Decentralized exchanges are becoming a critical tool for purchasing and selling an increasing percentage of cryptocurrencies. The term “decentralized exchange” generally refers to distributed ledger protocols and applications that enable users to transact cryptocurrencies without the need to trust a centralized entity to be an intermediary for the trade or a custodian for their cryptocurrencies.
In the crypto world, most common means that investors use to buy and sell cryptocurrency holding is a centralized exchange and during this transactions, transactors not only trust that the exchange will safely complete their transactions for them but also make use of the network of users in the exchange in order to find trading partners. Major problems attached to centralized exchanges are security, outages, identity breaches risks, high fees, price manipulation trading, and many more.
July 2020 shortly after the listing of TrustSwap on an exchange, CoinTiger was part of the exchange listing with a deposit giveaway of 30,000 SWAP which is about $45,000 following the present price of SWAP in USD. It was revealed that depositors must deposit at least 2,000 SWAP to claim 500 SWAP giveaway. Check the details here.
August 21st, 2020, the TrustSwap CEO, Jeff Kirdeikis released a shocking tweet on his personal tweet following the delay many of us experienced with the deposit and giveaway promised which them shows something strange is happening at CoinTiger exchange.
As one of the major problem of centralized exchanges, outages or let me say wallet maintenance is common that may send stop users from depositing or withdrawing their crypto assets off the exchange, if such happens, its the duty of the exchange to communicate in other not to send panic to the users.
CoinTiger action was uncalled for as they refuse to release the 500 SWAP giveaway agreed on their Medium Announcement and also do the worst to block the CEO of the project (TrustSwap), this is suspicious and if action is not taking, it might happen to other upcoming projects as new crypto asset listing continues on the exchange.
Crypto enthusiast, let's get out the 30,000 SWAP from CoinTiger exchange by tagging them on twitter with a comment
"@CoinTigerEX Release 30,000 SWAP purchase competition".
Tag them, Tag them
Togetherness we can achieve this!
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.