Polarity.Exchange

Polarity Exchange

Polarity Exchange, launched in June 2020, was a decentralized crypto exchange based in Northern Cyprus, built on the Turtle Network blockchain. It aimed to offer secure trading with a focus on privacy coins like Pirate Chain (ARRR), but it’s now marked as inactive after a major security breach in 2023.

What Was Cool About It

• Security Focus: Offered blockchain-based 2FA and a vault system for wallets, letting users keep full control of their funds. A 2021 Trustpilot review praised its low fees and user-friendly experience.
• No KYC: You could trade without ID verification, appealing to privacy fans, as noted in a Reddit review by a Pirate Chain user in 2021.
• Trading Pairs: Supported USDT as the base pair for all assets, with coins like BTC, ETH, and TurtleNetwork (TN). Fees were low at 0.01 USDT per trade.
• DApp Support: Allowed users to interact with DApps via its Polarity UI, lowering the entry barrier for newbies, according to a 2021 Cryptonomist article.
• Community: Had a Telegram group and a helpful community, with users on Trustpilot mentioning fast support—like one who recovered funds after a wrong transfer.

Things to Think About

• Major Hack: On February 17, 2023, Polarity lost $353,000 in user funds to a hack, affecting tokens like USDT, BTC, and ETH. A 2023 MEXC Blog post revealed the team initially downplayed it as “maintenance” before admitting the loss.
• Now Inactive: BitDegree lists it as inactive due to insufficient data, and the site doesn’t load, showing it’s likely shut down.
• Transparency Issues: The team’s delayed response to the hack (not admitting it until after customer pressure) raised trust concerns—some even speculated about an inside job.
• User Struggles: While some loved the platform, others on Trustpilot reported issues like login problems and outdated guides, with one user in 2021 unable to access their account.
• Limited Scale: It was small, with less than $1M in daily trade volume and 16,000 users before the hack, per the MEXC Blog, so liquidity might’ve been an issue.

Polarity Exchange had big ideas around security and privacy but couldn’t recover after the 2023 hack, leading to its downfall. It’s no longer a viable option for trading.