VirWox: ten-year-old exchange closes down
Crypto

VirWox: ten-year-old exchange closes down

By Alfredo de Candia - 6 Nov 2019

Chevron down

Another exchange closes: this time it’s the turn of VirWox which, through an email to its users, has warned that it will close down on January 6th.

The email invites users to withdraw their funds because, after January 6th, 2020, there will be no more access to the platform, which will close permanently.

This exchange, operating since 2007, offered the possibility to buy and sell bitcoin (BTC) and boasted over 1 million registered users on its platform, allowing the use of different payment methods such as PayPal and credit card, as well as other options.

Its strong point was in the field of virtual currencies, especially those of the game Second Life (SLL): in total, over the years, more than 260 billion of this token have been exchanged on VirWox.

This is the third exchange that has closed in a few days, demonstrating how, once again, it is not wise to leave funds on an exchange, no matter how long and old it is.

As seen in these days, nobody is certain that an exchange will continue its operations or that it will not be affected by bugs or hacker attacks.

One solution could simply be to switch to decentralised exchanges DEX, which allow trading with a wallet and, as a result, the funds are always in the hands of the end-user and not deposited within the exchange.

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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