On October 30, a community user claimed that CoinEx founder Yang Haipo was arrested. Later, the CoinEx Telegram group administrator responded to this, saying: Its pure fiction. At around 17:00 tonight, Yang Haipo, the protagonist of this arrest storm, also appeared on Twitter and responded to the arrest rumors: Intersting.
Although CoinEx denied the rumors of Yang Haipos arrest, CoinEx has indeed been plagued by negative news in the industry in recent months.
Liangliang rumors continue to rise
CoinExs first public opinion crisis occurred on September 24, when some netizens claimed that Yang Haipos wife had an affair with a CoinEx user. The news then spread in the currency circle. CoinExs platform currency CET also reversed its previous upward trend due to the news and plummeted to US$0.017 within 24 hours.
On October 18, a netizen named Zhao Hongmin, the founder and CEO of the network, posted a screenshot on Weibo to verify with netizens: People from the CoinEx exchange were taken away, including those above the level of team leader. In the comment area, the CoinEx official blog commented: Fake!
Soon after, a CoinEx user revealed that there were problems with CoinEx exchange withdrawals, and some currency withdrawals had not been received for more than 24 hours. A large number of users criticized CoinExs official Weibo account, saying that because CoinEx exchange could not withdraw currency, they watched the currency price plunge and could not stop losses in time, saying that this action was no different from pulling the plug on the network.
On October 29, CoinEx Exchange issued a statement on USDT withdrawals not completed, assets deducted. CoinEx said it is investigating the cause and will investigate the cause as soon as possible. Once the withdrawal is not completed, the USDT assets will be returned to the withdrawal account within 3 working days.
However, after checking user comments on CoinEx’s Weibo, an Odaily Planet Daily reporter found that the inability to withdraw money has lasted for almost a week and has occurred occasionally recently.
In addition, CoinEx’s listing behavior is also controversial. On October 5, the currency EXTRA was launched on its platform. Just 15 days later, CoinEx removed EXTRA on the grounds that it would “regularly track and review the listed currencies one by one and remove projects that do not meet the standards.”
After negative rumors about the CoinEx exchange continued to leak out, multiple Weibo accounts issued investment risk warnings. Among them, some netizens said that someone had reported CoinEx to the Financial Office of the Shenzhen Financial Bureau. The investigation of CoinEx executives may be related to the fact that Yang Haipo’s company was established in China and that both ViaBTC and CoinEx issued coins.
It is worth mentioning that in addition to CoinExs previously released platform coin CET, the ViaBTC mining pool also issued its own token VIAT on October 1 this year. Compared with CET, VIATs fate is more bumpy. Although the netizens claims have not been confirmed, the price of VIAT has indeed fallen sharply and broke the issue price shortly after it went online.
ViaBTC mining pool receives investment from Bitmain
CoinEx is a digital currency exchange launched by ViaBTC mining pool in late 2017. In July this year, after CoinEx launched the trading mining model, the trading volume of CoinEx exchange once surpassed Binance and soared to the first place in the world.
Yang Haipo is the founder of CoinEx and also the founder of ViaBTC mining pool.
He graduated from the Department of Mathematics of Northwestern Polytechnical University in 2012, worked at Tencent, and founded ViaBTC mining pool in 2016.
According to media reports , in April 2017, ViaBTC received RMB 20 million in Series A funding led by Bitmain.
Therefore, the industry has always believed that CoinEx has a close relationship with Bitmain. This is indeed the case. In order to promote the circulation and use of BCH, CoinEx only supports BCH trading pairs when it was launched.
In fact, CoinEx was also born during the dispute period of BTC fork BCH. Before CoinEx, almost no exchanges in the market adopted BCH trading pairs. Of course, this is related to the ViaBTC Bitcoin mining pool behind CoinEx. When Bitmain and the original Bitcoin core development team hard forked BTC, ViaBTC mining pool was one of the participants.
On August 1 this year, at the BCH Anniversary International Summit held in Hong Kong, Bitmain founder Wu Jihan publicly expressed his optimism about platform coins, such as Huobi, OKEx, Binance, CoinEx, etc. Yang Haipo also previously disclosed that ViaBTCs mining pool was profitable throughout 2017, with a profit of about 50,000 BCH.
After Bitmain applied for IPO, blockchain analyst Cai Xiaotao also commented that the simultaneous surge in BCH and CoinEx platform currency CET both benefited from Bitmains application for IPO.
A few days ago, after negative news about CoinEx came out, the CoinEx community also published an article titled Are rumors of CoinEx running away shattered? Stand by for Bitmain!
It is not difficult to see that both community members and the industry agree that CoinEx has a close relationship with Bitmain.
However, CoinEx is in a precarious situation right now. Will Bitmain support it?
