CGEX’s Short-Lived Journey
The Coinone Global Exchange (CGEX), which everyone probably thought would revolutionize the crypto world, is shutting down just shy of its first anniversary. Launched with high hopes in October 2018, the Malta-based exchange is now preparing to wave goodbye as it announces the end of its operations effective September 18.
Last Call for Withdrawals
In an official statement, CGEX has urged its users to grab their digital assets before the clock strikes 2:00 a.m. UTC on that fateful day. Customers must liquidate their holdings or risk watching their investments disappear into the void. Much like when you try to finish an unopened can of soda months later, and it’s just sad all around.
When Temporary Becomes Terminal
CGEX has had its fair share of hiccups along the way. Before this ultimate shutdown, they had previously issued announcements about temporary service interruptions. Back in June, they intended to hit the pause button for trades and deposits, claiming it was all part of a strategy to usher in ‘a new paradigm change’ of sorts for cryptocurrency exchanges. Spoiler alert: the ‘new paradigm’ never arrived, unless you count the new paradigm of shutting down entirely.
The Notice: A Final Goodbye
The exchange has plastered a termination notice on its website, leaving no stone unturned in ensuring that users are well aware of the impending end. They promise to safely delete all personal user data, including transaction details, suggesting that maybe, just maybe, they would grant us the courtesy of not haunting us post-closure.
Lessons Learned from CGEX
As we bid adieu to CGEX, there are a few lessons to take from their brief endeavor in the crypto space:
- Do Your Homework: Look into an exchange’s history, stability, and reliability before diving in.
- Don’t Get Too Attached: The crypto world is fickle – platforms can come and go faster than a Snapchat story.
- Be Proactive: If the platform hints at a change, be swift in managing your assets.
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