NovaChain: another exchange disappears into thin air
Blockchain

NovaChain: another exchange disappears into thin air

By Alfredo de Candia - 15 Jul 2019

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Unfortunately, yet another exchange turned out to be a scam. This time it’s NovaChain, both its social networks and the website have been out of reach for a few days now. 

The platform in question, born just over a year ago, promised easy profits because it used the trading bot T-rex, specialised in arbitrage trading

“NOVABOX is a secure and open-sourced decentralized service that provides utility for our token while creating an additional income source for token holders”, mentioned the website.

The platform had its own token, NOVA, which was traded a couple of months ago at around $0.20. According to the website, NovaChain shared 90% of the fees collected on the platform to all those who held at least 15,000 NOVA tokens, or about $2400.

Some of the warning signs had already begun to come from a number of users in March 2019, who complained about the platform’s unclear practices.

Unfortunately, all the users who had invested significant sums in NovaChain and the NOVA token have now found themselves empty-handed, thereby proving that even if a platform has been operating for some time, there is no guarantee that it will remain secure in the long term and that it will not escape with all the funds. 

It is always recommended not to leave funds on an exchange, especially if it is centralised, because, in addition to the volatility of the crypto price, there is also the risk that the platform may disappear into thin air or lose access to the funds, as happened in the case of QuadrigaCX.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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