Poloniex backpedals on its words: Soundchain story

Poloniex exchange reports that they did not stop working with citizens of the Russian Federation
22 August 2017   2665

What happened 

Russian blockchain startup Soundchain reported on problems with the Poloniex cryptocurrency exchange yesterday. Thus, the company had problems with withdrawing their funds after the change in the Poloniex’s policy towards citizens of the countries against which the USA sanctions are imposed. 

Among the other provisions in paragraph one, there are now a couple of sentences which, in fact, hint at serious risks for Russian users in conditions of political tension between Russia and the US. Thus, in the event of an escalation of the conflict, investors and traders may face financial losses or asset freeze while working with American companies. It is speculated that the Poloniex exchange made this provision in order to absolve itself of responsibility in case of specific sanctions against citizens of the Russian Federation on the part of the US authorities:

Poloniex policy changes Poloniex policy changes

Artem Abaev, founder of Soundchain, claimed that Soundchain team had asked the exchange support to close the account and withdraw funds. However, Poloniex responded that the exchange no longer worked with the country where Soundchain is based, therefore the company needed to withdraw funds independently, with which the Soundchain team experienced some problems since the links to the withdrawal confirmation by mail did not work. The exchange support has never answered to Soudchain requests for help since then. 

Now

However, Artem Abaev's post had a great resonance in the community, thereby causing a mass funds withdrawal of Russian Poloniex customers.

Probably, that's why the exchange's administration promptly contacted Soundchain and argued that they did not stop working with Russian citizens.

Poloniex on suspension services to citizens of Russia Poloniex on suspension services to citizens of Russia

Thus, the exchange claims that their letter was an automatic response to the request to close the account, although, as Abaev speculates, the answer didn't arrive immediately and it looked like Poloniex had checked their citizenship.

We are not going to work with the Poloniex exchange anymore as citizens of the Russian Federation due to the new terms of use and the political risks. It's time to learn Chinese.
 

Artem Abaev
Founder of Soundchain

The exchange finally restored the funds withdrawal, although Poloniex was to do it by itself according to their own rules of account closure.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.