Bitsane crypt exchange pulls exit scam
The Irish exchange has absconded with the funds of 246,000 registered users
Hundreds of thousands of dollars in cryptocurrency suddenly vanished thanks to the unscrupulous actions of Ireland’s Bitsane exchange. It has been reported that the founders of the exchange have pulled an exit scam, taking the money it was holding for its 246,000 users and running away. There is no indication of the amount of money stolen, but it’s possible that it runs more than $1 billion.
Bitsane filed for dissolution this past May under circumstances that left a lot of doubt about what was really happening. Users have been trying to withdraw their funds, but everything suddenly went dark and they were told the inability to retrieve their funds was due to a technical glitch. However, by June 17, the Bitsane website was down and its Facebook and Twitter accounts were deleted. Emails sent to the company’s addresses are returned as undeliverable.
Bitsane users have been talking about the exit scam on Telegram and many indicate that they lost as much as $5,000, while one user said that he had $150,000 on the platform. He stated, “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.”
While not being able to properly calculate how much could be missing, simple calculations put the amount in the hundreds of millions, possibly billions, of dollars.