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The cryptocurrency exchange called Octaex has disappeared.

The last public announcement through their Telegram group and Twitter feed was posted on 31st of May at which time their total daily volume was over $10million according to Coinmarketcap.com

What happened to OCTAEX? OCTAEX EXCHANGE: $10million Houdini – Tim Rainer – Medium - @TimRainerr

After multiple attempts to contact their team through their support email and direct contact with their Telegram admin called “Megan Fox” (Telegram user @talismangold2018) It has become apparent that they have pulled a “Houdini” and completely vanished.

There is now an unofficial Telegram group called Octaex scam: @octaex_group, but it seems to be full of posts offering airdrops and MLM trading. (Not advising to use this group)

Their website which could be found at https://octaex.com has not worked for almost 24 hours but since the 31st May has still let people deposit funds and tokens. Cloudflare, which is used to prevent Ddos attacks and security protection states that it is a bad gateway and the Octaex host is down.

As of 13th June, Coinmarketcap shows that the total volume on Octaex is now at a mere $2,619.

Why hasn’t Coinmarketcap made an announcement? After a few emails from traders to CMC they seem to have kept quiet.

We are yet to find out what they know.

Becoming the standard for blockchain

In this world of Blockchain technology and Cryptocurrency which some see as the savior of democracy, there seems to be this level of safety when in reality there is none at all.

Wallets are being hacked, exchanges with millions spent on security are being hacked, Websites replicated through funnels to fake accounts, Influencers having their social media profiles with the words “not giving away Eth” to stop fraudsters trying to hook the vulnerable just outright proves that this breakthrough in technology is at this moment in time so dark and corrupt that people can take the money and run off with millions.

I must admit, even I have lost almost $25,000 in the last few months from hacks and fraudulent individuals trying to scam me and my company. After having cold storage and highly secure passwords with 2-step authentication, these “exceptional hackers” have the knowledge and capability to break down the barriers.

They are the people who built this technology and have the knowledge and computer power to take control of some of the most well known and widely used wallets available today; Example;MyEtherWallet. Link

How did Octaex do it and 13 days later no media?

The communities for all the tokens and coins listed on Octaex should be aware that companies had to pay to list on this exchange. It’s not a Binance in comparison but it was still a Cryptocurrency exchange that had over $10,000,000 in daily volume.

People have now taken notice and it proves that any exchange has the ability to close their doors. Even the giants, as they are not regulated!

To end my little post about Octaex I want to state that companies like mine had to pay over $10,000 and equivalent in tokens to list on Octaex and then had to provide liquidity which is soon swallowed up.

Now the team has realized where that liquidity went!

TOP TIP FOR THE YEAR: USE A DEX with a reputation.

Follow me on Linkedin: https://www.linkedin.com/in/tim-rainer-5552a4121

@peakdemand

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