When Ionomy popped onto the scene years ago I was excited about an exchange that was non-KYC that supported some of the holdings that I have. Therefore, I have been putting a bit of my stuff into there and for a while things were looking good and working wonderfully.
There was even an instance where I accidentally forgot to put the memo in the transfer slot - which was a stupid mistake on my part - but it was sorted out in a few days or so. I was impressed with the customer service and had a lot of faith in this company.
Recently though, things have gone terribly downhill for them and they have been simply not processing withdrawals. In one of them, not only did they not process the withdrawal, but they decided that there was going to have to be an "investigation" that was meant to take 3-4 weeks. It has been several months and I have still not heard back anything and my further attempts at emailing support produce only an auto-reply and never any follow up by an actual human.
src
During this investigation, I was required to answer a bunch of questions that go against everything that a non-KYC exchange is all about including providing my ID, a photo of me holding the ID, answering the question about the "source of funds" was just insulting.
screencap from my own email
This was from September 19th. As it is right now it is now the 6th of January. This is well beyond their promised 3-4 weeks of investigation. Since then, I have attempted to transfer very small amounts of other holding that I have with them and these transactions just simply sit there and nothing ever happens despite the fact that I go through their absurd Captcha process
It just lingers there and nothing ever gets processed even though I have been through this exact process dozens of times with them in the past with no issues. There is never a link to see what is happening with the blockchain confirmation process and all correspondence attempts with the owners or whoever is running the show over there go unanswered other than the auto-reply that promises to get back to you in 24-hours. They never get back to you at all, let alone in the promised 24-hours.
You can still trade inside of Ionomy, but what is the point when they are going to limit or outright refuse any withdrawals?
What is going on here @ionomy ?
I would advise that people out there that were considering using ionomy to not do so as it seems there are some very serious issues with the management over there. If you already have funds locked up with them, are you experiencing something similar? If you have crypto locked in with them, I hope your experience is different than mine because at the moment it is seeming like they are just outright refusing withdrawals and are perhaps stealing from their customers.
I once made an account there as they were the only exchange that had WGR listed. From what I heard, everyone is having issues with withdrawals. I haven't logged in for a very long time but it looks like I still have 50$ in BTC and I assume it's gone. These kinds of exchanges you get onto just because they are the only ones that list an obscure altcoin are just crazy risky. A similar thing happened with Hotbit who delisted a bunch of coins and then ended operation. I guess it's all part of the journey.
this is not my post but I am curious about the "from what I've heard" portion of your response. Where did you hear this? Is there any link you can provide? Much like @gabe.radke I am extremely upset with this exchange .
In the Telegram of Wagerr which at times I check to see what's going on with the project there was some talk about this.
I have experienced similar withdrawal freezes to what you describe. I think that if this company is still active at all, that they are slowly burning everyone that bothers to do anything inside of their fledgling exchange. I regret parking the couple of hundred dollars I did in there because I was trying to do was to navigate some Hive HBD things, but now you simply cant move anything out of there at all. Shameful.
This is horrible news. I wonder if there is anything that can be done. Their website is still up and running but customer service is non existent. This isn't good.
Sounds dodgy and anything that takes this long to resolve you know something is wrong.
at this point I am just presuming the little bit of money I had in there is now gone. Lesson learned I guess.
how can you "learn the lesson" though ? Isn't all crypto a crap shoot like this? Where is the accountability? I guess in the future I could simply not put too much in at a time so I don't lose $500 - but it wasn't $500 when I put it in - it doubled this week... so there is no "lesson learned" this just is what it is in the wild west of crypto where there are plenty of thieves. They will get theirs - that's the lesson - and I will be fine - and I will report them and talk about it on TElegram -- they seem to have a telegram channel
I would imagine they are about as responsive in their discord as they are anywhere else though, right?
Wow! Thanks for writing this post - I just "withdrew" $500 from my wallet - and it's stuck in withdrawal - with no customer service - and this is after many years with no problem! - I guess i will kiss that crypto good bye. No accountability online of course. I think I will report this to HIVE via the discord server.
Yeah, these guys were my "go to" for years and then one day the tap just got switched off.
PeakD support says it will remove Ionomy as a recommended wallet in the next update.
well that is good news. At least this will prevent additional people from getting burned. Still sucks for us though!
https://peakd.com/crypto/@in2itiveart/beware-ionomy-users-followers I just posted this - there is a telegram group if you want to brainstorm with the rest of us - it's in the post
I have no choice but to just go ahead and assume that my funds are gone. Lucky for me I didn't park very much of it there but this is so odd. A few years back they were really helpful and responsive. Perhaps they made some bad shorting bets with the deposits and now don't actually have the funds to allow people to withdraw. I suppose this is one of the real dangers of using minor exchanges.