​IDAX exchange has run away and has been investigated

IDAX Exchange is a cryptocurrency exchange, established in 2017, and has been ranked around 20 on the ranking website Feixiaohao for a long time. Although it claims to have millions of users, the actual number of users of the IDAX exchange is unknown. In November of this year, the CEO of the IDAX exchange was exposed as running away and was filed by the police, which aroused social concern.

The collapse of the IDAX exchange has to start in November. On November 19 this year, many users found it difficult to withdraw coins on the IDAX exchange, and user feedback was fruitless. On the 24th, a photo of IDAX exchange being reported was circulated on the Internet. The report letter stated that Lei Guorong, the boss of IDAX, lost contact with all user assets on November 22, and notified all employees to take a holiday, and the hard drives of computers in important positions were removed. Later, the IDAX exchange officially responded that the report letter was a rumor. However, 5 days later, the IDAX exchange announced that the CEO had disappeared for unknown reasons. The staff of the IDAX exchange failed to get in touch with the CEO, which also resulted in the inability to access the exchange's cold wallet and provide deposit and withdrawal services. On December 1, the media reported that the IDAX exchange with an operating location in Shanghai was investigated by the local police.

Looking back at the entire IDAX exchange runaway incident, it also gave us some important revelations. First, when investors trade, it is best to choose a large platform. Small platforms have a higher risk of running away, and investors are prone to losses. According to media reports, after the IDAX exchange ran away, the number of victims has reached 438, with a total amount of more than 50 million yuan. The second is that in the daily management of the exchange, the CEO should not control the private key of the cold wallet alone. After the CEO of the IDAX exchange runs away, the staff will be powerless even if they want to repay the losses of investors. Third, the current policy indicates that the crackdown on illegal digital currency exchanges will continue, and the filing of the IDAX exchange is only the beginning.