On July 18, between 12:45 AM and 02:15 AM (IST), SunCrypto users witnessed an unusual event: some coins on our platform experienced a massive growth in value, with prices skyrocketing up to 100x.
We understand that this sudden surge raised many eyebrows and caused confusion. We are here to clarify what happened and explain the steps we’ve taken to address the situation.
What Happened on SunCrypto?
Firstly, we want to assure you that this price surge was not real. It was the result of a technical glitch. For those 26 coins that experienced massive price surges in the above-mentioned time, we took their liquidity from CoinDCX, India’s largest crypto exchange.
| Coins That Experienced Unreal Price Jump | ||
| Ethereum (ETH) | Ravencoin (RVN) | Arbitrum (ARB) |
| Polkadot (DOT) | Polygon (MATIC) | TokenFi (TOKEN) |
| Cardano (ADA) | Shiba Inu (SHIB) | Jupiter (JUP) |
| USD Coin (USDC) | Gala (GALA) | Pixels (PIXEL) |
| DogeCoin (DOGE) | DFI.Money (YFII) | Phoenix (PHB) |
| Chainlink (LINK) | Fantom (FTM) | Book of Meme (BOME) |
| VeChain (VET) | Avalanche (AVAX) | Ethena (ENA) |
| Solana (SOL) | Render (RNDR) | Ben the Dog (BENDOG) |
| PancakeSwao (CAKE) | COTI (COTI) | |
To that end, CoinDCX recently scheduled a quick maintenance window on July 18, between 12:00 AM and 02:00 AM (IST). That means if users try to buy these coins between the time 12:00 AM to 02:00 AM, their orders will not get fulfilled.
However, a technical glitch on the SunCrypto platform allowed some users to place trades and book profits based on these incorrect prices since the orders were not filled actually because CoinDCX, our liquidity partner for these coins, was on maintenance. We understand that this might have caused confusion and concern.
To maintain the integrity of our platform and ensure fairness for all users, SunCrypto has decided to suspend all trades that occurred between 12:45 AM and 02:15 AM (IST) on July 18 for these 26 Coins. This means that any profits or losses incurred during this period by these coins will be reversed, and users will receive the balances they had before the trades were made.
Understanding the Scenario with an Example
Let’s break down what happens to your funds if you traded certain coins between 12:45 AM and 02:15 AM (IST) on July 18, using a simple example:
▪️ Suppose a trader has around ₹10 lakh INR, 50 lakh SHIB tokens (approximately ₹7,000), and 2 ETH (approximately ₹5.77 lakh) in their SunCrypto account. This means his/her total portfolio is worth around ₹15.84 lakhs.
▪️ On July 18, at 01:00 AM, the trader sold all their SHIB and ETH holdings and made a profit of ₹2 crores. Additionally, he/she traded his/her ₹10 lakh funds into the affected coins, turning it into ₹50 lakhs. As a result, his/her portfolio value surged to around ₹2.50 crores, a significant increase from the original ₹15.84 lakhs.
▪️ However, these profits are not real because the coins did not actually experience such a price surge in the global market; it was just a glitch on SunCrypto.
▪️ As a result, all the trades made for these coins during that time will be reversed and the trader will receive their original portfolio balance back: ₹10 lakh INR, 50 lakh SHIB tokens (approximately ₹7,000), and 2 ETH (₹5.77 lakh). All TDS and fees deducted during the trades will be omitted, and the trader will receive the full repayment of his/her initial portfolio balance.
▪️ Traders and users do not need to take any action. SunCrypto will handle the entire matter. Users will receive their original portfolio balance within 7 working days and will be able to withdraw their funds as usual.
Why This Decision?
We know that this decision might be disappointing for some of our users. However, it is crucial to understand that allowing trades based on incorrect prices would undermine the fairness and reliability of our platform. We are committed to providing a transparent and trustworthy trading environment, and this step is necessary to uphold that commitment.
We sincerely apologize for any inconvenience this incident may have caused. Our primary goal is to ensure a smooth and secure crypto trading experience for all our users. We understand that safeguarding the integrity of our platform sometimes requires making difficult decisions. Please know that we are here to support you and make your crypto journey memorable.
Conclusion
We are actively working to prevent such issues from occurring in the future. Our technical team is reviewing our systems to ensure that similar glitches do not happen again. We appreciate your understanding and patience as we work through this matter.
If you have any questions or concerns, please do not hesitate to reach out to our customer support team at help@suncrypto.in. We are here to assist you and provide any clarifications you may need. For more information, stay tuned with SunCrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision.
Ok I understand that when our original trading will be back in our account and able to use account for trade and withdraw..?..I support your decision..now account is showing Disable trade and withdraw.
Thank you for your understanding and support. Our technical team is actively working on resolving the issue, and we aim to restore full functionality, including trading and withdrawals, within the stipulated time. Please refer to the article for detailed updates on the situation. We appreciate your patience. For further assistance, please connect with us or raise a ticket at https://help.suncrypto.in/support/solutions.
In my account is also disable for trading from suncrypto, what time it will take my account to reactive as earlier. If all trade because of technical glitch is reversed than make sure TDS amount deducted on same will also reversed.
sir mera account disabled hogya isko enable kijiye meri treding sell buy withdraw all accounts disable hogya hai usko chalu kijiye agar aisa hi chalta rha to suncrypro se logo ka bharosa uth jayega age isko koi bhi use nhi krega jabki Kai app chal rahe hai bs suncrypro hi kyu band ho gya baki sabhi app thik se chal rahe hai mere 3 account hai suncryptoke sabhi disable kyu kr diye hai kripya karke in account ko chaalu kre
We apologize for the inconvenience and appreciate your patience. As a valued user of our platform, your support means a lot to us. Our technical team is diligently working to reactivate all accounts and ensure normal trading resumes soon. All trades affected by the technical glitch will be reversed, including the TDS amount. Please refer to the article for detailed updates and timelines. Thank you for your support. For further assistance, please connect with us or raise a ticket at https://help.suncrypto.in/support/solutions.
Please sir why my account has been closed please resolve my problem 😔.
Ab Suncrypto proper work kb se shuru karega…??
Please bataen
By when issues will be resolved ? Many users unable to even login to the application to check their investments ? While you investigate the trades and correct the holdings…why throw out investors by not letting them in ? Lastly how will you compensate us for this issues and mental torture which is purely Suncrypto fault ??
Mera account withdraw enable kab hoga
Suncrypto proper kab tak work karega…
When was app login.still it shows your account is closed.this error getting from last 30 hours.
I agree with you team .
Plzz slove this problem as soon as possible. I want to buy coins in this time otherwise the coins are get high rate after few days then I couldn’t buy coins
sir, I can’t login in to my suncrypto account…please solve this problem as soon as possible…thank you.
Dear user, we apologize for the inconvenience and appreciate your patience. Our technical team is working to resolve the issue so that your accounts are reactivated as soon as possible and normal trading resumes. Please refer to the article for detailed updates. Thank you for your understanding and support. As a valued user, we will do our best to address your concerns.
For further assistance, please connect with us or raise a ticket at https://help.suncrypto.in/support/solutions.
For login issues, please refer to the instructional video
https://www.youtube.com/watch?v=Y4LNZyge_jQ
I hope for betterment of Sun Crypto exchange and geniune user
I have emailed you many times but you send me auto generated messages this is wrong I want an answer
well done ✅ sun crypto aab ja kr sukonn Mila aab fir kaih sakta Hu sun crypto best exchange India love you
@faisalkhan Thank you so much for your kind words and for being a valued user of SunCrypto! We truly appreciate your support and are glad to hear that our security measures meet your expectations. Our technical team is working continuously to enhance user experience.
As a valued user, For further assistance, please connect with us or raise a ticket at https://help.suncrypto.in/support/solutions.
Please solve problem my suncrypro
Disable sell buy withdraw all tried disable please solve my problem
Mera suncrypro account disabled hogya hai kripya usko chalu kare
It’s already 5 days and I cannot open my account . I want to deposit amount to buy the low market cap coins
Dogs coin ka price nahi bata raha ha but marcket suru ho chuki hai