Bibox Exchange Faces User Backlash Over Withdrawal Delays as Users Accuse it of Scamming
In the world of cryptocurrency, exchange platforms play a crucial role in facilitating the buying and selling of digital assets. One such platform, Bibox, has been facing significant difficulties in the past month, particularly in the withdrawal of coins. As a reporter, I set out to investigate the situation and understand the reasons behind Bibox’s struggles.
Bibox, founded in 2017 by Lei Zhen, the former founder of OKCoin, has been a popular exchange platform among traders for some time now. However, in recent weeks, users have been expressing their frustration on social media platforms like Twitter, claiming that they have been waiting for extended periods to withdraw their funds from the platform.
One user, @kryptopauper, tweeted, “You package these but do not release people’s funds when they make support complaints. 3 Days to withdraw USDT????? Service doesn’t get more rubbish than this.”
You package these but do not release people’s funds when they make support complaints. 3 Days to withdraw USDT?????
Service doesn’t get more rubbish than this… pic.twitter.com/P8yk5Ev7rP
— kryptopauper (@kryptopauper) March 22, 2023
Such complaints have been widespread, with numerous users taking to Twitter to voice their dissatisfaction. Despite these complaints, the official English Twitter account of Bibox has been regularly updated, and Coingecko, a platform that tracks the trading volume of cryptocurrencies, still shows Bibox’s 24-hour spot trading volume at $255m.
However, there are suggestions that this volume may not be entirely genuine and could include wash trading. Wash trading refers to the practice of buying and selling the same asset to create an impression of activity and volume on an exchange platform. Some Twitter users have accused Bibox of using this practice to create the impression of a thriving platform despite the difficulties in withdrawing coins.
It’s worth noting that Bibox has not made any official statements regarding these allegations. As a result, it’s unclear whether the platform is indeed experiencing difficulties in processing withdrawals, or if there are other factors at play.
Despite this, the negative sentiment towards Bibox is growing, with many users labeling it a scam. Some users have reported waiting for up to two months to withdraw their funds, with no response from the platform’s customer support team.
In conclusion, Bibox’s recent struggles in processing withdrawals have raised concerns among its users, with many taking to social media to express their dissatisfaction. The allegations of wash trading have also cast doubt on the platform’s reported trading volume. As of now, it’s unclear what the future holds for Bibox, but one thing is certain – the exchange platform will need to address these issues if it wishes to regain the trust of its users.
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