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Exit Scam? Dubai-Based Crypto Exchange ADAX Vanishes With Users’ Funds

M. Ali

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Dubai-Based Crypto Exchange ADAX Vanishes With Users’ Funds

Dubai based cryptocurrency exchange ADAX.AE AKA “The Arab Digital Asset Exchange” has vanished and it looks like ADAX exchange might become the latest exit scam in crypto projects.

It seems the exchange’s owners have decided to pull an exit scam and disappear with hundreds of thousands of dollars in cryptocurrency belonging to its users mostly from Arabic speaking countries.

The exchange website is offline and all of it’s Facebook and Twitter accounts were noted to be offline. LinkedIn accounts for key employees have also been scrubbed.

ADADX Exchane Exit Scam
A screenshot taken from ADAX exchange before the website goes offline along with its social media accounts

ADAX has been operating since 2017, an had thousands of active Arab speaking traders. The exchange was promoted heavily on social media platforms as well as Telegram channels.

Before pulling the exit scam. ADAX exchange has launched its own crypto coin Arab Coin (ARB) that was traded exclusively on its platform and has hosted couple of successful IEOs (Initial exchange offering) for couple of crypto projects such as MenaPay. Unfortunately, we could not verify the exact trading volume at the exchange.

According to teQatlas.com, Sami El Dwieb is the CEO of ADAX exchange. Dwieb’s contact details appears when performing a domain whois for the ADAX.ae

Adax domain whois

Some Arabic speaking crypto traders have posted couple of videos speaking about the alleged ADAX exit scam.

Disclaimer: TheCoinsPost’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions. Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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Exchanges

Binance Delists FTX Leveraged Tokens

Sying Tien

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Binance-Delists-FTX-Leveraged-Tokens

Binance Cryptocurrency exchange  has announced that it will be removing all FTX Exchange’s leveraged tokens from it’s platform. According to the announcement, the exchange has decided to delist FTX tokens due to lack of understanding of how leveraged tokens work by many of our users.

What are FTX Leveraged Tokens?

FTX launched leveraged tokens in late 2019. Leveraged tokens are ERC20 tokens that have leveraged exposure to crypto. Different from margin trading with traditional tokens, leveraged tokens require no collateral when traded on margin.

Leveraged tokens have the ability to Manage Liquidation Risk, Simplify Margin Trading and Auto Leverage Adjustment. Each leveraged token gets its price action by trading FTX perpetual futures. Click here to view the full list of FTX Tokens.

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Exchanges

Binance Releases a New Binance Visa Card

Sying Tien

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Binance Card

Binance, the world’s largest cryptocurrency exchange in terms of trading volume has announced the release of Binance card where users can shop and pay using crypto anywhere in the world.

The new card will work like a any other regular debit cards, users will have to use a mobile app called Binance Card App to top-up their accounts with Bitcoin or BNB coins.

Screenshot of Binance Card App

The new Binance visa card will be issued by Visa and will be accepted by more than 46 million merchants in 200 regions and territories.

According to the announcement, Binance card will be available globally to all new and existing Binance users within the next few weeks. We will initially release the card in Malaysia, then follow with Vietnam, and add more countries as we move forward.

The card will cost a one-time fee of 15 USD. Interested users can sign up and they will be notified once the card is available in their regions.

This is really impressive and important for the crypto space.

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Altcoins

OKEx Exchange Adds Basic Attention Token

Sying Tien

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OKex-Adds-BAT-token

Basic Attention Token (BAT) has been added to OKEx cryptocurrency exchange. BAT tokens deposit has been enabled today and token trading will be enabled tomorrow. This is a great news for BAT community as OKEx is ranked among the top 15 exchanges with a daily trading volume of $1,519,756,182.

OKEx is a Malta-based cryptocurrency exchange. It was founded in 2017 by Star Xu.

What is Basic Attention Token (BAT)?

Basic Attention Token (BAT) is a digital advertising token which is built on the Ethereum blockchain. BAT project was created by Brendan Eich the creator of JavaScript and a co-founder of Mozilla foundation.

BAT is utilized within the Brave browser which is an opensource cryptocurrency based web browser that allows users to earn Basic Attention Tokens (BAT), by browsing and publishing content. BAT can be used to pay content creators and publishers through tips by their fans and users will also earn BAT cryprocurrency for viewing ads.

BAT/USD Price

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