Lost Siacoins after Depositing to Poloniex.com Exchange (Probably because of Wallet Maintenance)

Updated: 30 January, 2018 seen 402

Hmm, this is not nice, but that what happened to me, Siacoins I had mined using GPU mining rig,got lost somewhere in Poloniex.com

A brief background - since I started to experiment with gpu mining rig, I opted for Claymore's dual mining Ethereum and Siacoin, mining Siacoin didn't seem very profitable (see: Is It Profitable Mining Siacoin (SC) in 2018? ), but I decided to keep mining just in case Siacoin goes to the moon (like many other altcoins) and maybe someday my Siacoins would be worth millions of dollars? He he. For Siacoin Withdrawal address I entered the one I have on Poloniex.com exchange. 

In total, I had mined 131.61 SC. And everything seemed nice. It would take me a couple of months to reach minimum 500SC withdrawal limit, but it all happened suddenly. I had a flight and obviously, I was not checking what's happening with SC or ETH withdrawals - why would I? There are still plenty of time to reach that 500 SC minimum threshold. Before boarding my plane I last time checked my e-mail and read following comment regarding Siacoin mining:

SIAcoin is no longer profitable to mine on Graphics Cards.

As I was to board my plane already, soon I forgot about this comment, and next time reconnected to the internet (some 12 hours later) - I went to check my mining stats both for Ethereum and Siacoin, and was really surprised seeing that my Siacoins have been transferred to the Poloniex.

Recent Payouts on Siacoin

Recent Payouts on Siacoin

Cool, I thought, what could go wrong here? Indeed in recent days mining difficulty for Siacoin had increased, and now to reach my 500 minimum threshold, I should mine for about 4-5 months. 100 SC minimum? Cool.

New! To alleviate the effects of the increasing network difficulty, a new payout tier has been introduced, which pays out balances between 100 SC and 500 SC every 5 days.

The thing that made me kind of worried was the written bellow on Siamining:

Note: If you have not received one of the payout transactions listed above, please click on the transaction ID to look it up on the Explorer. If the transaction appears there, it is proof that it went through successfully, and that the problem is with the receiving end. If you are using an exchange address, you should contact the exchange.

Hmm, I thought - this is kind of alarming, but still waited for a couple of hours before checking Poloniex.com, once I did, indeed no funds received. Now, I returned to Siamining stats, checked transaction ID's, everything seemed fine. Double checked. Tripple checked. From the side of Siamining looks good, unfortunately, no funds on Poloniex. Next stop Google - and here you go, zillions of complains about lost Siacoins on Poloniex.com without a good reason. Hmm, what's left? Contact Poloniex.com support desk (and hope for an answer in a foreseen future).

Hi there!

 

I'm contacting you with a missing Siacoin deposit from SiaMining to Poloniex.com

In total there have been missing 131.61 SC deposited to the following address on Poloniex.com 5d619d701172559e9caa272214ebe3351941ca3be6ca42a29a086b0c8dd64fcebbfd186e75c2

 

Here is the id/hash for the transaction:

https://explorer.siahub.info/hash/78964f3068a6bfb0b6d0eafb083a8dde9cab7…

 

Any comments on this? Are the funds lost?

Thank you for looking into this

Now, with current exchange rates ($0.05), my 131.61 SC would be worth $6.88, and I'm not in depression because of the missing funds yet, in case SC price would reach $1,000 per coin that would be a disaster (luckily I've bought a couple of thousand SC already and I still would be safe in such scenario).

Surprisingly, but I didn't have to wait for an answer a week, day or even an hour, I got a reply after 15 minutes:

Dear Reinis,

 

We’re very sorry to inform you that we are currently experiencing a momentary problem with the wallet and had to disable it for maintenance. 

 

As soon as the wallet is re enabled your deposit will credit.

 

Thank you for your patience and we’re sorry for the inconvenience, don’t hesitate to reply to this message if you have any question.

 

Sincerely,

Poloniex Support Team

Everything looks great this time - once the momentary problem will be solved, the deposit should go through.

The Bottom Line

Now, this was the second time I have experienced problems with cryptocurrency deposits, the last one was at the start of 2018, when I lost Verticoins on Wirex app (still not recovered). See: My Experience with Wirex Visa Card (Virtual/Plastic) Convert BTC/Altcoins to USD/EUR or GBP

If there is a valuable lesson we can learn from this - don't store all your coins on exchanges, they get hacked, deposits might get lost e.t.c. Crypto world is crazy and unfortunately very tech savvy.