ETH-based MaxiMine cloud will compensate the users who lost their funds when they tried withdrawing their MXM tokens from the HitBTC crypto exchange. The recent reports coming into our latest cryptocurrency news showed that the users tried to withdraw their MXM tokens from the exchange and they failed to do so, only to find out later that there is no more trading on the token available.
For that reason, the ETH-based MaxiMine cloud stated that they will try to compensate the users who lost their assets. The cloud service wrote that they are ‘’taking responsibility’’ for the huge losses but after receiving the tokens which were sent to the HitBTC exchange, they will fund the token swaps themselves. After contacting the crypto exchange, both of the parties agreed that the MXM team will take responsibility for all of those affected during the token swap.
HitBTC pointed out that they will send the new MXM tokens back to the ETH-based MaxiMine cloud and will perform the swap manually. The MXM team wants the users to contact their service but didn’t provide any information about why should the users do so. As reported in the coming altcoin news, the transfers out of the exchange were visible on the ethereum blockchain weeks after the token was converted to a new contract.
The ETH-based MaxiMine (MXM) token price was in a rough patch over the past week going side to side between 4 and 6 cents which are a long way from its all-time high earlier in 2019. At this point, the traders will have to wait for the price to rise in order to cash out. About a hundred users were affected overall. This is why the MXM token will be traded on CoinBene for a while now and the majority of the trading volume will be taking place there.
The actions of HitBTC have nothing to do with the eth-based MaxiMine since it seems that the crypto exchange did not adopt the new smart contract option in its withdrawal functionality. The cloud service says it will process the swaps instantly:
‘’Once the project team has received the tokens from HitBTC and verified all token holders, new tokens will be distributed accordingly to all affected users.’’
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‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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