Content Directory:

· Users unable to access accounts, SafeTrade suspected of running away

· Community opens rights protection group, SafeTrade previously closed trading channels

On the evening of November 22nd, according to multiple community members, the cryptocurrency trading platform SafeTrade is suspected to be unable to withdraw funds and deposits are not being credited. Many people suspect that SafeTrade, which is known for its mining coin trading, may not be safe.

Users are unable to access their accounts, SafeTrade is suspected of running away

It is reported that SafeTrade is a centralized cryptocurrency trading platform, established in 2018. According to the SafeTrade official website, the platform mainly trades PoW coins such as SMH and QUBIC. Currently, there are 53 currencies and 102 trading pairs available on the platform.

Recently, the concept of cryptocurrency has become increasingly popular, and Safetrade, which owns multiple PoW cryptocurrencies, has also attracted more and more attention. However, Safetrade currently has an unsafe issue.

After numerous doubts were raised in the community, SafeTrade announced on its official Discord that although the platform update took a little longer, it is now nearing completion. The main wallet service will soon be fully restored, and more services will be restored gradually. Subsequently, SafeTrade announced on its official Twitter today that it will resume deposit and withdrawal services for $QUBIC.

However, in public channels, many users still report that they "cannot access my account". At the same time, there are also many voices asking "When will $SPACE withdrawals be effective? Why haven't deposits and withdrawals for other currencies been restored yet?"

In fact, many people questioned whether SafeTrade had absconded in this incident. On November 22nd, according to MistTrack's monitoring, SafeTrade Exchange was suspected of Rug Pull. Yu Xian, the founder of MistTrack, said that the estimated affected funds this time were at least $6.6 million.

Community opens rights protection group, SafeTrade previously closed trading channel

According to BlockBeats observation, during the SafeTrade incident, Ed_x, a community KOL who has been following SafeTrade's updates closely, as well as many other community members, have tracked down more information about SafeTrade. In the SafeTrade rights protection group, many community members have provided SafeTrade-related information, including transaction records and address tracking.

For example, Ed_x's block diary (@Ed_x0101) attached a transaction record with a suspected SafeTrade address on the social platform, and stated that SafeTrad withdrew "90% of the user's USDT".

"Many users haven't received their U yet, claiming maintenance for 6 days, and if caught, funds are directly transferred to MEXC... The fact proves that there is no so-called maintenance, they just want to run away, but they don't know how to run, and they don't even know how to mix coins... Attached is the record of the project party's wrongdoing, with 90% of user funds in USDT withdrawn, and then 1.7 million US dollars transferred to MEXC. If you are maintaining, why be so sneaky?"

In fact, SafeTrade has been questioned by users not only in this incident. Even before the concept of cryptocurrency became popular, SafeTrade had already experienced security issues.

On November 12th, due to the overwhelming number of people purchasing QUBIC, the server was unable to handle it and SafeTrade closed the trading channel. The next day, Qubic officials posted an article on how to purchase QUBIC, and many users in the comments section reported that their funds transferred to the platform were not credited.

In addition, there are many doubts about the platform in the community. Among them, "the trading platform is too small and looks strange" is the main concern of users. Some users have stated in the community that "I want to buy QUBIC, but I don't trust SafeTrade at all" and that they would rather trade off the exchange than deposit money into it.

Related reading: "From third-tier exchanges to Binance contracts, the 'production line' behind KAS's mining".

BlockBeats reminds users to pay extra attention to protecting their funds during the trading process, especially when dealing with exchanges and projects that lack transparency. This will help prevent potential security incidents that could result in financial losses.

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