Dear community,
Cryptocurrency exchanges often block or require additional verification from 10% of their users. But how can you avoid losing your funds and prevent your account from blocking? With the help of Paytomat Wallet’s new feature you can do it in 3 simple steps.
Why do exchanges block accounts?
It’s very simple — the exchanges use a special software, which traces “bad” bitcoins. These bitcoins are related to those which were detected in exchange hacks, used by hackers or converted via “mixers”.
How could I acquire “bad” bitcoins?
Bitcoins save their entire transactional history. If you just purchased them, there is a high probability that just a while back, they were used to purchase weapons or payed to hackers for breaking into a computer. After that, they were traded on the exchange to you.
Can the exchange block my account based on these allegations?
Yes. As you might already know, all of the reputable cryptocurrency exchanges today identify their users and carefully verify their funds’ origin. If the transaction is suspicious (for instance, cryptocurrency has ties to darknet), they simply freeze the funds. An exchange may block your account and request documents, which would confirm the purchase of these bitcoins. More often than not, the probability of unblocking your account is very low.
How can I protect my crypto?
These 3 easy steps will inform you whether your bitcoins are at risk
- Install Paytomat Wallet:
- Connect DLTI service, which identifies potentially dangerous transactions and suspicious blockchain addresses.
DLTI verifies the transaction and indicates whether it is safe or not. The amount of transactions you can verify is unlimited and you can cancel your subscription at any time.
Click “Check transaction” in the upper screen of “Transaction details”. You will soon be able to verify funds before even receiving them and block the sender. This feature is under active development and we plan on improving it by adding address auto verification, blacklisting and more.
If you have any questions, we will be happy to answer them in our chat.
Stay safe and stay home.
Sincerely yours,
DeepDive and Paytomat teams