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Margex, a cryptocurrency exchange founded in 2019, appears to have found itself in hot water in the last couple of days.
Multiple users have taken to X to voice their concerns regarding Margex refusing Ripple
$2.33
payouts.
While the situation is still very early in its development, and reports vary, users claim that Margex allows traders to “use any asset to leverage any trade”. This includes XRP, as well.
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As of a few days ago, Margex appears to have started delisting XRP/USD trades. This would go on to affect traders who were using XRP as collateral. Specifically, users would be unable to manage their trades, and would reportedly even get their accounts locked, with no possibility of cashing out.
Further reports indicate that Margex has suspended certain withdrawals, and is requesting additional fees from users. There are rumors that the exchange is having issues with XRP liquidity, and speculations of this becoming an even bigger issue in the near future are running rampant on social media forums.
Margex is yet to respond to any of these claims on their official profiles. Note that this is a developing story, and one driven by a lot of speculatory and conflicting reports – it is currently unclear how it will unfold moving forward, but X users are tagging crypto investigators Coffeezilla and ZachXBT to look into the matter further.
While this scandal is just beginning to unfold, some others have recently reached their conclusion—for example, the IcomTech fraud scheme that led to over $8 million in investor losses. One of the promoters related to this drama stood before the court on December 2. What was his verdict? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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