Bitsane Pulls Exit Scam

[kenzawak]

Bitsane is a crypto exchange based in Ireland

https://www.forbes.com/sites/hanktucker/2019/06/27/crypto-exchange-and-xrp-refuge-bitsane-vanishes-scamming-as-many-as-246000-users/#2a15dfd677fa

"Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane’s support team writing in emails that withdrawals were “temporarily disabled due to technical reasons.” By June 17, Bitsane’s website was offline and its Twitter and Facebook accounts were deleted. Emails to multiple Bitsane accounts are now returned as undeliverable."

>>>

-no response to emails
-no more social media presence
-about 246k users scammed

[target]

I don't remember seeing any users in the forum mentioned about what bitsane is going since june 17. And its only after 10 days that we see a thread like this. None of those from Ireland ever got here?

The ripple team promoted bitsane by listing it as where investors can buy XRP but now that Bitsane is gone rogue, none of the team can say a thing.  

[timerland]

Bitsane is a crypto exchange based in Ireland

https://www.forbes.com/sites/hanktucker/2019/06/27/crypto-exchange-and-xrp-refuge-bitsane-vanishes-scamming-as-many-as-246000-users/#2a15dfd677fa

"Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane’s support team writing in emails that withdrawals were “temporarily disabled due to technical reasons.” By June 17, Bitsane’s website was offline and its Twitter and Facebook accounts were deleted. Emails to multiple Bitsane accounts are now returned as undeliverable."

>>>

-no response to emails
-no more social media presence
-about 246k users scammed

I remember them advertising somewhat on this forum, but that's about it. I don't think that interest for their exchange platform has ever really sparked up, which could be one of the reasons why the owners just wanted to exit scam, since their revenue was so low.

This is the ultimate risk that you're putting up with using an exchange that has little to no reputation, and not being regulated.

I wonder what the users will do given the fact that Bitsane is now gone. Will they launch a class action lawsuit? Will that even work, given the fact that they have very little knowledge of where Bitsane is incorporated, if they are regulated, etc.?

I don't remember seeing any users in the forum mentioned about what bitsane is going since june 17. And its only after 10 days that we see a thread like this. None of those from Ireland ever got here?

The ripple team promoted bitsane by listing it as where investors can buy XRP but now that Bitsane is gone rogue, none of the team can say a thing. 

Again, this just shows that you can't trust any third party recommendations, as official as they may be. There are a ton of hosted wallets endorsed by the founding team themselves in crypto projects, that aren't the most legit.

[pugman]

I have never heard of bitsane, like ever, and I am surprised the number of people that have used it and kept the amount of funds in it. Coindesk reported that a user allegedly lost 150,000$ on there.

See this is why I have been on a hunt for a decent decentralized exchange which kinda works like shapeshift, because that is so fucking better, but hey we can't get what we always want. :/

[gentlemand]

I have never heard of bitsane, like ever, and I am surprised the number of people that have used it and kept the amount of funds in it. Coindesk reported that a user allegedly lost 150,000$ on there.

Me too. This is the first time I've ever heard of this place in my entire life.

I'd love to know how it got in with Ripple enough to be listed on their site plus the CNBC recommendation or wherever it was. Presumably since they've shamelessly exit scammed they put no identifiable info out there which makes their endorsements doubly weird.