Misinformation about Thodex - The Reality

By idiosyncratic | Idiosyncratic Crypto | 27 Apr 2021


False information is spreading faster than reality. Time to make things clear for everyone before you are also deceived.

$2B is unrealistic; Thodex is not even known/used by the vast majority...



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 Before Thodex - Rebranding


The crypto exchange went through a rebranding, aka Koineks, by claiming that they are partners with BitGo (to some extent it was true however they were collaborating just for hot wallet services, not the cold ones) and they could allure people with the FinCEN license.

With the rebranding and successful marketing, the exchange found a place for itself in the race of local crypto exchanges. However, neither the number of real users nor the volume of the exchange has never been satisfactory.

Expensive Ad campaigns with celebrities


The first sign that the exchange made people question some things was the pointless marketing with some famous people. In the photographs, there was a cool black car and there were people in red dress-code in front of it. That's all. On the other hand, the money spent for this sh*t was incredibly high.

 The Sponsorships


The exchange was the sponsor of some famous Youtubers and crypto news websites to become more visible. Even though they were counted as one of the "trustworthy" exchanges, there were merely people who gave a try to it as there are great local exchanges that have been serving flawlessly for years.

 A market driven by bots


As in many exchanges, the market maker bots were 7/24 working to increase the volume as well as creating comprehensible spreads for bids & asks. Of course, these guys had some real customers but they were the ones who joined crypto after mid-2020 or 2021 IMO. I call them post-pandemic casualties 🤷‍♀️

 

 The point that they failed!


You may say that how on the earth these clumsy guys failed to operate a local exchange like the rest. The answer is simple:

When a customer wanted to buy Bitcoin, they only showed digits on the front-end. They never bought real BTC for the customer while taking the money. As the fluctuation is intolerable, the ship started sinking...

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 From unskillfulness to Theft


After investigating some transactions by people, it was seen that the exchange was transferring the deposits to some other "hot" wallets to exchange in global exchanges.

As it is nearly impossible for new crypto enthusiasts to understand what is taking place behind the scene, they kept their digital assets as if they were safe here. . .

 The occasion made people realize the fraud


The exchange declared maintenance for a couple of days without prior information. This was a bit doubtful but after a while, an open letter was shared by the CEO stating that they are not capable of maintaining the expenditures, thus, they will announce a partnership with one of the well-known global exchanges. C'mon, you could have played it much better 😒

The amount of money stolen from people


At first, $2B money was put forward by crypto news websites for clickbait. They claimed that the volume was as much as the amount that they mentioned. Though %99,9 of people are aware of bots, they get what they wished for. However, the speculation grew incredibly.

When it comes to reality, it's estimated that $100-150M cryptocurrencies were transferred to their wallets before they escape from the country. In my opinion, they could not even steal that much money as they need people to take their money for theft 💁‍♂️

Now there is another one named Vebitcoin, I've never heard of it 🤦‍♂️ Let's see what will be speculated about it ^^

 Final Words; My Personal Opinion


Frauds always happen when there is a potential for success. Thodex or Vebitcoin or any other exchange may try to deceive people with their illusion. At that point, things we can only inform people and raise awareness.

Many TV channels started talking about crypto after that sh*t. I do not believe in their ethical values to inform the audience. We are supposed to prevent the spread of misinformation as much as possible.

Dear Fam, the reality behind the case of Thodex is simple as I mentioned. Depending on my personal experience, I expect some more local exchanges to follow a similar way. Most probably, we will see exaggerated comments, news, or amount of money speculated by people. Stay strong against manipulation...

Regards,

 

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idiosyncratic
idiosyncratic

Crypto-Blogger 🖊Blockchain Gamer 🎮 https://read.cash/@idiosyncratic https://noise.cash/u/idiosyncratic1 https://leofinance.io/@idiosyncratic1


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