[Updated] BitPanda Exchange Accused of Scamming Users by Making Unauthorized Trade Swaps


Update: BitPanda has officially reached out and declared the following to not be factually correct. Please do not accept the following article as correct and we will further add updates once readily available.

It appears that BitPanda has reached out to Matt to assure him that they had to part in doing any trades on his behalf. They have also provided Matt with the login logs in order to see which IP's have access to his accounts.  He has also reached out to Google to get the same information for his Gmail account since the purported hacker would need access to his Gmail as well.

The victim will reach out to the Authorities with this new information to try and see what happened.

Original Story

BitPanda is one of the last companies that has been accused of performing fake trade swaps on behalf of users. In a recent blog post released by the privacy advocate Matt, BitPanda seems to be faking trades on users’ behalf when the digital asset soars. After performing this action, the exchange blocks the users’ account.

Could BitPanda Be Performing Unauthorized Trade Swaps?

According to Matt, he deposited 500 Euros to purchase Litecoin (LTC). The account received on time 9.53 LTC. Nonetheless, at 2 am, an unauthorized swap trade appeared on his account. He did not receive any notification. Moreover, he says that the realized that the swap took place when LTC was growing in price.

About the situation, he commented:

“Then it made sense when in fear, market makers can tweak the prices a bit but not a lot so what I assume they did here is swap to a less volatile currency (USD) in order to cover their possible loss and execute unauthorized trades in my account when they can possibly lose a lot of money.”

To verify that the swap was fraudulent, he then performed a test-swap from BTC to LTC and he immediately received an email for it.

It is worth mentioning that there have been several reports that show that crypto exchanges are performing wash trading in order to attract more users to their platforms. According to BitWise Asset Management, 95% of the trading volume reported by unregulated cryptocurrency exchanges is fake.

There are several regulatory agencies that are trying to regulate the crypto market and how exchanges operate. If BitPanda has been performing trading swaps without users’ permission, there might be some investigation that would take place to understand what really happened.

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