Something strange is taking place at digital currency exchange mcxNOW. The exchange has posted an alarming update on their website that urges its users to withdraw their coins from the platform, or they’ll be gone forever.
Called a “site maintenance period”, the exchange posted the following (bold emphasis ours):
mcxNOW will be going into a maintenance period beginning November 15 2014 and lasting at least some weeks to address some issues concerning wallet use and the number of system administrators able to resolve problems. We will also take this time to perform some feature requests from users.
All wallets here will be removed to make way for a new wallet system meaning you will need to withdraw all your cryptocurrency holdings prior to this cutoff point. Any coins left in mcxNOW at the cutoff point will be destroyed.
Existing wallets and all backups are going to be shredded to maintain privacy of users. Some coins currently on mcxNOW will not return. Thank you for your patience while we try to keep mcxNOW one of the best platforms for cryptocurrency.
As you can see, the exchange says this is required in order to update the back-end system, but the fact they’ll essentially be “destroying” coins and giving clients such a short time to react isn’t exactly what we would call good business.
What do you think? A good plan or not so much?