Wow! We didn’t see this one coming. Today, mcxNOW users were greeted with a message stating the popular exchange would be shutting down for “a while”. Users will have up until December 20th to withdraw their funds. We have no words… this is definitely a shocker and we feel terrible for whoever shelled out some hard earned money to purchase mcxFee shares. This announcement was made just a few weeks after the exchange had earned over $1 Million in fee sales. The reasons given were that only a single person was running the site and that the work load had become too much for this person to handle. You would think that with a million dollars in your pocket, you could afford to hire an extra pair of hands or two. We are not sure what to make of this move… we just hope that the exchange does in fact return as planned, but this move has so many red flags written all over it. Best of luck to those affected.
Here is the official announcement posted on the site:
mcxNOW is shutting down for a period of time
Withdraw all your coins before December 20th
mcxNOW has seen unprecedented growth in recent months and especially in the last few weeks. mcxNOW is a custom coded exchange built 100% by one man in C++ . This means if anything has to be modified then only one person can do it.
Unfortunately the growth has been too fast to match with the support requirement as only one person can currently do all support. This is a burden of 200 to 400 emails a day among many requests on IRC and through chat. This makes development of mcxNOW nearly impossible without neglecting valid user requests through support.
I am happy that in over 7 months mcxNOW has not been hacked or lost any coins and that the exchange has scaled well from 100 users upto a peak of about 3500 users online at once, it shows the design here is pretty good. However I never anticipated some aspects of running an exchange that are quite important (ie. support) so I need to work on this before allowing the site to grow.
I advise everyone to withdraw their coins and use other exchanges until mcxNOW returns. I will need at least one month, and perhaps as many as 3 before I can make the site live again. If you fail to withdraw coins before December 20th then you’ll have to wait until the site is live again before withdrawing, whatever balance you hold will carry over. After December 20th passes a test version of mcxNOW will be put up that you can help test without using real coins, this will include the new gaming platform.
All existing mcxFEE holders will have the same mcxFEE balance when the site relaunches. I’m allowing people to trade mcxFEE up until December 20th in case they want to exit them.
I apologize for needing to do this, the stress and burden of running a successful exchange in the current way is just untenable for me now. I can barely sleep, I am getting health issues, etc. There truly is no alternative than some downtime. I apologize mainly to mcxFEE holders as they have invested in the exchange and will miss revenue in the downtime.
mcxNOW will be back and even better than before, I truly believe we have the best trading platform and cryptocommunity platform here but I need to work on these other facets before it becomes a real problem. I will use all the knowledge I have gathered over the last 7 months to make something bulletproof and easy to maintain.
Thank you for your support and hopefully we can see all of you back here relatively soon.