Bitcoin Forum

What happened::
My account frozen with all the money.

https://imgur.com/a/ej7lplV

Scammers Profile Link:

Reference Link:
https://www.bitrue.com

Amount Scammed:
~580 USDT.

Payment Method:
Crypto

Proof of Payment:
https://imgur.com/a/vmH1Lgt

PM/Chat Logs:
https://imgur.com/a/vmH1Lgt

Additional Notes:

Stay away from scammers. Bitrue.com is a SCAM exchange.

This is unfortunate. Not sure I heard about this exchange before. Why did not you use established exchanges like Binance, Kucoin etc?

Sorry for your lose bud :-(

Here's their thread:  [ANN][EXCHANGE]Bitrue.com NEW CRYPTOCURRENCY EXCHANGE (https://bitcointalk.org/index.php?topic=4486442.0)

Profile:  @billybonus2 (https://bitcointalk.org/index.php?action=profile;u=1389846)

Name: billybonus2
Posts: 86
Activity: 86
Merit: 1
Position: Jr. Member
Date Registered: December 06, 2017, 08:42:16 PM
Last Active: July 12, 2018, 08:27:06 PM

use exchange that are trustworthy

For some reason, that account reminds of another scammer billboy. I'll take a deeper look at the connections later but I'm assuming it could make a strong case.

OP: You could have clicked on the View Team tab and noticed that doesn't take you anywhere which makes it obvious that this shit is a scam. https://www.bitrue.com/exchange-web/footer/aboutus.html

On such exchanges as Binance, Kucoin, etc. there are not many opportunities to earn by arbitration, unfortunatelly.

That's another call. My advice was for regular trading though.

Reading the email your pic they say:

"trading with unprecedented frequency on our platform" "for it is a severe exploit of the inefficiency of the market instead of real investing"

Can you find something about it on their T&C ?

Yes, read their team replies, must wait for a review or reply from them about your account. Has there been a reply or other communication?

This is Vincent from Bitrue Exchange and I’m so sorry to hear this accusation about bitrue.

About the case mijgan posted, please allow me explain:

User’s first account mijganne@gmail.com, registered at Dec 25. The account’s total deposit was 36.5 ETC + 1509 XRP, and its total withdrawal amount was 3206.6 USDT + 6302 XRP + 1598 XLM. Account’s balance got increased by 880% within a month. After verifying user’s account, bitrue risk-control team has diagnosed it as triangular arbitrage action.

The behavior of conducting triangular arbitrage trading via various technical software would never be allowed on our platform. For it’s unfair to the rest of our customers who trade in a normal and legitimate way.

We have frozen the first account on Jan 18 as a warn to user, and unfroze it at Jan 20. User has already withdrawn all its deposit and earnings. Bitrue didn’t restrict its operations.

User’s second account ipadofru@gmail.com, registered at Jan 19. The account’s total deposit was 450 XRP, and its total balance was 1829 XRP. Account’s balance got increased by 406% within 5 days. Bitrue has frozen this account at Jan 24.

Starting from Jan, bitrue started scanning users’ accounts for possible triangular arbitrage. As a neutral platform we have always encouraged our customers to profit from legitimate trading, and we are happy to see that a lot of our customers have profited by doing so on our platform. However, triangular arbitrage trading via various technical methods are forbidden and would affect others’ trading experience.

After confirmation from risk-control team, we have frozen the second account due to severe triangular arbitrage operations. And according to email records, user mijgan has admitted its operation and understood our judgement. Please see the screenshot of email communication:

/p/2eqaHzf]https://[Suspicious link removed]/p/2eqaHzf (https://[Suspicious link removed)

Now risk-control team is assessing users’ behavior. We will notify the final decision to users later.

Thanks for reading the whole explanation and deeply appreciate your understanding.

Bitrue is and always will be an exchange thinking about users and caring about the safety of their asset. If you have any further questions, please kindly contact me via email: vincentyu@bitrue.com

Vincent

I haven't gotten the chance to view this link as it was labeled as a suspicious link, mind providing a new one, try uploading the screenshot/s in imgur (https://imgur.com/) if it helps. So if the screenshot of the email communication has proven that mijgan admitted he has been using a trading software as well as he have been warned for his first account I think his case will be close as he already have violated your warning for doing another try.

Thanks for notice, somehow the URL was forbidden by forum, so will attach with another link from imgur:
https://imgur.com/a/0ScZyEO

This email is from the communication with mijgan's second account.

Here I must make some explanations, about which Vincent modestly kept silent. The first account mij..ne@gmail.com participated in the API beta testing program. I received the API keys and traded as best I could.
Increasing account by 880% within a month is not a crime, but a reward for having intellect.

You must explicitly state in the rules if it is forbidden to make more than 30% (for example) per month on your exchange.

 

Another question:

Could you please confirm or deny that the scam cryptocurrency exchange bitrue.com associated with CapitalOne?

https://imgur.com/a/cqC3ySc

Actually, guys, you will appreciate the beauty of the situation:
I am a happy API user, I am going to trade with the bot and honestly report it.
No one warns me that arbitration is prohibited:

https://imgur.com/a/PLURSIX

And this is very logical.
What is the fundamental difference between n-angular arbitrage and any other trading strategy? No differences. Bought cheap, sold expensive. But very fast.
But the API was invented precisely for this!

And as soon as I started earning (I note - *EARN*, legally and in full compliance with all the rules) I am told:
HFT is a violation of the bitrue's principles.

https://imgur.com/a/93MdSHt

Here I must explain what happened.
The main part of the profit my bot earned on  gusd/usdt, gusd/btc, gusd/xrp trading pairs.
I was not the only one who suffered, the accounts of other users (non-APIs) who traded on these pairs was frozen too, afaik.

The truth is that these trading pairs were used by the exchange to pump up fake trading volumes. And I (along with other users) just unwittingly crossed the road for them - because I was smarter and faster.

Vicente, do you know that cheating with fake trading volumes is a serious crime, and you can even be in prison for that (for example, in South Korea) ?

Why did you withdraw gusd pairs from trading? (coingeko remembers everything)

Can you officially confirm here that you are an official employee of the bitrue.com exchange?

Please note - they still have not returned my money to me - the initial deposit of 450 XRP.

https://imgur.com/a/BsBCDoJ

If this is not scam, then what is SCAM?

P.S.
Understanding of the position is not equal to agreement with the position.

It is very unfortunate that this problem can occur and become news here, especially those who feel disadvantaged and who are directly related to it, I see there is interaction on both sides, because that is the essence where there is mutual need.
but there still seems to be no meeting point in this problem, still giving each other their arguments. this can make learning in this kind of problem. great hope that there will find a bright spot and be able to solve problems between them.

yes they scammed me to, my money geto frozen, i can't make a withdrawl and cannot make a trade

my withdrael frozen :https://prntscr.com/nq6pbv
i cant make a trade : https://prnt.sc/nq6kqy
i send a email to support, but until now no good response : https://prntscr.com/nq6n5t
i make protes in telegram group, but they band me : https://prntscr.com/nq6nb2

they have no rights, to take and hold money from user. when that happens then they fix scam right?

please retweet and replay my tweet about bitrue scam
https://twitter.com/Airdrop_freenew/status/1129717676362805248

done, i got scammed too

they stolen our money and never replay our protest. they siply just band us

BITRUE THE REAL BIG SCAMMER

100% scam

I realized one thing - they are just jealous of us.
Those who are smarter than them and who has a dick longer and fatter.

Where in the TOS they prohibits arbitrage?

If price is low they buy. Price is high they sell. What is wrong?

Is this in Singapore? You should sue them. Arbitrage is a normal trading strategy.

On the other hand, it is possible that someone is working on a hacker. It is possible it's not a usual arbitrage opportunity. Some hacked account buy high sell low and that allows the hacker's account to make money.

Have you investigated that?

Same story has just happened to me. Bitrue has frozen withdrawal at my account, and I've got this answer from support:
I was trading via API according to exchange's orderbooks.
Looks like this exchange doesn't like users who are capable of making trading profits)

I submitted 2 deposits yesterday for 219k SHA and 60k VTHO to deposit address at 0x7ce93c32ddd7d7fa492be1fbb1d619a349fe651c as shown as the address for both deposit addresses (both coins are part of Vechain blockchain). The deposits show completed and the balance of the deposit address shows the correct balances as coins received. However my account does not show the deposits received nor pending in my deposits on the exchange. Support has not responded. I see the troubles of people having their accounts locked but acting like they did not receive my tokens on the exchange is flat robbery. I'm hoping they make things right, will keep everyone updated. Until then, I would be very skeptical.

TX ID for the transactions are below:

0xa44e099c17d9b0c90903201a8d2fde6a422a3027bfcbc94c1fbb42652439be31

0x4111d767d63854a794a3210e811252d33546d6861f48b2bea3ae908f84b326e2

Bitrue is a scam exchange and you must stay away from it, if you have coins then better to withdraw now!

Typical scam behavior, they lock your account with excuses and then deny further assistance leaving your account closed.
Stay away, Scam exchange.

reviving this one because it looks like ive had the exact same thing happen. Bitrue has frozen my account, and wont respond to messages. I heard through an admin on telegram that they are accusing me of arbitrage trading, but thats nuts. I've never done that, have never created an api. I've just been good at market making....which you would think they would see as beneficial...like all other exchanges seem to....

Looks like they are robbing me of $$$$

if anyone sees this that had a similar problem in the past, my question would be did anyone ever have success getting their money out. Has anyone tried any other actions to hold them to account?

The same for me. They just locked account. Support does not answer anything specific about the reasons for the blocking.

You are probably not alone. Arbitrage lovers a finding a problem with the exchange due to its terms of use. Sorry but with their terms and conditions very clear. There's nothing much you can do. This is why it's very important to go through the ToS before using a service

Source: https://www.bitrue.com/exchange-web/footer/terms.html

Here is a review about them from a year back
1. https://www.cryptoinfowatch.com/bitrue-exchange-randomly-seizing-assets-and-blocking-investors/

I appreciate the response @JeromeTash. the only problem is I never engaged in arbitrage trading. At all. I was only ever doing maker trades. really basic buy low/sell high. No bots, no fancy math.

Every time I made any small withdrawals over the last months. the account would get frozen. Then it would be released after a couple days. Not this time. My guess right now is they didn't like me taking my earnings out of their system, even in incremental amounts.

I have a suspicion that they don't have the funds on-hand if you go to withdrawal a lot....my account was growing....nothing I thought too significant, but with the amount that exchanges fake volume.....I wonder if at that point they decided I was too much of a problem.

Incredibly corrupt.

In my experience, many scam exchanges have a trigger on "sum(deposits) < sum(withdrawals)".

So sorry bro. It makes no sense blocking someone account even on grounds of arbitraging. Trading all about one try making profit for themselves by buying low and selling high. Now if they stop arbitraging, how are people going to make money from trading?

Have they presented to you any evidence of the kind of arbitrage trades you made that led them to freeze your account? The excuse they are giving is plain stupid.

@JeromeTash They haven't given me any response actually. No replies to multiple support tickets, emails.

One of their telegram moderators,  (who swears he's just some volunteer.....who knows) told me he was told my account was frozen because of triangular arbitrage. They have given me no reason, no proof, no communication.

There's gotta be some way to hold these suckers to account. Loads of scams in crypto, but bitrue.com has a moderate size profile online. I will survive. but I hate to see more people falling for these scammers.....

They scammed me aswell.

From my thread I just posted:

Hello BTC Talk, I wish to share a story with you. A story which is very scary, which could happen to anyone.
I wanted to sell my tokens one day which I had staked for years, and I noticed this exchange "Bitrue" was the only one with enough volume where I could trade my tokens. So I registered made an account over there and deposited my funds. This was back in 2020, late summer in August.

I withdrawed 2 BTC and I was happy about that, with 1.78 BTC left on my account unable to withdraw since there was a limit on 2BTC per 24H allowed for withdrawal. I didn't worry about that, I mean I had just gotten out my funds and was thinking that if they would scam me they would have probably not given me anything.
The day after I tried to withdraw, now my withdrawals get rejected. And I am also unable to trade, (Account is semi banned) https://i.gyazo.com/171004ae831f288bc80933108ae53b66.png

I message support and I get straight up ignored. It takes about 6 months to get an answer and they tell me this: https://i.gyazo.com/5c7f22312a9373f0c5df74f8fa93a3c3.png
I tell them that this is my BTC address and noone has been withdrawing to this except me, (I would have known if someone did..) So I tell them this: https://i.gyazo.com/ce6df2ef8932a150e9d6d98b176466ba.png And I get the no answer and I get straight up ignored..
So I open another ticket and I get the exact same response, https://i.gyazo.com/04c9405b53c4bb67b0e61d18229465ac.png And I tell them the same thing but they do not help me at all..

Nothing really happen so I give it some time. 2 weeks ago, I had another ticket opened, where they told me that I had been doing "n-grade arbitrage trading" when in reality I just sold my crypto https://i.gyazo.com/962af6a6a2028e0134ac88eaa49f9a35.png so they also tell me: We will also need you to complete KYC verification to continue using Bitrue’s services, if you have not yet done so already.
(Me explaining this to them: https://i.gyazo.com/70ae5153aaf4e598c98f16511911238e.png)

They helped me get verified, so I am now verified and I still cannot use my account like I should be. When asking them to fix my account I get my tickets closed. One by one. And this support member tells me: https://i.gyazo.com/bb874814918a01b3497af0a27ca58b76.png. Almost same as before but he also tell me: Further violation to the T&Cs of the platform will lead to limitations on your account.
I mean, what more can they do? I cannot trade or withdraw, so there is already maximum limitations on my account.

So I open one more thread saying this: https://i.gyazo.com/cc945e51bfa24baaadbe47afa71a1d71.png and I get an answer where they say this: https://i.gyazo.com/70d1325cf5bc5cf105584f093cd15373.png. So I thank him and the conversation goes on like this: https://i.gyazo.com/5bfd7732bd2cbf8f2c71db0cb4c27add.png. But then my last question I have to them is this, the most important question of them all, if my account will be able to trade and withdraw my money. https://i.gyazo.com/7a8d7367421f100ddd8c2ab88f992191.png

Until I get my funds out of this website I would really recommend you all to stay away from this website, be very cautious atleast. I hope that they can release my funds because this really is alot of money... my life savings...
Please share your thoughts about this, I will keep the thread updated on how it goes.

Update: I just received this answer, https://i.gyazo.com/087d150aa5ea0e5bc8a95ac9b8b2ffda.png. I suppose I have been scammed..

STAY AWAY FROM BITRUE EXCHANGE WHATEVER YOU DO!!! THEY ARE SCAMMERS AND WILL STEAL YOUR FUNDS!!!

Hi all!

I'm here again because I see that the situation hasn't changed and the scam exchange bitrue.com continues to steal money in 2021 too.

I want to say that my money is still frozen, and also that I earned it honestly and didn't violate any exchange rules.

Pay attention to the saved version of their TOS (http://web.archive.org/web/20190330111437/https://www.bitrue.com/exchange-web/footer/terms.html), there is nothing about arbitration and market inefficiences.
moreover, "N-degree arbitration" is my phrase, my technique (as opposed to the "classic" 3-degree), sounded for the first time in this topic and even this they managed to steal  ;D
They also removed the mention of Capital One from the site, I believe at risk of prosecution.

Now attention
Bitrue is a small, unknown scammer exchange.
I believe that most users, unfortunately, find them through coinmarketcap.com, coingecko.com and sites like these.

What I propose to do to all the victims
Just contact the support of these sites and similar ones, tell your stories about scam exchange bitrue. I'm not a native english speaker, I think you can do it much better.
I already had a positive experience of solving similar problems with another exchange via the coingecko support, a very adequate admin (thank you Jin) works there and he is happy to help users.
Under the pressure of the stream of your complaints, these sites may completely remove the mention of that scam exchange, and then they will have to finally return the loot.

Don't give up, friends, together we can do a lot!
The truth is ours, we will win!

Is this the exchange that you are talking about - https://www.coingecko.com/en/exchanges/bitrue?
Their trust score in coingecko is 8 and they have actually high trading volume as compared to other exchanges.
Now, I am wondering if that is because this exchange is practicing wash trading to increase their volume.

Their trustpilot review is also poor. That goes to show that this exchange is somehow shady.

https://www.trustpilot.com/review/www.bitrue.com

Never heard this exchange nor use it. So to newbies, stay away on this exchange.

Yes, this exchange. Trading volumes are 90% fake.

Basing on what you and other users have experienced with Bitrue. I am more than confident to confirm that they are scammers. First they claim that you were probably money laundering and then they jump into the arbitrage trading violation excuse. To me, it seems they weren't even sure which reason to give for blocking your account since you didn't violet anything, and they are just looking for ways of justifying their scam.

Honestly it's the first exchange whose Terms and conditions I have read that has something against arbitrage trading. It even makes more sense that they just planted the terms their not so long ago. Just to scam anyone who's trading to withdraw a good amount.