Poloniex exchange went offline

Poloniex exchange connection troubles: should we be worried?
03 August 2017   1723

Distributed database that is used to maintain a continuously growing list of records, called blocks

Poloniex, one of the biggest and most influential cryptocurrency exchanges, has been surrounded by rumors concerning its insolvency lately. The exchange users report more and more problems and show their disappointment in technical support.

The rumor first started with 4chan post where a user claimed that Poloniex is on its way to insolvency giving the many issues that it is encountering. The post garnered enough attention from multiple users recalling their most recent disappointing experiences on the exchange platform. On Reddit, one user also floated the issue of Poloniex insolvency after his account containing $70,000 was hacked. He detailed that he immediately created a ticket, thus far Poloniex hasn't responded to his issue:

I have a support ticket with Poloniex and have been updating it every day, to no avail. They never respond. Because this is quite a large amount of money, it makes absolutely no sense that they would not reply to my requests, except to say that that a reasonable person would consider them insolvent.

Alexander Levin
Poloniex exchange platform user

On Wednesday evening, August 2nd, Poloniex went offline

Poloniex exchange website went offline Poloniex exchange website went offline

At first, Poloniex team reported on its Twitter on their awareness of the problem:

One hour later, the team detailed that the trading is currently suspended:

At the time of writing the Poloniex exchanges shows signs of life, though the connection speed remains poor.

The uncertainty in the exchange stability resulted in mass withdrawal operations. The users report that there's at least almost no problem with the withdrawal:

The website showed an error a couple of times, but I finally managed to сonduct a withdrawal operation at about 10 a.m. and I received my money at 12 a.m., so, speaking IMHO, there's not so much to worry about.

Mike Morgunov
Cryptocurrency enthusiast

However, now, with all August-1st-mess, the situation in the cryptocurrency world heats up and the community's panic becomes serious.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   113

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


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.