As you already know, today we have canceled BitForex listing. Sure, some users blame us and spreading how bad we are across the global network. However, you see only the tip of the iceberg. Similar to you, we have been waiting for the listing and preparing some happy announcements about it. But, we started having troubles.
We have faced chronic lying of BitForex management, unprofessional technical and marketing teams of the exchange, and many more things. Different to the EXMO case, this time we would like to share you all the details of the listing cancelation. This time we will tell you in details why we have decided to do so.
Protracted TKEY integration, unprofessionalism of BitForex technical team
August 1, we sent a .deb package intended for TKEY exchange integration to BitForex. There had been no answer for 5 days.
August 6, BitForex representatives finally replied, saying they had started an integration but faced problems.
August 7, they added one more engineer to their team but still couldn’t install the .deb file without our help.
August 13, BitForex faced some problems again. We helped again.
August 16, we asked the exchange team about possible problems. The answer was ‘it’s OK.’
August 19, technical problems again. Our developers came to the rescue, solved.
August 20, BitForex asked for a transaction to test the integration.
August 21, we have provided BitForex with the coins to test it all out. Silence.
August 23, we asked again about the progress, but there was no answer.
August 24, we texted BitForex. It came out they had only just begun the second testing.
August 27, the exchange team asked for an additional file. We had compiled and sent it to BitForex.
August 28, the platform engineers had been lost somewhere once again. No information.
August 29, we heard from BitForex, they had started third testing.
August 30, we had been asked to send coins for testing once again. We did it. Silence
September 2, one day before an official listing, BitForex engineers informed us they had faced an error. They couldn’t manage to solve the problems themselves again, our developers helped. Everything was solved at 3:38 pm GMT+3.
Later on, when we had asked if everything was ready, we received a rather strange reply ‘ This is determined by our company’s operations department.’
What was going to happen next, you know quite well.
One of our developers about BitForex engineer team:
‘It seems like their programmers had never faced protocols before and learned its structure right during the integration. Junior level, not higher. Our team has completed 80% of overall progress. Start testing in the last day is so irresponsible, and it has been quite alert for us. If people do it so many times and they are professionals, they are acquainted with all these aspects.’
Unprofessionalism of BitForex administration
Many of you know the situation and have heard about it. However, some people do not know anything about the Telegram war, if you want. It’s about BitForex administration banning Tkeycoin users for their activity in the exchange’s Telegram channel. It’s about ‘unpleasant people,’ ‘unprofessional TKEY workers’ and so on.
All of that was the quotes by BitForex telegram-administrator Dmitry Stetsko who got the role about two weeks ago (https://t.me/BitForexRussian).
August 30, there was a discussion about Tkeycoin on BitForex telegram channel. Some users asked some users replied — just a typical situation for a coin discussion. TKEY CEO himself answered some questions.
August 31, about 7:30 am GMT+3, Dmitry Stetsko deleted all the messages about Tkeycoin. This message followed the actions:
‘As an independent part, I would like to mark that the night promo by TKEY team has failed. Such actions alienate users from the project and show unprofessionalism of TKEY marketing team. Unfortunately, some users know nothing about blockchain and Bitcoin. Read books please.’
As you may see, Dmitry made disturbing comments about TKEY community and project in general by calling its workers ‘unprofessional’ and users ‘uneducated.’
Later on, Mr. Stitsko had left some more offending comments, and then we contacted BitForex to solve the conflict. We had been told that Dmitry would never do that again, keep calm. However, he continued to ban TKEY users and prevent all discussions about Tkeycoin.
‘Hi guys. When someone calls Tkeycoin scam, I ban such people since I believe we shouldn’t rate projects at such an early stage. But your dialogue is a clear fake. Let us respect each other so please do not think everyone is stupid here. People are not that educated in terms of blockchain, but they know quite a lot about advertising. ‘
TKEY CEO Maxim Yakimov had intervened to solve the situation but was banned by Dmitry. Shortly after it, Dmitry blocked a list of users who didn’t agree with his policy. In addition to that, he deleted his positive TKEY review in his blog and replaced it with the negative one.
Looking at the statistics on the screenshot, you can easily notice that TKEY article has 1000+ views while other posts have only about 10–30 views. As users reported, Dmitry was promoting his creation in official BitForex exchange.
Then we contacted BitForex officials once again; it didn’t change anything. Afterward, Dmitry banned one more user, saying ‘no one will discuss Tkeycoin while he is an admin.’
‘No one will discuss TKEY in this group while I am an admin. The reasons are understandable for every independent participant of the chat. A few days ago, TKEY fans made a performance that would alienate investors and their money from the project. I asked to stop it, but no one had listened. On the contrary, they did even more after it, and I was brave enough to try to control it all. I banned the fans to stop offtop in the chat and let other BitForex users communicate. After it, Tkeycoin users started to complain to BitForex management and even threaten me. I am ready to stand my ground here and will continue to watch out TKEY fans. I will ban all the users who mention TKEY. I am doing not to feel better but for other chat participants that have supported my point. Thank you’
It was a groundless, strange, and unexplainable reaction at our project once again. Meanwhile, one BitForex user sent a message saying he will cut TKEY developers with the knives if the assets aren’t listed on the exchange. BitForex administration didn’t react at all. Sometime after it, Dmitry was fired and called Tkeycoin users ‘unpleasant people’ as a goodbye word.
Is such behavior acceptable for such a big platform? Our community was publicly insulted by BitForex employees, Tkeycoin officials were banned from the telegram-channel, and the reputation of our project was damaged.
Shocking facts about BitForex
BitForex listing has been recommended to us by the company that offers services of promoting digital assets on the crypto exchanges. We have got tons of positive feedbacks on BitForex, as well as they have assured us it is just the right platform for TKEY.
When you go to the specialist, you trust him and listen to his advice. With BitForex, we had also listened to the specialists’ notice, but it turned out to be a mistake, unfortunately.
We have found out that the principal audition of BitForex is from Russia and other CIS countries (about 30%), not from China or Korea, as it is always being declared.
Nevertheless, Russian-speaking Telegram and VK BitForex community are not that active. So, we can conclude this traffic to be fake or empty, if you want.
And it can easily be linked with the fact that 46% of referrals are coming from the adbtc.top website where users get satoshis for clicking on the website links. According to our analysis, about half of the visitors are ‘bought’ on this exact website.
During our negotiations, BitForex representatives have asked us to set up a Market Maker bot to create artificial trading visibility for users. As it turned out, there is almost no real trading on BitForex, and the data provided on Coinmarketcap is far from being true.
Since there is minimal trading on BitForex, the asset that enters such an exchange will loose in its price and end up not that great. The project will lose its reputation forever, the investors will never come back, and the exchange wins its 18 BTC and delist fallen coin.
BitForex agreement, if you read it, is made of the delisting points. The exchange takes quite a significant fee for the listing, but it can easily throw your assets up if it wants. The lack of real trading often creates this opportunity by the way.
Most of the projects listed on BitForex use artificial trading to control rates and attract investors. Thus, if something goes wrong, BitForex will delist your assets and take your money. The proof of that can be found in the news section of BitForex website.
September 2, the day we started to doubt the upcoming September 3’s listing, we requested some info and statistic from the BitForex.
The answer was.
As you can see, BitForex refused to provide us with the data, including legal info and website statistics. We will realize soon why they have done so.
The news about upcoming TKEY listing on the BitForex website has lead to our website only four users from China and six from Korea. Asian exchange with thousands of Asian traders, huh? Three millions of active traders?
This moment we realized everything was a lie. If you still think that the Coinmarketcap’s information is correct, we are in a real hurry to disappoint you — the info is far from being something real.
September 3, night, Tkeycoin engineers were sleeping while BitForex employees moved the listing date with no notices and messages at all.
When we woke up in the morning, we contacted the exchange to find out what is going on. The negotiations were useless. We paused to think about everything.
September 4, we had a meeting with our market advisers and decided to ask BitForex once again to provide the info we need.
September 5, they refused to give the statistics and other info we had asked for; we declined to list on their exchange.
It is funny, the day we have announced the listing cancellation, they hire Dmitry Stetsko back as their telegram channel admin.
Results. Why did we decline?
Unprofessionalism of the BitForex technical department. Untrained actions and lack of related experience. Unreliable people are responsible for critical processes.
Unprofessionalism of the BitForex social media admins. The Dmitry Stetsko case is just one of the numerous situations of that kind.
Delays, refusal to talk about essential things, fear to show simple statistics. Simple but illustrative.
When you are creating a BitForex account, your data is being transferred to someone you do not know. You cannot know who get your name, email, and other info since there is no such information at all. If your money surprisingly fades away, you won’t be able to find someone to be responsible for it.
Public statistics of the exchange is far from being that great as it is always reported. We have all reasons to believe that the provided numbers are not anything but fake. Our analysis has shown that there is almost no trading on the BitForex, and the Market Maker bots rule this Singaporean world.
All the mentioned factors have helped us to decide and choose what is right for our project at the moment.
Here is how we have met BitForex, here is how we have delisted our assets from it before even listing. We highly recommend everyone to deleted BitForex account and choose another platform for trading since this exchange is very doubtful. It can lead to some awful consequences, sometimes even worse than the 18 BTC lost.