Popular XRP Exchange Exit Scammed 250k Users In 2019, Now Bitsane.com Gets Auctioned At GoDaddy
The domain name Bitsane.com has been auctioned on GoDaddy. It previously belonged to the Ireland-based cryptocurrency exchange that made a scam exit with hundreds of thousands of users’ assets with it.
After nearly 7 months of pulling the exit scam, the domain went on auction with 15 bidders making 80 bids with the latest one at over $1,500.
The estimated value was kept at $4,722 by GoDaddy which is an estimate of the true value of each domain on the basis of millions of historical domain name sales. However, this is not the ultimate price as the seller may ask for a price above or below this estimated value.
In May 2019, account holders were unable to withdraw BTC, XRP, and other cryptos from Bitsane when the company's support team said the withdrawals were “temporarily disabled due to technical reasons,” only to go offline in late June. Bitsane’s Twitter and Facebook accounts were then deleted.
Over 100 of the users in the Telegram and Facebook group claimed to have lost up to $5,000. One user lost $150,000 worth of XRP and BTC stored in the exchange. As of May 30, the Bitsane website showed 246,000 registered with a daily trading volume of $7 million.
During the height of the bull run in late 2017, Bitsane attracted retail investors by allowing them to buy and sell the third-largest cryptocurrency XRP. At that time, CNBC published a story on Jan. 2, 2018 with the headline, “How to buy XRP, one of the hottest bitcoin competitors,” explaining how to buy BTC, ETH on prominent crypto exchange Coinbase then transfer it to Bissane to exchange it for XRP.
Right before the exit scam, someone withdrew XRP tokens from Bitsane whose flows were tracked to Binance, Bitstamp, and Coinbase. After that, Bitsane only came into the light only now when it’s domain name has been auctioned for sale.