The Story of How a Cryptocurrency Exchange Service Lost Money, Intentionally

It all started with a question (8:13 AM UTC, 28/01/2021)

DOGE goes to Mars (1:27 AM UTC, 29/01/2021)

Node down! We’ve got a node down! NODE DOOOOWN! (3 AM UTC, 28/01/2021)

Market reaction and liquidity provider shutdown (4 AM-9:30 AM UTC 29/01/2021)

The Darkest Hour. The Decision Had to Be Made. (9 PM-10:50 PM 01/29/2021)

Justice in a world of injustice

  • Refund each and every customer — give customers all their money back. In other words, not providing the service advertised at all. Pretend as if nothing ever happened.
  • Carry out all the payouts at the current estimated rate. In this case, the difference between the initial rate and the final rate would have meant losses for the customer, but the service could have avoided this loss.
  • Process all the exchanges as though they were meant to be exchanges at a fixed rate. In this case, the customer would get their money according to the rate that they saw when creating the exchange, no matter if the market went up or down. If we went with that, we would suffer losses, as a lot of exchanges had a much lower rate by then.

Another Update (11 AM 31/01/2021)

We would like to extend our most sincere gratitude to:

  1. DOGE community rules!
  2. ChangeNOW has to add more liquidity providers to ensure the stability of the service in moments of market craziness.
  3. ChangeNOW will increase our support team to make sure we could process the exchanges faster
  4. One should never underestimate the amount of hype possible in our market. It is always worth having a “reserve” of all capacities: equipment, liquidity, providers, people, etc.

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ChangeNOW.io

ChangeNOW.io

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free! https://changenow.io/