Cryptocurrency Exchange Bitsane Disappears Scamming Nearly 250,000 Investors

    The cryptocurrency exchange Bitsane seems to have left users without their funds. The exchange closed its operations and the founders ran away with the money investors had there. This is just one of the many different scams that affected the crypto market over the last few years.

    • Bitsane crypto exchange runs away with investors’ money
    • The company didn’t let users withdraw their funds

    The XRP-based cryptocurrency exchange Bitsane disappeared without leaving a trace just a few days ago. According to a recent report released by Forbes, the exchange left the market leaving hundreds of thousands of users without their assets.

    Crypto Exchange Disappears Without Leaving A Trace

    Forbes reported that some account holders tried to withdraw Bitcoin, XRP and other digital assets but the withdrawal process was already failing since May. Bitsane’s support team wrote in emails that withdrawals were “temporarily” disable due to technical reasons.

    However, on June 17, Twitter and Facebook accounts were deleted and emails sent to Bitsane accounts were returned as undeliverable. At the moment, there are several individuals using Telegram and a group on Facebook talking about how to recover their funds. One of the users claimed to have $150,000 deposited in the exchange.

    This is just one of the many different exit scams that have affected the crypto market during the last few years. In addition to it, many other exchanges have been affected by hacks, including Binance, GateHub and or Coinchek, among others.

    Bitsane had 246,000 users registered as of May 30, as reported by Forbes. At the same time, it had a daily trading volume of $7 million, according to CoinMarketCap.

    The user that claims to have lost $150,000 commented about the exchange:

    “I was trying to transfer XRP out to Bitcoin or cash or anything and it kept saying “temporarily disabled.” I knew right away there was some kind of problem. I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.”

    Users were able to purchase and sell XRP through this platform in times when Coinbase didn’t offer support to this digital asset. There were several users that found the exchange thanks to a CNBC article that explained how to buy XRP with Bitcoin (BTC) and Ethereum (ETH).

    The CEO of the exchange Aidas Rupsys and the chief technology officer Dmitry Prudnikov cannot be contacted through their social media accounts, including LinkedIn. The exchange Bitsane Limited was incorporated in England in August 2017 after being founded in 2016. On May 16, Bitsane Limited filed for dissolution.

    According to Zmitrovich, who registered the exchange in England, the company didn’t even have a bank account. At the moment, there is no information about the funds lost, where the money is, the employees that worked at the exchange and many other scam victims.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    PAX Stablecoin Issuer Paxos Settles First US Equity Trade Using Blockchain

    The first blockchain-based settlement of US equities was claimed by Paxos, the New York-regulated cryptocurrency startup, Instinet, the broker dealer owned by Nomura, and...

    Ripple (XRP) Price Analysis (February 20)

    Key Highlights XRP's price strength has once again overpowered by the US dollar market worth. A fiercely breakthrough of a $0.30 mark will portend...

    Sweden's Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

    Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona. The pilot program...

    Australia’s National Stock Exchange Is Building A DLT-Based Real-Time Trading Platform

    Both companies listed publicly, NSX Ltd., which is the owner of the National Stock Exchange of Australia, and the financial institution known as iSignthis...

    Brazil Central Bank To Roll Out PIX, A Non-Crypto, QR-Based ‘Near Instant' Payment System

    Brazil’s Central Bank is set to launch a new payment system which it claims will offer near instant fund transfers. The new payment system...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.