Notes about Verge earnings

[Steve Sokolowski]

The Verge network was attacked last week, causing chaos among exchanges and wallet providers. The purpose of this post is to notify customers of several outstanding issues.

First, Bittrex is using a different fork of Verge than the other exchanges. We do not currently support Bittrex's fork, although we are looking into adding it. Customers who use the developers' preferred fork and send money to Bittrex will find that the money never arrives. Similarly, money sent to Bittrex deposit addresses from our system will be recorded on the non-Bittrex fork. Do not use Bittrex deposit addresses with Prohashing. If you are sending money to Bittrex yourself, be sure you are using a client synchronized to Bittrex's fork. If you want to buy Verge on Bittrex's fork, then accept payouts from us using litecoins, send them to Bittrex, and then purchase Verge yourself there.

Once payouts occur from our wallets, the money is permanently out of our control. The same keys are valid for both networks, however. If you mistakenly enter a Bittrex payout address into our system, or if you sent money to Bittrex from your own wallet that is synchronized to the developers' fork, then I suggest submitting a support ticket to Bittrex. Because Bittrex has the private key for the deposit address, they have the ability to send balances sent on the developers' Verge fork back to you, even if they choose not to support that fork on their exchange. To decrease our response times, please don't submit tickets to us because we don't have access to the keys needed to recover the money.

Second, several other exchanges have "locked wallets" for Verge. When exchanges have locked wallets, we cannot withdraw money to pay customers. We want to pay you, but Cryptopia is holding over $12,000 of your money in "locked wallets." As soon as Crytopia unlocks its Verge wallet, the system will automatically pay customers within a few hours. If you would like to speed up the process, you can help by submitting a support ticket to Cryptopia and asking them to unlock their Verge wallet, so that we can withdraw money owed to customers.

By continuing to receive payouts in Verge, you recognize that it is possible that it could be a very long time until Cryptopia unlocks its wallet, and that payouts could be delayed indefinitely until they do so. If you require more timely payouts, I suggest you select a different coin.

A message will be added to the coin in the "live balances" section and we will direct support tickets to this post.

[TravisMining]

how can i get my verge coins converted to ltc straight from prohashing? i mean, not sent to my verge wallet, but straight to coinbase or my ltc wallet

[CSZiggy]

Second, several other exchanges have "locked wallets" for Verge. When exchanges have locked wallets, we cannot withdraw money to pay customers. We want to pay you, but Cryptopia is holding over $12,000 of your money in "locked wallets." As soon as Crytopia unlocks its Verge wallet, the system will automatically pay customers within a few hours. If you would like to speed up the process, you can help by submitting a support ticket to Cryptopia and asking them to unlock their Verge wallet, so that we can withdraw money owed to customers.

I call BS on this one, sorry.
I think Crytopia is holding $12,000 of YOUR money. You have OURS. You pay us, not Crytopia.

Why can't you spend $12,000 of YOUR money on another exchange and pay the people in the coins they are due? Understanding that if the receiving wallet is on a locked server then its on them, but just because your prime payout isn't accessible doesn't excuse you from paying does it? If we don't mine a single BTC and people ask for BTC, do you not swap coins or BUY the BTC in order to pay them out daily? So why isn't that being done on other coins that are due to be paid? No exchanges sell verge for you to buy and payout what is due? Just because you already have them is a reason to withhold payment for work that has already been done until you regain access?

I think you need a wallet lockout policy, if your payout wallets get locked for 2 days you need to go elsewhere and buy and pay us off and disable that coin until you regain access to your payouts wallets.

[Steve Sokolowski]

Second, several other exchanges have "locked wallets" for Verge. When exchanges have locked wallets, we cannot withdraw money to pay customers. We want to pay you, but Cryptopia is holding over $12,000 of your money in "locked wallets." As soon as Crytopia unlocks its Verge wallet, the system will automatically pay customers within a few hours. If you would like to speed up the process, you can help by submitting a support ticket to Cryptopia and asking them to unlock their Verge wallet, so that we can withdraw money owed to customers.

I call BS on this one, sorry.
I think Crytopia is holding $12,000 of YOUR money. You have OURS. You pay us, not Crytopia.

Why can't you spend $12,000 of YOUR money on another exchange and pay the people in the coins they are due? Understanding that if the receiving wallet is on a locked server then its on them, but just because your prime payout isn't accessible doesn't excuse you from paying does it? If we don't mine a single BTC and people ask for BTC, do you not swap coins or BUY the BTC in order to pay them out daily? So why isn't that being done on other coins that are due to be paid? No exchanges sell verge for you to buy and payout what is due? Just because you already have them is a reason to withhold payment for work that has already been done until you regain access?

I think you need a wallet lockout policy, if your payout wallets get locked for 2 days you need to go elsewhere and buy and pay us off and disable that coin until you regain access to your payouts wallets.

There is a policy in the documentation about this; it was added about a month ago and I made a post about it in the forums. We released the policy because of the impending release of SHA-256 mining. The policy is that in the case that an exchange goes bankrupt or refuses to pay us money that we owe to customers, we reserve the right to declare the exchange's balance a loss.

In this case, we aren't following that policy and declaring balances a loss; we're just waiting for them to be released so we can pay customers. Unfortunately, we are running at a negative reserve in order to pay for the bitcoin mining losses until we find the first bitcoin block, so we don't have enough money on hand to purchase Verge for the payment. Once we find a bitcoin block, we will have a decent reserve and can consider actions like paying coins that exchanges have locked.

[amkcyrpto]

Hi,

is payouts stopped also für Binance Verge wallet or i will get pay out my treshold to my binance verge wallet?

[faison912]

Look I have not problems getting coins to my Coinomi wallet. I mine Verge on other pools and I receive all of my payouts. Can you please give me my coins. I have been waiting for days to receive my payout from you guys have not received anything. The funny thing is if there is a problem you are only making it worse because I am collecting more and more money in your account which now makes the problem much more of an issue. I would have rather ran into a problem on Saturday after your upgrades when I only had $40 or so in payout now I am at over $400.

[faison912]

Ok I don't use Cryptopia for XVG but if they are lock then why when I log into my Cryptopia account they allow me to deposit XVG? If they were locked I would assume that they would not allow users to deposit as well as withdraw. People are exchanging on that exchange so I would think that exchang for XVG would be low because the purchasers won't be able to withdraw funds. I am going to test this "withdraw" issue out after 12 AM if I don't get my funds by sending a few XVG to the exchange and withdrawing. Crypto already doing poor enough to deal with pools holding money.

[desmike481]

Steve -- Some folks on the Cryptopia forums are saying that "it's working" now. Are the wallets still frozen?

[TravisMining]

yobit is ok?

[3Moose]

Is Binance ok? I am not seeing it as a listed problem but I know you can't list every wallet.