thriving business with a bright future.
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CoinLoan crypto lending platform reduces account withdrawal limit

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A blue line art icon of a safe, followed by the blue text "CoinLoan"

Claiming that they had no exposure to the various high profile collapses in the crypto industry lately, CoinLoan announced that they nevertheless would be reducing account withdrawal limits as they anticipated liquidity issues. They announced that users could only withdraw up to $5,000 a day, but tried to reassure customers that "rest assured that your assets are safe" (as have several other crypto platforms before announcing insolvency).

Apparently forgetting the industry they're in, CoinLoan also wrote that their "strategy bars risky activities that could endanger CoinLoaners' funds".

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sirwired
149 days ago
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"Your assets are *so* safe, we'll keep holding on to them (for your own protection, of course)!"
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AEX crypto exchange limits withdrawals after a $1 billion "bank run"

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A blue rounded inverted vee, followed by white capital text "AEX"

The AEX crypto exchange is among a growing number of exchanges to limit customer withdrawals amidst a crypto downturn. In an announcement, AEX wrote that "we honestly admit that AEX Global platform has met some problems, which involve a bank run of more than 1 billion USD".

The exchange then announced they would be delaying the withdrawals of most popular cryptocurrencies for 36 hours "to avoid unnecessary panic withdrawal". A follow-up blog post the next day announced they would be allowing users to withdraw, but only up to $500 a day. They later adjusted the withdrawal limits to a more flexible model, but left them in place.

As an apology to their customers, AEX promised "AEX Shareholder Badges" to the people with the most funds in their platform. They also announced a Texas Hold'em Carnival to show their "appreciation" of their users, but they canceled it the same day. Perhaps focusing on the liquidity issue is the right choice...

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sirwired
163 days ago
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"AEX Shareholder Badges"! I'm sure that'll help the people that can't get their money feel *so* much better!
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Defi insurer Bancor pauses their impermanent loss protection due to "hostile market conditions"

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Two stacked blocks resembling a B, followed by the text "Bancor"

The defi insurance protocol Bancor announced on June 19 that they would be suspending their impermanent loss protection due to "hostile market conditions". The feature sought to protect users from "impermanent loss", a risk when a person provides liquidity to a pool, the ratio of deposited assets changes, and the person winds up with more of the token that's worth less.

Bancor wrote in their announcement that "Withdrawals performed during this unstable period will not be eligible for IL protection. Users who remain in the protocol will continue earning yields and be entitled to withdraw their fully-protected value when IL protection is reactivated." Many view this as Bancor holding their crypto hostage, because they would take a major loss if they withdrew while IL protection was paused.

The post goes on to say that "two large centralized entities" (likely Celsius and Three Arrows Capital) have rapidly liquidated their $BNT positions and withdrawn a large amount of liquidity; Bancor also wrote that another entity has opened a large short against $BNT.

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sirwired
164 days ago
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So, if I'm reading this right: "We've decided to stop paying out on our insurance policy because we think the claims would be too expensive. (But we aren't, you know, going to wind down operations like an *actual* insurance company to make our policyholders as whole as we can.)"
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Binance pauses Bitcoin withdrawals for 3 hours due to "stuck" transactions

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Binance logo, a yellow diamond next to the word Binance in yellow caps

Binance paused Bitcoin withdrawals for three hours on June 13, explaining that some network maintenance resulted in transactions becoming "stuck and not able to be processed successfully". Although founder and CEO Changpeng Zhao predicted the pause would only take thirty minutes, the issue took closer to three hours to resolve.

I love it when I go to my bank to grab some cash from the ATM and discover that I can't, because someone else's cash clogged up the pipe.

The pause occurred as Bitcoin was reaching record low prices not seen since 2020, contributing to the ongoing pattern of Binance suddenly pausing withdrawals or undergoing maintenance during periods of chaos in the crypto ecosystem.

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sirwired
170 days ago
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What a startling coincidence that all that money couldn't be withdrawn at a time when a very large number of customers would have been motivated to do just that.
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Invisible Formatting

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To avoid errors like this, we render all text and pipe it through OCR before processing, fixing a handful of irregular bugs by burying them beneath a smooth, uniform layer of bugs.
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sirwired
1391 days ago
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God, I miss "Reveal Codes" from WordPerfect. It made fixing formatting problems *so* much easier over watching your entire document re-format because you delete a single paragraph break.
duerig
1391 days ago
I thought about reveal codes as well when I saw this. I miss it sometimes, but it always brought out my OCD side. I was always tempted to spend time erasing codes that didn't actually impact the document.
fallinghawks
1391 days ago
Reveal codes was awesome. My memory is of when word processors started to be able to apply HTML. An instant shitshow of massive amounts of repeated inline styling for a single character. You could not find the actual text in the mess.
reconbot
1390 days ago
Let’s be clear, even if it didn’t impact the document removing unnecessary and unexpected codes is important work.
1174 days ago
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9 public comments
denubis
1391 days ago
reply
Ah, *TeX, the ultimate outcome of what I see is what I meant. (Also, if folks don't know about overleaf it... shockingly doesn't suck as an online LaTeX engine)
1174 days ago
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kazriko
1391 days ago
reply
I have my whitespace set to visible in my IDE for exactly things like this. And yes, WP5.1's reveal codes was a similarly useful thing. WYSIWYG is far inferior to WYSIWYM.
Colorado Plateau
awilchak
1391 days ago
reply
#same
Brooklyn, New York
1174 days ago
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summerofjay
1391 days ago
reply
So much THIS!

It's bad enough in native apps but browser-based services have taken it to a new level (looking at you, Confluence)
23231
1174 days ago
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emdeesee
1391 days ago
reply
The struggle is real. 😬
Sherman, TX
1174 days ago
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philipstorry
1391 days ago
reply
Yeah, I get this anxiety too.
And it can actually be an issue. The best case is that at some point in the future you click into that space and start typing, only to find everything in bold. Easily fixed.
The worst case is that you find one of the chaotic, baffling stupid dead ends in Microsoft Word's layout engine and lose hours fighting it to get what you're sure should be a relatively simple layout.
London, United Kingdom
1174 days ago
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Screwtape
1391 days ago
reply
And this is why web developers keep opening the developer tools to look at the page markup, and why grey-beards fondly remember Word Perfect's "Reveal Codes" feature.
HarlandCorbin
1391 days ago
I miss reveal codes. Word just hides them, tons of on/off tags hidden from view.
1174 days ago
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alt_text_bot
1391 days ago
reply
To avoid errors like this, we render all text and pipe it through OCR before processing, fixing a handful of irregular bugs by burying them beneath a smooth, uniform layer of bugs.
1174 days ago
https://keramatzade.com/Earn-wealth-with-amazing-business-ideals https://keramatzade.com/Law-of-Attraction-of-Wealth https://keramatzade.com/Ways-to-make-money https://modirebimeh.ir/online-calculation-of-iranian-life-insurance/ https://modirebimeh.ir/engineers-professional-liability-insurance/ https://modirebimeh.ir/third-party-insurance-calculation/ https://modirebimeh.ir/iran-liability-insurance-have-you-not-yet-insured-your-business-with-iran-liability-insurance/ https://modirebimeh.ir/iran-life-insurance-ganji-for-the-future-of-children-and-families/ https://modirebimeh.ir/iran-car-body-insurance-the-best-and-most-prestigious-in-the-iranian-insurance-industry/ https://modirebimeh.ir/the-most-reliable-and-unrivaled-third-party-car-insurance-in-iran/ https://keramatzade.com/14-ways-to-increase-revenue https://keramatzade.com/8-ways-to-increase-revenue https://keramatzade.com/25-jobs-with-which-you-can-earn-up-to-a-million-dollars https://keramatzade.com/success-secret-1 https://keramatzade.com/Make-Money-Online-Effective-step-by-step-money-making-techniques https://keramatzade.com/Make-money-at-home https://keramatzade.com/Ways-to-make-money-without-capital https://keramatzade.com/Creative-Money-Making-Ideas https://keramatzade.com/The-law-of-attracting-money https://keramatzade.com/Ways-to-Make-Money-at-Home https://keramatzade.com/Immediate-absorption-of-wealth-in-10-minutes-and-attractive-ways-to-get-rich https://keramatzade.com/The-secret-of-attracting-money-in-Iran-to-achieve-creative-money-maker-ideas https://keramatzade.com/Ways-to-get-rich-in-Iran-with-the-most-wonderful-business-ideas https://keramatzade.com/Astonishing-economic-intelligence-test-to-increase-financial-intelligence
alt_text_at_your_service
1391 days ago
reply
To avoid errors like this, we render all text and pipe it through OCR before processing, fixing a handful of irregular bugs by burying them beneath a smooth, uniform layer of bugs.
1174 days ago
https://keramatzade.com/Earn-wealth-with-amazing-business-ideals https://keramatzade.com/Law-of-Attraction-of-Wealth https://keramatzade.com/Ways-to-make-money https://modirebimeh.ir/online-calculation-of-iranian-life-insurance/ https://modirebimeh.ir/engineers-professional-liability-insurance/ https://modirebimeh.ir/third-party-insurance-calculation/ https://modirebimeh.ir/iran-liability-insurance-have-you-not-yet-insured-your-business-with-iran-liability-insurance/ https://modirebimeh.ir/iran-life-insurance-ganji-for-the-future-of-children-and-families/ https://modirebimeh.ir/iran-car-body-insurance-the-best-and-most-prestigious-in-the-iranian-insurance-industry/ https://modirebimeh.ir/the-most-reliable-and-unrivaled-third-party-car-insurance-in-iran/ https://keramatzade.com/14-ways-to-increase-revenue https://keramatzade.com/8-ways-to-increase-revenue https://keramatzade.com/25-jobs-with-which-you-can-earn-up-to-a-million-dollars https://keramatzade.com/success-secret-1 https://keramatzade.com/Make-Money-Online-Effective-step-by-step-money-making-techniques https://keramatzade.com/Make-money-at-home https://keramatzade.com/Ways-to-make-money-without-capital https://keramatzade.com/Creative-Money-Making-Ideas https://keramatzade.com/The-law-of-attracting-money https://keramatzade.com/Ways-to-Make-Money-at-Home https://keramatzade.com/Immediate-absorption-of-wealth-in-10-minutes-and-attractive-ways-to-get-rich https://keramatzade.com/The-secret-of-attracting-money-in-Iran-to-achieve-creative-money-maker-ideas https://keramatzade.com/Ways-to-get-rich-in-Iran-with-the-most-wonderful-business-ideas https://keramatzade.com/Astonishing-economic-intelligence-test-to-increase-financial-intelligence
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