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Irish Crypto Exchange Bitsane Vanishes While Exit Scamming 246,000 Users

Benjamin Vitáris
Another day, another untimely exit scam in the crypto industry. | Source: Shutterstock
Another day, another untimely exit scam in the crypto industry. | Source: Shutterstock

Following Coinroom, Bitsane is the second crypto exchange that has pulled an exit scam in the past three months, leaving up to 246,000 users as victims of fraud.
Image source: Facebook

Irish crypto exchange Bitsane scammed 246,000 of its users.
Irish crypto exchange Bitsane scammed 246,000 of its users.

It Started With a ‘Technical Issue’

Bitsane victims reported to Forbes that users had problems withdrawing cryptocurrencies from the exchange in May. In response to the issue, the operators of the platform sent out emails claiming that withdrawals had been “temporarily disabled due to technical reasons.”

On June 17, Bitsane users had to realize that the operators of the crypto exchange had lied to them as the platform had suddenly disappeared. Bitsane even deleted its Twitter and Facebook accounts, and users were unable to reach the exchange’s support team via email.

An archive of the vanished cryptocurrency exchange shows that it had 246,000 users and 25,000 daily transactions. While the operators reported these stats – so there’s a reason to suspect they are not entirely accurate –, CoinMarketCap shows that Bitsane had a daily trading volume of $7.2 million on March 31.

“I believe a major international crime has been committed. I have lost $7000 USD! What I know follows, there are many victims, please help. THEY HAVE STOLEN ALL OUR MONEY,” a victim of the cryptocurrency exchange stated on Facebook.

The victims of the Bitsane exit scam have formed groups on Telegram and Facebook to share their stories and discuss their options to reclaim their funds. Most users in these groups have reported that they had lost up to $5,000 in the exit scam, but one US customer stated to Forbes that he had $150,000 worth of bitcoin and XRP in his exchange account that he was unable to withdraw.

Read the full story on CCN.com.