Bitsane, a Dublin-based crypto exchange, closes and disappears with user funds!

Bitsane, a Dublin-based crypto exchange, closes and disappears with user funds!

Sounds like an exit scam for the Irish crypto-exchange Bitsane: as we will see, there is a lot of evidence that we are heading straight for an exit scam.

The site Bitsane.com is no longer accessible since June 17, 2019. Bitsane existed for a long time, since it was launched in November 2016.

The crypto exchange had its heyday at the end of 2017/early 2018.
It had been one of the first to list the Ripple XRP, and to allow its purchase/sale especially against fiat currencies (euro and dollar), well before Coinbase. It had been officially recommended by Ripple for that.

Things began to go wrong this May 2019: Bitsane users then had serious problems removing their bitcoins (BTC), and XRP in particular. Exchange support responses were that withdrawals were “temporarily disabled for technical reasons”.

Besides the fact that “temporary” seems to drag on, Bitsane’s social media accounts on Twitter and Facebook have also been removed. And trading volumes of the exchange on CoinMarketCap are no longer updated for 11 days, while the site still processed for $7 million of daily transactions in late May 2019.

Aidas Rupsys, CEO of Bitsane, and Dmitry Prudnikov, his CTO, have also given no sign of life in the meantime.

The 246,000 users registered on the platform before its disappearance are therefore in the blackout, and every day without news brings us closer to the confirmation of an exit scam. The amount of damage, if confirmed, has not yet been estimated.

User groups on messaging platform Telegram and Facebook reveal users claiming to have typically lost up to $5,000, with Forbes citing an anonymous U.S. resident who says he had $150,000 in XRP and bitcoin (BTC) on the exchange prior to the company’s disappearance.

Earlier this month, reports were received that the Polish crypto exchange Coinroom would have ceased operations and disappeared with customer funds, after informing users that they had only one day to withdraw their funds before the termination of their contracts.

The end of the bear market results in a series of exit scams, many small cryptos exchanges played with the money of the users and lost a lot, not being able to refund the customers.
The only solution is to close its doors without paying back customers.

Small cryptos exchanges should be avoided or do not leave tokens there.

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