07-04-2020, 08:55 AM
Warning: Bitmax caught staking undelegated LTO to their LTO Mainnet node
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/hkqnvj/warning_bitmax_caught_staking_undelegated_lto_to/"> <img src="https://b.thumbs.redditmedia.com/h_hZH9hg0LMQpXhba6VmHW5NchACsTDv5cl7ME4YAVg.jpg" alt="Warning: Bitmax caught staking undelegated LTO to their LTO Mainnet node" title="Warning: Bitmax caught staking undelegated LTO to their LTO Mainnet node" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Since a few weeks it is possible to stake your LTO on Bitmax's LTO Mainnet node, while keeping LTO on Bitmax's exchange. This can be seen as an additional service for those that wish to keep their tokens handy on the exchange to trade. To get staking rewards on your LTO you need to delegate your LTO tokens in your cash account to LTO-S tokens, at which point you will start receiving rewards. Nice huh?</p> <p>​</p> <p>Well unfortunately, it has come to the attention of the community that even if you do NOT delegate your LTO tokens in your bitmax account, these tokens are transfered to the bitmax node. This means the exchange is earning of your user funds without you knowing it. Your LTO tokens are always staked, but if your tokens are not delegated you will simply not see any rewards for it. They are not locked, you can always withdraw them whenever you need, but this is a dirty situation for sure.</p> <p>​</p> <p><a href="https://preview.redd.it/lu5cnyqfdp851.jpg?width=1860&format=pjpg&auto=webp&s=4d82a8e889eff13bd4325d9afe203a6f691eb576">Someone's test transaction, which is not delegated within the Bitmax account. Funds are forwarded to bitmax node within a minute.</a></p> <p><a href="https://preview.redd.it/wcid7pmbep851.jpg?width=1276&format=pjpg&auto=webp&s=5f24bff5d4b5c16737e70b6f42d1382da708b0b2">Showing the 3 LTO amount as \"LTO\" on Bitmax and not as LTO-S (which is the handle for the delegated LTO within your account). </a></p> <p>I don't know if this is intentional (one would fear) or that Bitmax is simply incapable of building it correctly. Just know that if you keep your LTO tokens on there, they will earn money behind your back if you do not delegate them. My advice would be to move your tokens over to Binance or jump over to LTO Mainnet and stake your tokens on one of the public nodes that are run by the community. They offer better node fees anyways (bitmax takes 10%, public nodes 2,5 to 5%).</p> </div><!-- SC_ON --> Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/hkqnvj/warning_bitmax_caught_staking_undelegated_lto_to/"> <img src="https://b.thumbs.redditmedia.com/h_hZH9hg0LMQpXhba6VmHW5NchACsTDv5cl7ME4YAVg.jpg" alt="Warning: Bitmax caught staking undelegated LTO to their LTO Mainnet node" title="Warning: Bitmax caught staking undelegated LTO to their LTO Mainnet node" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Since a few weeks it is possible to stake your LTO on Bitmax's LTO Mainnet node, while keeping LTO on Bitmax's exchange. This can be seen as an additional service for those that wish to keep their tokens handy on the exchange to trade. To get staking rewards on your LTO you need to delegate your LTO tokens in your cash account to LTO-S tokens, at which point you will start receiving rewards. Nice huh?</p> <p>​</p> <p>Well unfortunately, it has come to the attention of the community that even if you do NOT delegate your LTO tokens in your bitmax account, these tokens are transfered to the bitmax node. This means the exchange is earning of your user funds without you knowing it. Your LTO tokens are always staked, but if your tokens are not delegated you will simply not see any rewards for it. They are not locked, you can always withdraw them whenever you need, but this is a dirty situation for sure.</p> <p>​</p> <p><a href="https://preview.redd.it/lu5cnyqfdp851.jpg?width=1860&format=pjpg&auto=webp&s=4d82a8e889eff13bd4325d9afe203a6f691eb576">Someone's test transaction, which is not delegated within the Bitmax account. Funds are forwarded to bitmax node within a minute.</a></p> <p><a href="https://preview.redd.it/wcid7pmbep851.jpg?width=1276&format=pjpg&auto=webp&s=5f24bff5d4b5c16737e70b6f42d1382da708b0b2">Showing the 3 LTO amount as \"LTO\" on Bitmax and not as LTO-S (which is the handle for the delegated LTO within your account). </a></p> <p>I don't know if this is intentional (one would fear) or that Bitmax is simply incapable of building it correctly. Just know that if you keep your LTO tokens on there, they will earn money behind your back if you do not delegate them. My advice would be to move your tokens over to Binance or jump over to LTO Mainnet and stake your tokens on one of the public nodes that are run by the community. They offer better node fees anyways (bitmax takes 10%, public nodes 2,5 to 5%).</p> </div><!-- SC_ON --> Kind Regards R