Yet Another Crypto exchange scam

[Callanta787]

This is a warning to all the newcomers in crypto space ,do not leave your coins and tokens on any exchanges ,who knows which exchange will be next to exit scam? No one knows
Bitsane exchange scam as many as 246,000 users ,you can read the full news in the link provided below

https://www.forbes.com/sites/hanktucker/2019/06/27/crypto-exchange-and-xrp-refuge-bitsane-vanishes-scamming-as-many-as-246000-users/amp/

Do not leave your coins or tokens on exchanges ,a word is enough for the wise

[jossiel]

Do not leave your coins or tokens on exchanges ,a word is enough for the wise

We've been warning the whole community most of the time that it's not wise to keep your funds on exchanges. New or old exchange, you shouldn't trust them with any amount to keep unless you will trade.

Sadly, there's one person that lost $150,000 there.

Forbes spoke with one person in the U.S. who says he had $150,000 worth of XRP and bitcoin stored in Bitsane

[mamesso]

there are some exchanges that have a high risk of their security, at least you review the exchange before you make a transaction.
Do not generalize that all exchanges are not safe, for example this binance exchange has advantages and is very safe. but the exchange is not to save your assets.

[joniboini]

Can't believe somebody store/has $150k worth of crypto there. I'm pretty sure he use Bitsane to store his asset. It's quite sad to see that so many people still do reckless thing like that.

I really hope we could use non-custodial wallet even if we use centralized exchange to trade our crypto soon. Binance DEX needs more competitors.

[Pffrt]

That's really sad. This is nothing new. A lot of exchanges have done exit scam. We must use a bigger exchange in order to get safe trading.
The most important is never store coin into exchange. Your personal wallets are the best. Storing asset on exchange doesn't mean you own the coins. A simple hack can also destroy you like as cryptopia shown.

[janggernaut]

The news has appeared around 3 weeks ago.
Here is their ANN thread https://bitcointalk.org/index.php?topic=1685099.0

There are some user who still have their funds locked/stucked in their bitsane account

[nicecrypto]

This is very important thing people should know especially traders who live large sum of money in exchanges, it is very risky to do so, i have since learned not to leave any reasonable amount in exchange, am not a trader so i don't see the need to do so, i believe i can better safeguard my funds well in my personal wallet than any exchange no matter how secure that exchange claim to be. Better to be safe than sorry.

[Findingnemo]

This is a warning to all the newcomers in crypto space ,do not leave your coins and tokens on any exchanges ,who knows which exchange will be next to exit scam? No one knows
Bitsane exchange scam as many as 246,000 users ,you can read the full news in the link provided below

https://www.forbes.com/sites/hanktucker/2019/06/27/crypto-exchange-and-xrp-refuge-bitsane-vanishes-scamming-as-many-as-246000-users/amp/

Do not leave your coins or tokens on exchanges ,a word is enough for the wise

But is this the right place to discuss about the scam exchange?

I thought it should be in scam accusation where people will search for the scams most of the time.

[Red-Apple]

it has turned into a very common thing where every month another exchange scams users. it is as if the month won't end if an exchange doesn't scam a bunch of people that month! the scale of the scams differ though. most of the times they are small scale and targeted scams where they selectively scam users. but sometimes it is bigger like this where they vanish completely and on rare occasions one of the biggest ones pull a scam like the Binance hack we had recently.

[livingfree]

There are some user who still have their funds locked/stucked in their bitsane account

Sad to say that their funds were already scammed by the owner of that exchange. There's no way for those people to recover their money unless the owner will be arrested and get an order to the court to refund those funds.

I'm thinking of using them few months ago and something urged me not to. Well, I think I'm just lucky enough but I feel bad to those people that never took the chance to withdraw their money because seem reliable from the beginning.

[milewilda]

Whats the update on this one? Visited their ANN thread and i cant see any further complaints or being flooded by users that being scammed by this exchange.
Im aint surprised for these kind of situation where any exchange can potentially scam out users funds thats why its being told every now and then that dont store
your coins on an exchange for too long.You dont own the keys then you dont own those coins completely.

[shoreno]

Once i see exchange get closed is what my friend experience in Gatecoin. Actually at first i don't know if he save in that market because we usually share to trade in where or maybe what coin, then he lose his coin now because it said site is bankrupt after get hacked.

if im not mistaken i think ive heard the name gatecoin before as well as bitsane that the op stated  . those exchange were a bit popular before but i never expect that those exchange will experience a problem  .

that proves that all exchanges are risky no matter how popular or trusted it was so we must better be careful when using an exchange  .

  its advice to put only amounts that you can afford to loose or the funds that you will be actively using because you wont know if the exchange will get hack or will get bankrupt or wost will turn into scam  .

[leea-1334]

Whats the update on this one? Visited their ANN thread and i cant see any further complaints or being flooded by users that being scammed by this exchange.
Im aint surprised for these kind of situation where any exchange can potentially scam out users funds thats why its being told every now and then that dont store
your coins on an exchange for too long.You dont own the keys then you dont own those coins completely.

It would be pointless for users to continue flooding the thread about scams if it is confirmed and nothing can be done about it,,, or perhaps it is just a marker that in fact the exchange did not have that many users after all.

People never learn about storing coins on exchanges. They read the exchange notes and are told the security is high, maximum cold storage etc etc and then cry when they get exit scammed.