CoinAppetite

Crypto Exchange Bitsane Vanishes with Users’ Funds

According to Forbes, Ireland-based cryptocurrency exchange Bitsane has ceased its operations and disappeared with users’ funds.

Bitsane was founded in 2016, and it was one of the first exchanges to partner with Ripple, and offer trading in XRP. According to the data from the CoinMarketCap, the exchange had around 246,000 users and a daily trading volume of more than $7 million.

What happened with exchange Bitsane?

According to Forbes, users started to experience difficulties even earlier, in May. They had problems with withdrawals of their funds, which Bitsane justified with technical difficulties.

Then, on June 17, exchange Bitsane went offline and its social media profiles were deleted. Moreover, Dmitry Prudnikov, chief technology officer at Bitsane, no longer has a LinkedIn profile.

On Twitter and Telegram, users are complaining about their inability to reach to Bitsane support. Apparently, all emails sent to its accounts bounce back marked as undeliverable.

Users are also complaining about their lost funds. Forbes cited an anonymous user saying that he lost $150,000 in XRP and bitcoin (BTC) following the company’s disappearance. Another user tweeted that he lost over $7000 worth of crypto, which he held on Bitsane.

Forbes also noted that several US-based Bitsane users allegedly filed complaints with the F.B.I.

Final words

Unfortunately, the case of a crypto exchange vanishing with its users funds isn’t rare in the wild crypto world. For example, at the beginning of June, Poland-based crypto exchange Coinroom closed its operations and disappeared with users’ funds.

So beware when choosing a crypto exchange you’ll trust your funds.


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Tamara Jones