SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

avatar
深潮TechFlow
3 months ago
This article is approximately 934 words,and reading the entire article takes about 2 minutes
This exchange, which is named Safe, does not seem to be that safe.

Original author: Shenchao TechFlow

If there is a year-end review, PoW is definitely one of the tracks that cannot be ignored this year. First KAS The continued rise has attracted the attention of many investors. Then Binance launched the KAS contract trading pair, which completely detonated the sentiment of PoW related currencies.

Where there is profit, there is business.

As the price of KAS rises, people have successively turned their attention to other tokens in the PoW sector, such as DNX, SMH, QUBIC, ZEPH and other mining coins. In this context, they have indeed experienced a considerable increase, but these types of mining coins have one common characteristic, which is that transactions are extremely inconvenient. In the early stage, they can only rely on OTC transactions from miners.

Having a dedicated mining currency exchange has become the common wish of retail investors at this time, andTxbit and SafeTrade They seized this opportunity one after another.

Txbit was one of the first exchanges to list KAS. After discovering the popularity of PoW tokens, it successively launched other mining coins, such as the early DNX, and became the main liquidity exit site for miners at that time.

But the good times did not last long. On August 14, Txbit announced that it would be closed on September 14, 2023. The sudden news caught everyone off guard, but fortunately, Txbit did not run away directly. Users only need to wait until September 14. Just withdraw funds.

SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

Despite this, this approach still casts a shadow on everyones mind, What if a similar small exchange does not declare bankruptcy next time, but directly runs away, how should we respond?

SafeTrade, caught in security doubts

This worry also leads to the protagonist of this article-SafeTrade.

SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

SafeTrade is a recently popular mining currency exchange. Unlike Txbits KAS, SafeTrades main trading pairs are concentrated on SMH, QUBIC, etc.

Currently, SafeTrade has a total of 53 currencies and 102 trading pairs. Taking the SMH token as an example, its trading is very active, with daily trading volume on the exchange exceeding $1.3 million.

Active trading will inevitably attract more participants and increase the possibility of problems.

Yesterday, a crypto KOLTweet, SafeTrade is suspected to be at risk of running away. They are quietly transferring funds to Matcha and have collected enough evidence.

SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

The trigger of the problem was that the KOL said that he had friendly communication with SafeTrade before, but was kicked out of the group, and the exchange itself only allowed deposits but not withdrawals, which angered him to mobilize resources for further fund tracing. and dig out more details about what might be wrong with the exchange.

SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

Subsequently, KOL suspected to have dug up specific information about the person responsible for Safetrade and showed that he was in China. After catching the weakness, KOL continued to put pressure on Safetrade and asked Safetrade to resume withdrawals of some currencies.

As of press time, this revelation has not come to an end. Until more information is obtained, adhering to the principle of striving for truth, the whole story and the authenticity of the matter cannot yet be determined.

But in any case, SafeTrade’s suspected escape has also cast a layer of doubt on the frenzied market for mining coins.

In fact, this is not the first time SafeTrade has violated user restricted areas. Before this incident, there were also reports that QUBIC recharges could not be credited, and community members reported that the exchanges wallet could not be opened, and recharges and withdrawals could not be made.

This starts with"Safe"The exchange that is famous for its name does not seem to be that safe.

SafeTrade is caught in security doubts and is wary of risks amid the frenzy of the mining currency market

Although SafeTrade issued a timely announcement and restored QUBIC and USDT withdrawal channels, users suspicions cannot be avoided. Funding issues are the top concern of users. After all, companies as large as FTX cannot avoid black-box operations, not to mention Txbits lessons learned from the past.

PoW is at its peak, and the huge traffic is indeed a piece of cake. Let’s see whether SafeTrade chooses to be full or full. At this moment, how to regain the trust of customers is the most urgent problem that SafeTrade needs to solve.

Opportunity amid crisis?

Doubts about running away are a crisis for SafeTrade, but another mining currency exchange Xeggex opportunities.

Open Twitter, you may not even need to search for the keyword Xeggex, you will see overwhelming promotional tweets.

With the SafeTrade turmoil and the skyrocketing mining coins led by TAO and KAS, a large wave of natural traffic poured in and overwhelmed Xeggexs servers. Even KYC became a problem due to lags.

Indeed, there are many opportunities to get rich on Xeggex, which can easily increase by ten times or hundreds of times. Even their platform currency $XPE has increased by ten times, which is bound to attract the markets attention.

It is both a crisis and an opportunity. This is a true reflection of the mining currency market. There may be attractive opportunities for a turnaround on Xeggex, but the risks involved cannot be ignored.

Compared with established exchanges, these emerging exchanges actually have more prominent trading risks. It is not difficult to see from the picture below that the Xeggex page UI is very simple and lacks sufficient polish and design.

Behind the rough UI, there may be more issues related to qualifications, security, auditing and compliance. Sometimes, a simple interface does not mean simplicity, but reflects the lack of resources, lack of ability, and lack of responsibility.

When one mining currency exchange is in danger, another may be an opportunity, but it may also be a greater risk.

If you are a gold digger who wants to get involved in the mining currency market, it is crucial to participate carefully and protect the safety of your principal.

Original article, author:深潮TechFlow。Reprint/Content Collaboration/For Reporting, Please Contact report@odaily.email;Illegal reprinting must be punished by law.

ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

Recommended Reading
Editor’s Picks