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Bitcoin exchange Exmo is back up, now with new problems

Bitcoin exchange Exmo is back up, now with new problems

Bitcoin exchange Exmo went offline starting on July 28, which we reported on July 29 that they were suffering from a prolonged outage. The good news is they are back up, however, they are now facing new problems.

The exchange was down for a total of four days, which in the world of bitcoin is a lifetime. Anything more than a day people will begin to say you are the next Mt. Gox. Suffice to say, Exmo was able to bring the exchange back up yesterday. The issues according to Exmo come from a server crash and having to change servers and move all their data.

New problems begin to unfold

When they re-launched the site, they announced to customers that all old deposit addresses are no longer in use and that customers will need to generate new ones on the new server. Exmo said “we ask you to stop using old addresses for refilling.”

It’s unclear at this time why bitcoin addresses would need to be changed due to the outage, unless there is more to the story that the exchange is not divulging at this time.

Since the deposit addresses have changed, and the site was down for a few days, many customers have sent funds to their old addresses and the funds appear to have gone missing. One customer wrote on their Facebook page,

“money [wasn’t] deposited, exmo failll … … Trustable not for me!”

Another customer wrote,

“I responded in support of the funds, which are now in the history will be credited to the balance of only three weeks !!! What is this insolence ??? I can not use your money! I was not going to give this office free credit !!!

Support representatives from their Facebook page are responsive, but with little help. One response said that the customer shouldn’t be depositing funds to the wrong address, and went on to say “who is to blame for [this] fact.”

Unfortunately, when an exchange makes changes like this with little notice and is only able to communicate via social media because the exchange website is down, customer mistakes are bound to happen. It’s not fully understood yet if the exchange will cover missing customer deposits, but from the sounds of things it doesn’t appear so.

Tags in this story
bitcoin exchanges, Exmo, Facebook, Mt Gox, Outage
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David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.