Coinone users frustrated after Iota deposits and withdrawals suspension
Users of cryptocurrency exchange Coinone have faced inconvenience as Iota deposits and withdrawals have been suspended for a year. “We are aware of the issue related to this and are internally responding to it,” said a spokesperson for Coinone. But “it is expected to take some time due to the update of Iota.” Since July 11 last year, Coinone has suspended deposits and withdrawals of Iota. “Currently, Iota’s deposits and withdrawals are currently suspended due to the examination into the wallet,” said a Coinone spokesperson, when one of its users asked about the service through a call center. “The date on when the service will resume can’t be told because no additional messages has been received about the resumption of the service.” Coinone says it will post the date online when plans on resuming Iota deposits and withdrawals are confirmed. Apart from Coinone, Iota is currently listed on various markets, including Upbit and Huobi. These exchanges currently provide the Iota deposits and withdrawal services. Due to the suspension of the service, the price of Iota on Coinone is around 20 won lower than the other markets that handle Iota. Its price on Coinone is 419.9 won. No proper explanation for the service suspension Coinone users are expressing frustration over Coinone’s passive attitude towards trying to solve the issue. “Although Iota transaction amount isn't that big and it could be difficult to work technologically since it does not use the conventional blockchain technology, but other exchanges, both inside and outside of Korea, are serving deposits and withdrawals without problems. Blocking the service for more than a year, saying the wallet needs to be inspected, and not building any plans to solve the issue is absurd.” “The deposits and withdrawals can be suspended temporarily due to technical errors, but it should usually be a day at longest to solve the issue. It’s not convincing to believe the deposits and withdrawals have been suspended for more than a year,” say an industry insider. Coinone told Join:D that it is “aware of the problem and is internally responding to crack the issue. But because we plan to respond with Iota Chrysalis update scheduled for Aug. 19, it could take longer.” The exchange did not provide a specific reason for the suspension and the date to resume the service.