Most of the time we ignore exchange issues like delay in deposits and withdrawals thinking they are one off issues that will be resolved in some time. But when the issue persists, repeats or is not resolved within a few minutes or may be a couple hours, that’s when we lose patience.
It is then that we realise how frugal our voice is because the support teams are relaying their scripted responses, your money is stuck in limbo and there is absolutely no way to fix the situation.
Kind of like what happens with other centralised systems like banks.
Something similar happened to Unocoin when their ERC20 deposits were hit, and now Zebpay when the EOS and REP withdrawals were stuck.
The Zebpay Issue
In the last one hour, Zebpay processed over 40 withdrawals of EOS. You can check them on Etherscan.
That is an impressive number, but if you scroll further on the transactions’ list, you will see that one hour ago the first EOS withdrawal processed, was after a gap of over 20 hours.
For 20 hours, the Zebpay hot wallet remained empty and hence no withdrawals went through for EOS. We heard similar complaints for REP tokens as well.
What is the Support team doing?
At this point any one would wonder, what is the Zebpay Support team doing? Obviously when an hour or two passed, users would have called Support, complained on Twitter, and the support team should have noticed what’s wrong and fixed the issue.
But it didn’t happen. People called. People ranted on Twitter. But all in vain.
— Madhusudan Singla (@Madhusu58104488) May 20, 2018
What good is the Mon-Sun support team from 8 AM to 8 PM, if the issue so simple cannot be resolved within minutes?
Prioritisation of Issues
How is it that issues pertaining to Crypto and INR deposits and withdrawals are not on priority? If a support team receives a call of complaint that says “EOS withdrawal stuck”, the first thing that needs to be done is check the hot wallet.
Everytime my withdrawal gets stuck, I check the exchange’s wallet too. Some smart traders do that as well and some even report it to exchanges.
We get the first notice of something not working in any exchange on our telegram, our community does the debugging, but the exchanges remain unmoved with these issues.
In my opinion, any exchange as big as Zebpay should atleast have an alert mechanism when their wallets are running out of tokens. We have faced such issues in the past too.
@zebpay plz recharge ur hot wallet of XRP.. trx are stucked from an hour as it is empty
— CA Anand (@akthakkar) April 29, 2018
Comfortably Numb Exchanges
We see these issues, we report these issues, we see the issues cropping up again. This is the usual cycle. Why are such issues, even issues any more after so many complaints? And why do we, customers, keep going back after being burnt once?
The customers keeps going back to these exchanges because they have something unique to offer. It may be volume, or a particular coin or easier deposits and withdrawals. The truth is, we are not spoilt for choice, but we are badly in need for alternatives.
While there are dozens of exchanges in India, only a handful offer the best services and even then they are not good enough. Where does one go if the one exchange that offers what I need and also simultaneously creates issues for me every single time?
The exchanges keep doing what they do without a single strain of remorse because they know they are needed and we aren’t going anywhere.
Perhaps a change is needed on our part or the industry’s.
What do you think Zebpay should do to avoid such issues again? Let us know in the comments below