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CryptoBridge is shutting down

02-12-2019

I’ve voiced our concerns once the KYC thing came out. For some of you the latest news comes as no surprise:

CryptoBridge is shutting down. Please withdraw your funds until December 15 23:59 GMT.

I hope you have found a way to get your holdings out of the exchange. Just in case, let me briefly explain to you how this works. I’ll simplify things to get to basics:

  • CB acts as a gateway: it accepts your coins on its own address and issues token on Bitshares blockchain. CB holds your initial deposit on its wallets.

  • CB Exchange displays trading with BTS tokens by pulling the data from the Bitshares explorer. You log into the exchange by using your password that is also a privkey for signing the deals. By the way, a similar procedure will be applied for GEX.

  • CB is no different than let’s say Rudex DEX. But only CB can send your coins back if you deposited it through the CB gateway.

So, if you still have coins that stuck on CB and you haven’t passed KYC here are your options:

  • Send BRIDGE.GIC to someone who passed KYC and get it sent back to your local wallet. To prevent further questions, the coreteam members haven’t passed the procedure. Act at your own risk.

  • Trade BRIDGE.GIC for OPEN.BTC and withdraw it by using https://wallet.bitshares.org/. The only issue here is the lack of liquidity. At the moment, I have found one market: https://market.rudex.org/#/market/BRIDGE.GIC_OPEN.BTC. Users that passed KYC now can speculate and place their orders for non-market price. Usually, the competition improves market prices unless there is a very small number of verified users who play monopoly. Anyways, have a look at this market or try to find another one before the deadline

Your goal is to trade BRIDGE.GIC for any non BRIDGE token using any dex other than CB and withdraw it by a gateway for the token.

CB was a significant part of the masternodes ecosystem which was eventually fed to scammers and shady projects. Giant Project has survived all this and keeps its priorities straight. Our tech will guide the ecosystem to users of the services powered by Giant