Zebpay is one of the largest cryptocurrency exchange in India. With over 300 employees in the support team, multiple engineers, a new CEO and years of experience, you’d think they cannot mess up the one thing quintessential to Crypto trade, DEPOSITS.
But you may be surprised as users today have reported issues in depositing the newly listed TRX token on Zebpay. While the prices stay almost 50% above the market average on Zebpay for TRX, the deposits from users are not going through.
— Ray (@rahul_coolguy22) April 27, 2018
It must be noted that Zebpay already has set 100 confirmations as minimum for deposits of ERC20 tokens and ETH. For some users though, it has already been 300 confirmations. Our telegram group is blowing up with complaints.
Not a First Time Offender
As users throw out their angst at Zebpay through their twitter accounts, we want to point out that this is not the first time it has happened.
One time is an accident, second time is on purpose, but the third time, it’s no longer a mistake, it’s a habit.
Zebpay has had issues with deposits for a long time now. Many times a new coins lists, their deposits somehow go on a bed rest and stop working.
A coin like XRP, take takes seconds to transfer, took hours to deposit, and by the time the prices had pumped and come back to normal.
— The Crypto Gandhi (@ClownPrinceG) February 9, 2018
ETH while requires minimum 100 confirmations, was not credited until over 400 confirmations in some cases.
— Raghu Raman (@RaghuramanAME) February 23, 2018
Even I sufferred the same fate. I remember it taking 280 confirmations before I just gave up on it.
— Naimish Sanghvi (@ThatNaimish) February 23, 2018
A Development flaw
Perhaps there is an issue in the system, it maybe too overwhelming when thousands of deposits are coming in every minute. However, Zebpay had time to fix the issue. How much time does it take to do a root cause analysis after things have settled a bit? That’s what engineering is. You see a problem, you learn the cause, you fix it.
I am a firm believer that exchanges are staying honest with their users, not guilty until proven otherwise. However, Zebpay should release a statement, apologise for the event and FIX THE PROBLEM for the future. Third time is not quite the charm.
Allegations of Insider Trading
Many users are calling this an insider trading or fraud on Zebpay’s part. We have no evidence for it. This is the third time the price on Zebpay is pumped and at the same time the deposits choked. Any exchange has the ability to manipulate the market. It only takes a few lines of code to get that done.
The exchanges don’t do it, because there are ethics and the user trust involved. You don’t want to lose that. That is your biggest asset in business.
Any insider trading or unethical means won’t stay hidden for long. But for now, lets just hope the deposits stuck go through in time.
We have warned our users to be careful before sending TRX to Zebpay for some time and for the future, please deposit early. We get enough time between when wallets open to when trading starts
Multiple users are reporting that their deposits on Zebpay are not processed even after well over 100 confirmations.
This has happened in the past as well.
Please be careful before sending TRX to Zebpay.
— Coin Crunch India (@coincrunchin) April 27, 2018
Did you deposits go well with Zebpay? Let us know in the comments below