Crypto exchange Bitsane Disappears with Clients’ Money

Crypto exchange Bitsane Disappears with Clients’ Money

The Dublin based cryptocurrency exchange firm Bitsane, a popular XRP traders haven, disappeared from the digital landscape with all of its users’ investments. Nearly 250 000 people have been victimized by the latest reminder of the increasing risk users are taking when trading online, especially with crypto.

Signs of troubles started emerging as early as May of this year, when users experienced problems with withdrawing Bitcoin, XRP and a whole array of other cryptocurrencies from Bitsane. Those who contacted support were made sure that the issues were temporary, caused by technical difficulties; alibis that almost any internet service provider utilizes. The mundanity of these excuses is the main reason for suspicion’s late arrival.

By June 17 the Bitsane website was deleted, and alongside with it all of its social media accounts. Any attempt to contact both CEO Aidas Rupsys, or his chief technology officer Dmitry Prudnikov, have been unsuccessful.

As of May 30, Bitsane had well over $7 million in daily trading volume, subdivided in-between its near 250 000 users. Information taken from Telegram and Facebook chat groups of victimized clients reveals that most users have had up to $5000 in crypto holdings stolen, while one user told Forbes that he had lost $150 000 to the scam.

It’s not unheard of that a crypto exchange gets hacked, but to disappear without a trace is a whole ‘nother level. Are we witnessing the rise of a new trend of deception, or is this a one time endeavor?

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