Kryptono exchange is one of the many smaller exchanges around that lists coins you may battle to find on other exchanges. This was my only motivation to opening an account with them. An airdrop I recently received was only available on Kryptono, forcing me to create an account, if I ever wanted to exchange it for BTC.
Smaller exchanges always have the same fundamental problem and that is liquidity. However, with low liquidity also comes greater volatility, which makes for great trading. Kryptono was looking like a possible play for smaller trades, where not much trading capital is required. Smaller, unrecognized coins are trading in pretty large ranges, which is great for a "set and forget" strategy.
Approximately 10 days ago I logged in to my account, or at least tried to. I received an automated message stating that there had been multiple failed login attempts on my account. There were no emails regarding any failed attempts and so obviously I found it pretty strange!
Anyway, Kryptono seemed to address the issue by directing me to contact support. However, that is all it was, a smokescreen with no follow up or reply to my message. The only reply I received was the automated support ticket acknowledgement.
My account is currently locked and I am unable to access my funds. My support ticket was sent over a week ago, which I believe is more than sufficient time needed for a reply.
A quick visit to reddit revealed I was not the only one experiencing shady and possible fraudulent activity from this questionable exchange. In the event that by some strange miracle my account is unlocked, I will write a follow up on this post. However, I highly doubt it as this exchange appears to be a solid scam.
Please avoid and do your due diligence when it to comes exchanges, especially as Crypto prices are rising and expected to rise much higher very soon! This is always the entry point of scammers!
Though all exchanges incur risk, these exchanges have been around for years and have thus far proven themselves to be trusted and valid platforms.
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