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The next big scam: Crypto exchange Bitsane vanishes

Jul 01 2019
By
Jonathan Smith

Dublin-based cryptocurrency exchange Bitsane disappeared without a trace last week, leaving 246 000 clients unattended. Scammers are believed to have fled with cryptocurrency and cash worth millions of euro.

 
 
 
Forbes reported that users of Bitsane had difficulties withdrawing since May, but the exchange’s support team wrote in emails that withdrawals were only “temporarily” disabled due to technical reasons. Then, on June 17th, it was all gone - Bitsane’s website vanished, and its Twitter and Facebook accounts were deleted. The same happened to the LinkedIn accounts of its CEO Aidas Rupsys and chief technology officer Dmitry Prudnikov. So, now the exchange’s team is absolutely unreachable.
 
 
 
While other exchanges get hacked or bankrupt, Bitsane simply disappears with its clients’ funds worth millions. The exchange was launched in 2016, and became very popular for exchanging Ripple after an article was published on the CNBC. Now its clients are unable to access their Bitcoin, Ripple, and other digital assets.
 
 
 
Bitsane’s disappearance is the latest scam that shook the crypto market, once again proving the underlying danger of dealing with digital assets. Other recent crypto scandals include the hacks of major exchanges GateHub and Binance, as well as the interesting case of QuadrigaCX, which was declared bankrupt after the mysterious death of its owner.
 
 
TAGS: Bitsane  scam  crypto exchange  Ireland 
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