A Reddit user has reported that Poloniex has been holding his funds hostage for over 7 months now.
He started getting customer support replies only after he’s filed a complaint with the attorney general in his state. After that Poloniex suggested to sign an NDA (non-disclosure agreement) and only they they promised to explain where the customer’s finds were.
The customer refused to sign the NDA (rightfully so) and took it to Reddit instead to shed light on possible withdrawal problems at Poloniex for anyon using that exchage.
Most cryptocurrency experts can’t stress this enough: if you don’t own the private keys to your coins, you don’t own your coins.
Poloniex is a custodial exchange that basically holds your money for you. Unless you are doing several trades a day scalping for profits there is no reason to keep your money on exchanges like Poloniex. Especially now with all the Tether-related news that might bring along withdrawal problems in case of Tether’s collapse or insolvency.
Consider this report a daily reminder to keep whatever crypto you are not ready losing from exchanges and into cryptocurrency wallets you control.