Irish Cryptocurrency Exchange Bitsane Vanishes Overnight in Suspected Exit Scam

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According to a Forbes article published on June 27, 2019, Irish cryptocurrency exchange Bitsane has suspiciously disappeared from the market leaving almost 246,000 users without their digital assets.

Without a Trace

Ireland-based cryptocurrency exchange Bitsane is the latest cautionary tale in an industry marred with frequent exit scams, hacks, and frauds. The Wild West of cryptocurrencies has over the years witnessed some of the most eccentric cases of deceit and scams ranging from the monumental downfall of Mt. Gox to the zigzag anecdote of QuadrigaCX.

Forbes reports that since May 2019, Bitsane’s users have been unable to withdraw bitcoin (BTC), ether (ETH), and XRP from their exchange accounts. Reportedly, Bitsane users received emails from the exchange’s support team stating that withdrawals were “temporarily disabled due to technical reasons.”

However, things quickly took a dramatic turn as by June 17 the exchange’s website, Twitter account, and Facebook page were nowhere to be found on the Internet. Even user emails sent to Bitsane’s official mail address returned undelivered. Per the report, users have lost cryptocurrencies worth $5,000 to $150,000 in BTC, ETH, and XRP.

A user who claims to have lost $150,000 worth of XRP told Forbes:

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.

Adding:

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.

Another Twisted Tale in the Making?

As of May 30, 2019, Bitsane had a respectable user base of 246,000 people. Cryptocurrency analytics website CoinMarketCap estimates the exchange’s daily trading volume to be roughly around $7 million on March 31, 2019.

Casting further suspicion over the already murky case is the fact that the exchange’s Chief Technological Officer (CTO), Dmitry Prudnikov’s LinkedIn account also seems to have been deleted for some odd reason.

Worried investors in the U.S. have already filed a complaint against Bitsane with the Federal Bureau of Investigation (FBI) with slim hopes of ever recovering their virtual assets.

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