I don’t trust Swan \ stacker news ~bitcoin

379 sats \ 16 comments \ @Manikese 16 Jun bitcoin

I have used Swan for a few months. I performed a test transfer when I first started. Things looked good. I stacked a decent amount and when I went to withdraw they froze my account. This was yesterday. They haven’t responded to my support ticket, phone call, or email.

I use biometrics for login and 2 factor authentication. There is no reason to freeze my account for (suspicious activity). It is suspicious to withdraw using the same app, same WiFi, everything the same since day one?

Unacceptable.

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52 sats \ 0 replies \ @siggy47 16 Jun

This happened to me out of the blue after 18 months.

11 sats \ 2 replies \ @quark 16 Jun

Once you solve the issue, make sure to own your own keys. The nice thing about bitcoin was that you don't need permission of anybody to do a transaction.

21 sats \ 1 reply \ @Manikese OP 16 Jun

I have many sets of keys. I was trying to transfer from an exchange to a cold wallet. But I need to stack sats somehow.

You make a good point though. It is always good for people to hear.

10 sats \ 0 replies \ @quark 16 Jun

Ah yes, cool. I hope you solve the issue very soon and thanks for reporting it here

119 sats \ 3 replies \ @SatsMate 16 Jun

I don't trust any exchange (even Strike).

I self custody whenever I have a decent amount to lose.

21 sats \ 0 replies \ @Manikese OP 16 Jun

Good point. I used Strike the most. It is my most trusted of the 5, now 4 that I use.

21 sats \ 0 replies \ @JesseJames 16 Jun

Strike didn't even work for me, endless loop of confirming and then "You can't open an account" with no explanation or email or anything. F them then, I will NOT open an account there. Own BTC and LN node and Zeus are doing just fine.... and I ask no one for anything, just use it when you want/need. This is the way....! (I sound like Mando now) :-)

0 sats \ 0 replies \ @TheBTCManual 17 Jun

I started to use Strike when they launched in Africa, but last month they disabled bank deposits now I can't lol and I was just getting used to having LN on demand

63 sats \ 0 replies \ @freetx 16 Jun

Its all exchanges.

The current kyc laws default to siding with the exchange. Its almost like a state-sanction theft ring.

"OH NO! Due to suspicious activity and faulty KYC documents we now need to keep your money!!!"

0 sats \ 0 replies \ @Manikese OP 28 Jun

Hey all. I just want to give an update. I wanted to do this earlier but I let too much time slip by.

I was able to get my funds out of Swan. The customer support was very kind and professional.

The timeline: Saturday I saw low transaction fees and tried to withdraw my sats in the evening. At that point the automatic security system (which is set to be so secure it just always auto locks) locked my account. Monday around lunch my phone calls, support ticket, emails were responded to with a request to send a video of me and more proof I am who I say I am. Wednesday after lunch they unlocked my account. It immediately locked again when I tried to withdraw. Then their team unlocked it again so I could withdraw successfully.

I think I overreacted because I was a victim of the Celsius scam. I don’t want to ever see my accounts frozen.

Finally, that feeling of getting my sats into my cold wallet was the sweetest feeling in the world. It usually is, but this one was a special one for sure.

0 sats \ 3 replies \ @southside263 16 Jun

DM their social media on twitter ?

0 sats \ 2 replies \ @Manikese OP 17 Jun

Good idea. I did get an email today. Apparently no y checks communications on the weekends. Since my account was locked on Saturday, I had to wait until today. Their response was that I “self-froze” my account. And that they are looking into how it can be un-frozen.

It’s almost laughable how bad of an experience this is with them.

31 sats \ 1 reply \ @southside263 17 Jun

sounds like a new company with a small team.

there’s River, Strike, CashApp …

10 sats \ 0 replies \ @Manikese OP 28 Jun

They are the best in the industry for sure. Another one at that level is Unchained.

0 sats \ 1 reply \ @riberet19 16 Jun

Is Swan a cryptocurrency exchange? sorry for my ignorance, I have never heard it.

47 sats \ 0 replies \ @k00b 16 Jun

A bitcoin-only exchange in the united kingdom of America.