Yobit Exchange and NewYorkCoin

In the wake of the security hardfork for NewYorkCoin (NYC) in late October 2018, the community has faced challenges with the Yobit exchange. Several exchanges experienced losses of NYC due to double-spend attacks, and Yobit has been particularly problematic in its response to the situation.

Key Points:

1. 51% Attack and Losses: Prior to the planned security hardfork, the NYC blockchain suffered a 51% attack, leading to losses on various exchanges, including Yobit.
2. Yobit’s Lack of Communication: Yobit did not communicate with the NYC team regarding the 51% attacks despite repeated attempts by the NYC team to contact them. The exchange continued trading with locked wallets, creating substantial sell walls.
3. Potential Delisting: There is a concern that Yobit may delist NYC at some point, or they might continue trading with locked wallets, causing issues for users.
4. Fake & Unusable Coins: Yobit is accused of trading with locked wallets, trapping users behind massive sell walls. There are doubts about Yobit having enough coins to cover all account balances.
5. Community Recommendations: The community recommends users exchange their NYC on Yobit for other currencies that can be withdrawn. Additionally, concerns have been raised about other community members reportedly paying Yobit an “update fee” without Yobit updating to the hardfork version of NYC.
6. Ongoing Issues: Despite ongoing efforts by the community to address the situation with Yobit, there have been reported challenges, including demands for an “update fee” and cancellation of withdrawal requests.
7. Scam Allegations: There are allegations that Yobit is intentionally allowing the trade of fake and unusable cryptocurrencies, preventing users from withdrawing their funds.

Community Actions:

• The community has been actively attempting to contact Yobit for months without success.
• A third-party group has consistently tried to get Yobit to open NYCoin wallets but has faced challenges in their efforts.