What Went Wrong When The Nova Cryptocurrency Exchange Shut Down

On October 30, Nova Exchange issued a press release announcing that the popular altcoin exchange would shut down in April 2018 for long-term upgrades.

The exchange was sold to new owners and management. These new owners are planning major upgrades to the exchange, including updates for better scaling, stability, and security.

Current users can withdraw all funds from the platform up to April 2018. If you don’t withdraw funds, your account will be considered a non-refundable donation.

Nova Exchange laid out a schedule for their shutdown process:

• October 30, 2017: News about the shutdown is released, user registration closes, adding coin page closes, and deposits for ETC and ETH are disabled.
• November 30, 2017: Deposits are disabled for all coins, and all users get a level 3 verified account level.
• December 15, 2017: One last deposit scan to take care of all deposits made after November 30, 2017.
• January 31, 2018: Email reminders sent to all registered users.
• February 28, 2018: Trading engine stops, dice game stops, and the Nova Exchange API stops.
• March 31, 2018: Logins paused, website replaced with information about the new management takeover
• April 15, 2018: Support closes, and all Nova Exchange user data is removed.

Again, the team is warning users that “Remaining user balances that has not been withdrawn before 2018-04-01 will be considered a donation and is not refundable.”

It’s unclear what the future for Nova Exchange will hold under new management. However, you’ll have to wait until next year to find out. In the meantime, withdraw all your funds from Nova Exchange as soon as possible.