Cryptocurrency Exchange mcxNow Hibernates for Winter… Time to Withdraw Again

Journalist:
Caleb Chen @bitxbitxbitcoin
October 25, 2014

The cryptocurrency exchange mcxNow is entering a yet-undetermined duration of Site Maintenance starting on November 15th. mcxNow users are advised by mcxNow head RealSolid to withdraw their funds before the start of maintenance else the coins will be destroyed. The reason given for this site reboot is wallet software upgrading, as well as the removal of certain altcoins and the implementation of certain features. Just last year, mcxNow also shut down for several weeks but did come back. This time, customers are being reminded that un-withdrawn funds will be destroyed as paper wallets are being shredded.

Also read: Is mcxNow Turning into a Wasteland of Altcoins?

mcxNow Site Maintenance Period

Today, RealSolid posted to the exchange website with the new update:

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.

mcxNow Controversy from Last Hibernation

Last year, when RealSolid announced that he was going to close mcxNow for a little while. He provided this explanation:

I apologize for needing to do this, the stress and burden of running a successful exchange in the current way is just untenable for me now. I can barely sleep, I am getting health issues, etc. There truly is no alternative than some downtime. I apologize mainly to mcxFEE holders as they have invested in the exchange and will miss revenue in the downtime.

The mcxFEE holders, a conglomerate of users that pooled together $8 million USD of BTC at the time to buy mcxFee based on the then momentum of mcxNow, were particularly damaged by the surprise announcement. RealSolid allowed mcxFee to trade until the closing of the exchange, and the value of mcxFee has never recovered from the damage. However, mcxNow’s still active community has been assured by RealSolid’s return in 2014 and may likely return to his site when mcxNow returns, with new wallets. Now, mcxNow’s status as a cryptocurrency exchange has largely been taken by Cryptsy, which has fiat processing and also a pending lawsuit.

What do you think about mcxNow? Comment below!

Images from Shutterstock.

Last modified (UTC): October 25, 2014 22:35

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.