Exchange explosion! The veteran Tradeogre has gone dark and has been named by the court, users fear losses of tens of millions of dollars.

The crypto world is once again hit by a malicious collapse of an exchange! The long-established KYC-free exchange Tradeogre has been offline since June, and recent court documents reveal that the physical operating address of the platform cannot be found. Senior users speculate that if this is indeed a rug pull incident, it could affect hundreds of thousands of users, with losses potentially reaching tens of millions of dollars.

From 'Reputable Legacy' to Complete Disconnection

Tradeogre has been operating since 2017 and is known for "no KYC, fast coin listing, and support for PoW altcoins," attracting a large number of "crypto libertarian" users. However, since June this year, the platform has stopped updating its social media, and in July, it was reported that the website was inaccessible, leaving users with no assistance.

Recently, court documents in New Jersey mentioned Tradeogre for the first time, stating that its physical address could not be found, and citing the plaintiff's allegations that the exchange was involved in 70 phishing BTC transactions, with losses totaling up to 353 BTC.

Senior users shocked: possibly involving hundreds of thousands of people, losing tens of millions of dollars

Long-term user "A Long" stated that Tradeogre was among the "more reputable" exchanges in the early days of no KYC, with possibly accumulated registrations reaching 500,000 users before its closure from over 100,000 users before 2020.

He speculated that many users, after transferring altcoins to the platform, left small amounts unwithdrawn due to insufficient liquidity, with an average balance of possibly several dozen dollars per person, resulting in cumulative losses that could exceed 20-30 million dollars.

Double-edged sword of the no KYC mode

(Source: Tradeogre)

Tradeogre focuses on no KYC and quick coin listing, and was once the launch site for PoW tokens (such as Kaspa, ALPH, Qubic) and early ICO coins, with daily trading volume reaching 31 BTC at one point.

However, no KYC also means high anonymity and a regulatory vacuum. According to netizens' revelations, the platform is suspected to be operated by a Russian team, frequently changing contact methods, making it more difficult to trace.

Balancing Encryption Freedom and Security Risks

Although some users believe that KYC can reduce the risk of Rug Pulls, others point out that the lack of KYC is one of the core reasons for attracting users. These platforms provide convenience for asset transfer and privacy protection, but at the same time amplify the risks of malicious bankruptcies and lack of recourse.

Experts remind that when using a no KYC exchange, one should:

1. Withdraw coins immediately after trading to avoid long-term storage of assets on the exchange.

2. Keep transaction records for evidence in case of disputes.

3. Diversify assets to reduce losses caused by the closure of a single platform.

Conclusion

The disappearance incident of Tradeogre has once again sounded the alarm for the crypto market. Even "established" exchanges that have been operating for many years can collapse instantly in the absence of regulation and transparency. For investors, understanding the convenience and risks of non-KYC platforms and taking asset protection measures is key to avoiding becoming the next victim. For more real-time exchange safety information and market analysis, please follow the official Gate platform.