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.
Here is the original post (link):
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.