gate.io exchange increased withdraw transaction price from 0.1 GRINs to 5 GRINs. It is an insane 5.000% withdrawal price increase.
Bitforex did raise it from 0.1 Grin to 10 Grin for a short time, but lowered it then to 1 Grin, which is still ridiculous.
Bitforex are scum of the earth. A few months ago I withdrew ETH for a 0.1 fee, about 180$ at the time.
The truth is that most small-medium exchanges are on their death throes, and they’ll use scummy tactics to prolong their business before they have to shut down in the next few years.
Withdrawn 3 days ago, it was 2.5GRIN. Too much for a low cap coin.
I do not understand the reason why needed 800 confirmations (10 confirmations before slatepack upgrade) for deposit or withdraw Grin from Bitforex.
In current situation, I would not complain about it as most of the exchanges already delist it.
Grin suffered a short-term 51% attack. After that, a new software attack came to the fore.
Because of this, and because Grin’s network strength is low, exchanges have increased their approval times
If they don’t, hundreds of thousands of Grins can be sold on exchanges right after the 51% attack. The exchanges are trying to protect Grin.
They’re actually trying to protect themselves since 51% attacks are usually double spends on the exchanges. But yeah, high confirmation times make sense when network security is low. I still don’t understand why they don’t implement dynamic confirmation times for withdrawals at least, would very likely prevent them from being 51% attacked (unless the attacker would do it simultaneously with multiple accounts at the same time)
GATE-IOs insane withdrawal transaction price dropped GRIN transactions almost to zero! GATE-io is not a good place for GRIN coin, anymore