NEO: Get Out of Bitpaction
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July 9, 2018
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Projects of the NEO ecosystem strongly advise users of the Bitpaction to withdraw their funds from the crypto exchange site, as it has increased the commission fees up to several times, has shut down the deposit option, and the administration has not responded for several days.

Why it is important

  • Representatives of the NEO ecosystem believe that the site administration is trying to get the maximum profit before closing dowing Bitpaction. If users don’t withdraw their funds as soon as possible, they might lose them once and for all.
  • At the moment the commission to withdraw Bitcoin (Bitcoin) is set to 0,01 BTC by the exchange, however earlier it was 10 times lower. Withdrawing funds from the NEO account (NEO/USD) was free of charge, but now it costs 0.5 coins. The price for Travalo token withdrawal became 25 times more expensive than before the indicated problems - now it costs 500 AVA.
  • Users also face the problems with processing requests. Particularly there are complaints on the inability to withdraw the Master Contract Token and the Bridge.

Bridge Protocol, Narrative, Travala, and Orbis joined Neo on its call to urgently withdraw tokens from the Bitpaction exchange. Currently, there are no issues being reported and published by the administration of the service on its platform. According to the Master Contract Token data, the platform representatives did not publish any news in their Telegram channel and Twitter account for more than a week either.

Crypto exchanges offer built-in wallets, often labeled as ‘hot’ wallets since they store your coins online. While this might be convenient when trading, it is not recommended to keep all your assets online for a long-term.

Read our beginner’s guide on how to choose a trustable exchange and how to protect yourself from scams.

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