McxNOW Cryptoexchange Suspends Trading and New User Signups

Nov 27, 2013 at 1:25 p.m. UTCUpdated Dec 19, 2013 at 3:10 p.m. UTC. Digital currency exchange mcxNOW has announced it will suspend trading for the next few months, due to overwhelming support requests.

McxNOW is an exchange that offers interest on balances held by its users.

Buying an mcxFEE share entitled the holder to 0.001% of all transaction shares across all the currencies on the exchange.

According to RealSolid, the exchange has "Scaled well from 100 users up to a peak of about 3,500 users online at once, it shows the design here is pretty good".

The suspension of trading was announced yesterday on the exchange's front page.

"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."

At the end of October, a large amount of mcxFEE shares were sold by RealSolid to mcxNOW users.

We asked RealSolid if he had any idea trading would have to be suspended when the mcxFEE shares were offered for sale and he said he did not.

Disgruntled users have said the sudden announcement of the trading suspension has caused people to lose money invested in mcxFEE shares, which reportedly dropped from 0.25 BTC to as little as 0.05 BTC. At the time of writing a mcxFEE share is worth 0.073 BTC. RealSolid said he never made any kind of agreement on the length of time mcxNOW.com would operate for, so he feels he would be well within his rights to close it down if he wanted to.

Some forum members are suggesting that mcxNOW was never anything but a scam, with user twentyseventy stating: "Few things have screamed 'Scam Waiting to Happen' to me more than MCX did. Hate to say it, but this was a surprise to very few."