On the coinbase site it says the transaction was completed but on bitsane my wallet says i have 0 ETH. Bitsane’s action is similar to its Polish counterpart Coinroom, which also disappeared overnight in April with an unidentified amount of customers’ funds. About 2 hours ago I transfered an amount of ETH from coin base into a Bitsane wallet.
Bitsane crypto exchange disappears after reportedly scamming investors
While there’s still a slim chance Bitsane comes back online and honors its users’ withdrawal requests, the fact that the company suddenly went dark without any announcements does not bode well for its customers. Forbes spoke to one user who had around $150,000 worth of and stored on Bitsane. The user said that they were encountering problems with withdrawing funds before the website went dark. Other users also report that they had issues with withdrawing funds before the Bitsane exchange disappeared.
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Victims of the scam are comparing notes in a group chat with more than 100 members on the messaging app Telegram and in a similar Facebook group. Most users in the groups claim to have lost up to $5,000, but Forbes spoke with one person in the U.S. who says he had $150,000 worth of XRP and bitcoin stored in Bitsane. Forbes found out from Bitsane users that they have been unable to take their BTC, XRP and other crypto from the wallets on the platform.
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Singapore-based digital currency exchange Bitrue was hacked yesterday, resulting in the theft of more than $4.5 million worth XRP and Cardano’s ADA token. Overall, by the end of May, there were around 246,000 users on Bitsane and each of them has lost their crypto assets. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. There is no guarantee of a stable value, or of any value at all.
- Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections.
- Prudnikov’s LinkedIn account has been deleted, and neither he nor Rupsys could be reached for comment.
- Though the exact number of victims or the involved amount is not known yet, many users are claiming to have lost up to $5,000, while one user lost digital assets worth as much as $150,000, per the June 27 report.
- Some of the Bitsane exchange’s victims have found the public filing and suspected Zmitrovich as part of the scam, but he insists accusations against him are unfounded.
On January 2, 2018, the outlet published an article that praised the platform, especially since it offered XRP trading which leading American exchange Coinbase didn’t at the time. Out of the five Bitsane users that spoke to Forbes, three said they began using the exchange after reading the CNBC article. In mid-June, the exchange’s social media accounts were taken down.
- On March 31, the last time CoinMarketCap recorded its volume, the exchange facilitated $7 million worth of crypto trading volume.
- As the first media outlet to report on blockchain-powered applications, we provide early adopters, developers, and visionary leaders with access to emerging technological landscapes, including wallets and games.
- In addition to the website shutting down, the exchange’s Twitter and Facebook accounts have been deleted as well.
- There are a few who have lost higher amounts, including one U.S. resident who spoke on the condition of anonymity.
- CoinCodex tracks 42,000+ cryptocurrencies on 400+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders.
Irish Crypto Exchange Bitsane Disappears with Clients’ Funds
Zmitrovich says Bitsane’s developers insisted that their exchange’s name be on the new legal entity he was forming. But Azbit never ended up using any of the code since the partnership did not materialize, and Bitsane Limited did not provide any services to Bitsane LP. Bitsane’s disappearance is the latest cautionary tale for a cryptocurrency industry trying to shed its reputation as an unsafe asset class.
Both have since deleted their profiles on LinkedIn and were unreachable for comments. Those affected by the scam are now comparing notes in a group chat with approximately 100 members on the messaging app Telegram and in a comparable Facebook group. Sources close to them now claim that most users lost up to $5,000, elsewhere in the U.S. another person claimed to have had $150,000 stored in XRP and bitcoin in Bitsane. In the group chat, most users wish they stored their XRP tokens on their own crypto wallets instead of trusting Bitsane exchange. Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally.
That was the last time their homepage was saved on the Internet Archives Machine. Their daily trading volume was $7 million as of March 31, in regards to CoinMarketCap. Three of the five Bitsane users Forbes spoke to found out about the exchange through the CNBC article. Ripple also listed Bitsane as an available exchange for XRP on its website until recently. Bitsane had 246,000 registered users according to its website as of May 30, the last time its homepage was saved on the Internet Archive’s Wayback Machine.
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Two-factor authentication helps the exchange to double-check users identity and if they are the owner of specified wallet. Though the exact number of victims or the involved amount is not known yet, many users are claiming to have lost up to $5,000, while one user lost digital assets worth as much as $150,000, per the June 27 report. Victims are now turning to Telegram and Facebook groups to share their grievances.
Transfered ETH from coinbase into Bitsane but its not on my wallet
The website of Ireland-based cryptocurrency exchange Bitsane has been inaccessible since June 17, with users complaining that there is no way for them to access the funds they had stored on the exchange. In addition to the website shutting down, the exchange’s Twitter and Facebook accounts have been deleted as well. While it was not a major exchange by any means, Bitsane was popular among some users as a platform that allowed the exchange between XRP and fiat currency. Ireland-based cryptocurrency exchange bitsane wallet is generating Bitsane disappeared without a trace last week, likely taking hundreds of thousands of users’ assets with it. The team has already implemented some features to help users exchange have their funds safe and secure.
