Yesterday at 09:00h (CET) we reopened trading on Bitforex as agreed, but if you followed our official Telegram channel live, you could see what difficulties we encountered again.
From the very beginning of trading, our MM were left with no capital in the account, to find out later how someone else traded with the same? Even though we changed the access codes, the same thing happened again.
We had the impression that we were powerless to manage the price, which is what happened, so it ranged from 10 usdt to 0.10 usdt. To make matters worse, amounts like 30 CUCs were even passing for 1.00 usdt, down to 0.10 usdt. Given that the CUC price on WhiteBIT was 3.20 usdt at that moment, we had no option but to request that the trading be stopped again, in order to reduce the damage that could have been caused to you. Also, there were a constant sale per 2.00 usdt, which also doesnt make any sense. We guess it’s clear to everyone that no normal person would sell their CUC for 2.00 usdt, for 1.00 usdt, not to mention for 0.10 usdt, if they can easily sell it elsewhere for 3.20 usdt, right!?
We do not know if there are users who sold CUC at that price or if it was provoked by a third party, but we requested a statement from the Bitforex exchange with accurate information about who managed our MM account and who sold CUC’s at that price. If we do not receive all the necessary relevant information about what happened yesterday, we will not continue trading on the Bitforex exchange.
Also, the Bitforex dashboard displayed the CUC value incorrectly. For example In one of our MM accounts, it showed 8,200 CUCs as worth $105.3. It may seem harmless to some, but psychologically it is very dangerous, because it can force the user to sell his CUC at a price that is not realistic, counting on getting anything when that is already the situation. We think Bitofrex has unfortunately not solved the problem it has with CUC, and we are not sure if it is just us? However, we want to protect our users at all costs. Also, we are not ready to bring CUC to the brink of collapse due to the possible manipulation of a third party, which can cause panic on other exchange as well.
Therefore, our recommendation is to continue trading through the WhiteBIT exchange in the meantime. As we have seen, the Bitofrex exchange limited the withdrawal to max. 50 CUCs per day according to another exchange, they obviously did it according to our rules. We asked them to remove that limit.
We hope you understand our decision, because it was made solely to protect CUC from manipulation, which brings great harm to all of us.
Follow our Telegram channel and see all the developments live.
Here are a few examples of what happened, especially since our MM was unable to create the purchase properly, nor arrange the order book.