Insolvency just means inability to pay their obligations.
Yes and conjecturing means making assumptions based on incomplete information. You are conjecturing that Livecoin is insolvent. That is simply your guess, wholly unsupported by any _actual_ evidence.
For an exchange Livecoin's size -- even if it's just limited to those two coins -- millions of dollars may be nothing to sneeze at. I don't want to speculate too much about that, but we should acknowledge that -- unlike many other exchanges in their position -- they made no move to make their customers whole. That's a red flag.
Livecoin only lost $90k to the Monacoin attack. If you add in XMR, the total is still less than $1.9 million.... Not exactly "millions of dollars." Semantics aside, sounds like Livecoin also is blaming Monero devs for a "double counting bug" that was a part of the Monero wallet software. From the
Monero reddit:
My take is that the market doesn't think their XMR wallet is coming back online any time soon. That is why XMR is trading at such a discount on that exchange in both the XMR/BTC pair and the XMR/USD pair. People with XMR on that exchange would prefer to take a haircut and exchange to BTC or USD to withdraw instead of leaving their XMR on that exchanged to be tied up for an indefinite period of time.
Giving their customers a chance to exit their "trash asset" holdings (fake MONA and XMR) for BTC could be construed as a "haircut."
Other exchanges that have given haircuts to funds of all or some of their customers include:
- Bitfinex
- Poloniex
- OKEx
- Coincheck
- DragonEX
- Cryptopia (before its hack)
Its not a great policy but its a pretty widespread one.
One thing I'd like to know that izooomrud never disclosed was when he bought the MONA.
He says the following:
Last year I bought about 750 MONA coins equivalent 0.3btc on this exchange, which they refused to return to me
0.3 BTC / 750 = 0.0004 BTC. If this was approximately the price he paid for it, it means he bought the coins around June 18th, 2018. This was the first day of 2018 where MONA sank to this price. If the coins were already trading at a discount (impossible to verify because Livecoin's MONA trading history doesn't go back that far), it may have been a week or so earlier, but still well after the attack, and after Livecoin had halted deposits and withdrawals for MONA. Technically he never bought MONA at all, but the "trash asset," non-chain version. So they could NEVER "return" them to him as withdrawals had been suspended the entire time. Admittedly I don't know why they would continue allowing it to be traded other than:
- they wanted to give their holders the ability to exit it for BTC
- they held out hope that they would someday have the MONA to fill user accounts.
As I can't read Russian I also can't figure out the date OP was locked out of his account. Was it very recently? Did he just let the MONA sit in his account the whole time while the Livecoin MONA wallet remained offline?
The entire issue still revolves around 1 person's complaints against Livecoin. Insolvency would likely involve limiting withdrawals across several other coins than just the 2 they have issues with. You can bet far more than one customer would be complaining about it here. Who else commenting in this thread besides OP has been negatively affected by Livecoin?
So now you can steal money from 1 user, is that normal? And after he stops complaining, can you rob the next one? The main thing is not to rob both at the same time, you're just a genius!
Despite you being an uppity, nightmare-type customer, no, I don't think they should lock you out of your funds. But you have to understand they simply can't give you MONA to withdraw, because they don't have it. Sounds like you harped on them for months about this issue, refusing to understand you couldn't withdrawal the MONA - you never could at any point - until they finally became fed up with you.
Who else here feels "robbed" by Livecoin? Anyone? This is the point I've been trying to make all along -- this remains an isolated incident which has received far more attention than it should.