A technical glitch? And what kind of consequences did that "technical glitch" actually lead to? Why can't they just let you trade your coins?
If I've read correctly, C-CEX didn't deploy the XVG hard fork correctly and this resulted in loss of coins (That's some pretty terrible sysadmin work if it's true).
Customers of C-CEX got angry about their losses so C-CEX issued a token to replace customer's XVG (presumably it was to be redeemed 1:1 for XVG later).
People started trading the token rapidly. The token quickly dropped to almost no value. If the token is ever redeemed for XVG, somebody will make a lot of money. If the token is not redeemed, there will be some big bagholders.
There should be some downward pressure on price as C-CEX either tries to tank XVG so they can buy back, or they distance themselves from the scandal and XVG loses another exchange platform.
Yes something like that.
Only worse!
Since 19 December, 2017, the wallet was in maintenance and trade, none was available for XVG! Support message was only on 12 February 2018 as auto answer. "we have problems with xvg, waiting for further announcements"
On the 20th of February they announced that they lost xvg! What a crap!
They sold our xvg at 1400 sat on poloniex and bitrex ....
The xvgct things are said to be bought by c-cex at the current market value of xvg and taken out of the market! Well, there is something missing in the equation! First, the total number of tocken and secondly, the garbage is free to play gambling. So that means he will never go near the XVG price!
And before he achieves that, he will be delisted because they will say .... oh, we have all bought xvg back .....
So the only one who wins is c-cex!
From austas h vs genuine XVG C-cex has never said anything (unfortunately)!
So luckily the XVG owners of v-cex get back 15-20% of their deposits. Depending on what price they bought XVG.
So this situation is only good for C-CEX and stinks a lot !!
I read some reviews of c-cex and it doesn't look like a good exchange. Sorry to those who lost funds. I suppose this unfortunate news is yet another reminder to never leave funds on exchanges any longer than necessary, and never trust any exchange with a large balance.
On the flip side, XVG dev team is not to blame for this issue. And Verge is still a viable privacy coin. If it hits 400 satoshi I'm all in.