Open Ledger DEX has closed all activities

Many folks had MAID tokens and many other cryptos there. Now they are “frozen” indefinitely. I doubt that they will ever reopen. Will they just sell the cryptos, take the money and run? I had 20,000 MAID tokens there and could not get them to transfer them. I transferred my MAID tokens there from Poloniex, because I thought they would be safer there. I wish MAID had had an easy wallet solution at the time.

Here’s their announcement:

April 25, 2020

OL DEX, also known as OpenLedger DEX is closing all activities until further notice.

The OL DEX was initiated back in October 2015 same day as BitShares 2.0 was introduced and was intended to work in the future as the de-facto BitShares exchange. It is almost five years later now, and time has been full of ups and downs.

Legal developments in Denmark early 2020 where the DEX had been operating since its very beginning made it necessary to change to working in the cloud since end of 2019 and the intention was to work towards a solution making it possible to continue as a fully decentralized operation. We have carefully reviewed all possible and reasonable options as for today, including licensing, but the working solution that will fit all needs of the platform and users, requires more time and efforts than it was originally estimated.

In regards to the technical operations, the contract we have had with the team supporting the gateways, nodes and even witness have not been possible to prolong and will terminate within the month of April, 2020. Suitable substitution has not been found so far.

Economically, the OL DEX has run with a deficit almost since the early beginning, and has only survived so far due to capital support from the company behind. Competition from exchanges emerging and lack of support from users overall to make use of the DEX gateways, combined with the legal considerations as well as technical issues is what makes us write this announcement today.

As a final nail in the coffin comes the Corona virus and clears any chance whatsoever we may have had to recover.

Legally, economically, technically and environmentally with the COVID-19 makes it very important to us to close to maybe later open again in an alternative way where operations can resume once more. This situation, however, is not now, – meaning all activities related to gateways is closed indefinitely.

We realize that some people may wish to make use of our gateways to convert OPEN assets to external crypto, it is however not possible due to technical condition of the gateways and security measures.

We have come to the conclusion that only solution in order to allow legal considerations to be followed at all times as well as the importance to ensure the interest of our long-term supporters is to bring forward the following points for all to take note of and to act upon accordingly:

  1. a) All OPEN assets are in their own creation an “I owe you” (IOU) and they will never disappear on the blockchain, and will not be frozen, and are therefore left to be redeemed whenever possible if this opportunity should become a reality.
  2. b) There is also a possibility to file for OL DEX in court, however, please read first our terms and conditions. https://openledger.io/termsOfService
  3. c) Up until May 15, 2020 we reserve the right to communicate with users through support system. Please note, that according to our terms, we will ignore threats, blackmail or similar. Please be correct in your requests.
  4. d) We reserve the right to answer when we have the opportunity to do so.
  5. e) All account support, interface use via url access point https://openledger.io/, consultations, answer to questions, help to retrieve lost passwords etc., will come to a full stop by May 15, 2020.

On the basis of the above you – the OPEN asset holder may send us your email, full name, and account of the BitShares network to: support@openledger.io to ensure future way of contacting you latest May 15, 2020.

As mentioned earlier in point a), the OPEN assets will stay as an active asset and a reminder of what is owed. To clarify the meaning of an IOU:

An IOU (abbreviated from the phrase “I owe you”) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment .”

So, although the OPEN asset stays active and acknowledges a debt, it does not specify a specific time of repayment.

As mentioned above it is advised to send to support@openledger.io your contact details for future reference latest May 15, 2020.

For the time being it is also possible to put your OPEN asset for sale on the OBITS market on the base of OBITS value 1 EUR, meaning 1 BTC = 6966 OBITS (today’s BTC rate). OBITS is a voucher to access the VPLedger blockchain and is redeemable to 1 VPL on VPLedger.com. VPL value may change in future, so 1 EUR is for the time being.

Last, we wish to thank all long term supporters for their support in us. Until we meet again, the OL DEX is out of business, the assets stay active for future redemption, and whether we come back or not with a new team, it will depend a lot on the future.

Yours sincerely

The OL DEX team

3 Likes

Hey friend,

sorry for your loss. Do you know what their wallet is where they keep the stolen MAID?

1 Like

Would it really be that hard or expensive or technically challenging for them to return all coins to their owners?

1 Like

No, they just have the keys to the MAID tokens on the blockchain?

1 Like

Did you offer to pay them? I don’t think it will be difficult for them if they get paid…

Sounds like some BS excuses to me.
I have no idea why Covid would force this on them.

In 1a they claim the assets wont be sold, or the iou for the asset.

Hope it works out OK in the future for you.

5 Likes

You mean like ransom, other than their normal transfer fees? No, I didn’t. I probably should have. Maybe I will offer 10% and see if I get a response. Thanks.

2 Likes

Has this opportunity ended?
Would you lose much?

May be better to recoup something rather than gamble on them coming good.

1 Like

Biggest mistake in crypto I made was putting money to that… bunch of cowboyz… and learned a lesson. Avoid all associated projects Steam; EOS; etc. They will look after themselves.

6 Likes

Horrible.

Covid? Aye, right.

Just more fuel for the fire for when we launch.

2 Likes

I will put funds toward reviving Omnitrezor or taking that code and improving on it. Maybe adding omnidex as option in the wallet.
I think a community funded wallet on Trezor could be very helpful for bringing folks on board. Because we code it could be better trusted.

7 Likes

Absolutely agree, especially if there could be “atomic swap” capabilities (like MEW)!

5 Likes

Thanks for that suggestion. I think that opportunity ended. I emailed and asked them and haven’t heard back, and I can no longer access my account to even try.

1 Like

Always remember - not your keys, not your maidsafecoin.

It sounds like they are being shits, but please people, don’t leave coins on exchanges.

I hope you salvage your coins.

6 Likes

I was sort of glad polo forced my hand there.
I had been meaning to move some for a long time, but got complacent.

2 Likes

Anything relating to BTS, was and is a scam.

I lost a lot through Stan. Dan Larimer in the early days of bitshares. Protoshares etc… they promised a lot. Delivered nothing!

Then the cowboys jumped in, peertracks, sollywood sollars even! Luckily I’d not fallen for those scamsters.

Then this chap set up openledger (Ronny boesing). you can see by his bullshit here:

That they are all made from the same grain.

Hot air.

Stick with maidsafe, leave your coins in you own private wallet. And just wait.

9 Likes

I hesitated on moving my MAID off Poloniex for as long as I could because the process seemed complicated. Of course on the other side of it, it was not that bad. I have to hand hold the whole time. I’ve helped 6 people move their MAID on Trezors.

As a community if we took responsibility for making a wallet that would have prevented the tragedy above , such losses could be avoided. If we include Omidex we provide a place to trade for everyone that holds made.

We all know if you don’t hold the keys you don’t hold your MAID. For most people this is something difficult to approach. We could make a slick wallet that makes holding MAID a pleasure and not a pain.

3 Likes

I don’t get why everyone finds it hard.

Btc core wallet.

Download wallet
genetate address
enter console
Use command to get pvt key
Store pvt key safely.
Send coins to generated address
Done.

No need to sync if that’s all your doing.

4 Likes

I get your point. If you send these instructions as you wrote them to people, most folk would have their eyes glaze over. I know I know. If they just took the time to have a serious look it not what it seems. It is quite simple. But try asking someone who’s interested in investing to follow the steps. Just regular folk that have some funds they want to put into the project. You’ll find most will be concerned they’ll make a mistake and lose their money so they end up trusting exchanges to hold them.People are given handrails often these days and I think it makes for a less technical public.

My thought was if someone want’s to invest you tell them get a trezor and use our software wallet to send and receive. It is just easier for regular people. This way they are not generating their key on their PC which might not be secure. They have all their MAID in one place and a simple wallet to send with.

2 Likes

Yes, your right, that would be easier.

I guess as I was already familiar with btc core it was just second nature.

2 Likes