Exchange Update (Yobit)

Published by CRYPTOkid on

On October 20th, Yobit closed NYC wallets, disabling withdrawals and deposits to and from their exchange. They have given no indication that they plan to enable NYC withdrawals or deposits.

The NewYorkCoin Community Team reached out to Yobit many months ago to see what would be required in order for them to update to the post fork code. Since day one of reaching out to them, our requests have been met with silence. Even a a third party, not associated with the team, went out of their way to pay Yobit an upgrade fee of .2 BTC. Yobit remains silent.

The possibility of Yobit not updating was of serious concern for the team early on in the transition, as this would leave many users with coins locked on Yobit. Equipped with this information, the team made many announcements prior to the fork, heavily advising users who keep their coins on an exchange to move their coins to a safer place (QT, paper wallet) to avoid loss of access to those coins during the fork.

As you all know, you do not own cryptocurrency you have stored on an exchange since you do not own or have access to the private keys associated with those funds, only the exchange does. That’s why it was the top priority for the team to notify users of the exchanges that their coins needed to be moved from their exchange wallet to a safer location. To this day, Yobit continues their silence, has withdrawals and deposits locked, and still refuses to respond to the countless requests made by the team and members of the community.

For a live source of information about the NewYorkCoin exchange ecosystem, please join our Discord server and check out the #exchanges channel.

Categories: Exchanges


David Backhaus · December 20, 2018 at 9:37 pm

I have NYC on Paper I printed months ago.
Are those paper coins gonna be ok?

    CRYPTOkid · December 20, 2018 at 10:21 pm

    Most certainly, those coins can easily be swept into Coinomi or imported in the QT wallet!

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