TON Drop, OKX Fiasco and Cryptobot
TON Drop, OKX Fiasco and Cryptobot
TON Daily Dose: 2022-04-29
The price of TON vs USD took a massive drop in the past hour, falling more than 10%. This comes in the wake of other price rises and drops in tandem with the goings-on or not-going-on at OKX which was the largest exchange holder of TON.
OKX Fiasco
Regular readers will have seen coverage of this in recent days, but here a quick summary: Ton Foundation asked OKX to change the token on the exchange from TONCOIN to TON and announced this to followers of the TON Community channel. OKX then put up a notice on some back page of the centralized exchange’s website, but did not mention this on the OKX announcement channel, nor in the OKX app, nor by Email to all those who were holding TONCOIN.
For those using OKX they found that suddenly their TONCOIN had disappeared. One week later, OKX send an Email, from their poorly configured email system, saying that the balances are back: those emails went into junk folders, unseen. Again no notification on their Telegram announcements channel, nor in the app. Those who did find the email, went on to withdraw their TON from OKX.
However, the TON did not arrive. Instead, over the next few days, at sporadic intervals, 23 notifications in the app arrived telling OKX users “Withdrawal Successful”, and 23 email notifications into the spam folders with title “Withdrawal Approved”. However, no such thing, still no TON arrived on the TON blockchain.
Finally within the past hour, and most likely causing the rapid drop in the price of TON vs USD and other currencies, the TON did appear on the blockchain, and all the frustrated and worried OKX who were affected by this breathed a sigh of relief.
The Unreliability of Exchange Value
It should be noted that the exchange rates driven by “market forces” allegedly, as displayed on such tickers at OKX and others, can also be technically caused. For example, this rapid drop in the exchange rate of TON could have been caused by OKX, as the largest centralized exchange for TON suddenly showing all the TON withdrawals within their system.
And yet other really notable events can fail to drive the price of TON. This again shows how fickle cryptocurrencies that don’t have the volume of fiat currencies, can be when any whale (large holder of a currency) buys or sells. The smaller the overall volume, the smaller amounts are required to cause significant fluctuations.
We addressed some of the philosophical and investment issues around this in yesterday’s TON Daily Dose:
Once burnt, twice shy
Those who were affected by more than a week of loss of their funds may not be so forgiving of OKX or any other company which mistreats them: for this was not only a technical debacle of technical incompetence at OKX but also a managerial one in customer relations. OKX made no attempts at damage limitation.
Instead of keeping customers informed in advance, and during the faulty migration process, apologizing and explaining the situation, they simply waited for frustrated users to contact their customer service and always received the same reply, a simple link to the original, and factually incorrect, back page notice.
TON Community #Fail
The so-called TON Community and its dishonest representation by the TON Foundation as related, owned, not owned, not official, official, or whatever suits the way the wind is blowing, reminiscent of the same over the Ton Apps relationship, has continued to fail the real TON Community of users and investors in TON. Not only do they continue to irrationally block those genuine users and investors, of which TON NEWS has been informed, in violation of their own stated rules — and let us not even get started on the dubious TON PLACE — but they also fail the real and actual community when it comes to events like this.
Those who have invested in TON and its future and are then faced with fraud such as loss of coins via tricks and weaknesses in the TON Wallets, especially Tonhub and the web wallet which should have better security and authenticity proofs to prevent hijacking via other sites such as wallet-ton.org, or many days of concerns and frustrations over the OKX debacle, should be able to expect coverage of such issues and honesty from TON Community channel.
They get none of either, and this again shows that we’re out on our own, as TON adopters and investors and must devise our own community networks.
Cryptobot
Meanwhile the above OKX fiasco created an opportunity for Cryptobot, as many of us were able to turn to its Market and Exchange features as a solution to purchasing, selling and/or exchanging TON with USDT, BTC, Fiat currencies etc.
Cryptobot announced reaching USD 100k turnover in a single day. With a 1% commission that is a good income. Yes, if you have a trading account on a centralized exchange you may pay only 0.1%, but what is 1% when you need it?
Wallet and other purchases of TON charge around 5% commissions.
We intend to cover the features of Cryptobot Market and Exchange in future articles at TON NEWS. This is certainly a valuable service that works very well.
Reminder: for the latest version of emailed articles, always check TonNews.info
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Yes this is correct the OKX rate is now volatile. In a single minute today with a buying of TON with around $400,000 the rate went from 2.0 to 3.3 and back.