Coins Ripple (XRP)

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.

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