A $3 million transaction has put Changelly’s team’s financial stability under question.
With $3 million being withheld since November 11 by Ledger and no cause disclosed, the community is asking questions.
Would Changelly’s hard-earned 400 1-star reviews uphold its legacy?
Reportedly, trading partners of hardware wallet Ledger, Changelly, and Wyre, have gotten to freeze funds of users without valid reasons.
A speculation has started floating that a cryptocurrency crash likened to that of the FTX mess has occurred, with Ledger, the hardware Crypto wallet.
Ledger, a digital currency hardware wallet operating on a blockchain network, was created in 2014.
A top crypto analyst, @_0xSea_, states one of his friends ended up getting a $3 million crypto transaction of theirs stuck, courtesy of Changelly and Ledger.
It so went that @_0xSea_ tweeted questioning the reliability of the Ledger wallet owing to the said anomaly to the tune of $3 million as follows:
In the said instance, a user proceeds to replace their USDT with USDC in Ledger owing to FTX hiccups, and with USDT stuck in the FUD market.
Ledger Live suggested the Changelly platform simply owing to the potentiality of real-time arrival with no upfront registration compulsion.
The user in question ended up using Changelly for converting USDT worth USDC of USD 2,932,345.
While the transaction in question displayed the status as “transaction broadcast successful,” following a successful operation, the funds in question didn’t arrive as expected.
So, the user got in touch with the customer care; following which, he was advised to complete the KYC process. Just that this wasn’t suggested upfront until the user consulted the customer care.
The customer in question was then asked by the customer service to make available a source of funds, bank statement, address details, and business contracts.
While the user fully complied by following all the prescribed steps, the customer care replied, “received and under review.”
Being again asked about the number of transactions pertaining to the concerned address, he offered a detailed response but to no avail.
With around 400 1-star reviews on the Trust Pilot customer review page claimed by Changelly, some customers allege that Changelly delayed the transfer of their funds owing to KYC formalities.
On Reddit also, various users have voiced their concerns pertaining to Changelly’s KYC SCAM on Reddit.
The FTX and LUNA crash has shaken the community’s faith in the Cryptoverse.
It’s apparent that crypto investors just aren’t ready for yet another Cryptoverse debacle, such as that of Ledger. Ledger, for that matter, is a crypto exchange with over 4 million global users