Israel-based crypto wallet and exchange, BT360’s website, and social media accounts were taken down. This has left its users concerned for their funds as the wallet service is currently non-responsive. Users claim that the wallets created by BT360 are currently unable to send out funds and fear a potential exit scam.

Is BT360 an exit scam?

BT360 might not rank among the largest exchanges in the world, but it still holds a huge amount of user funds. The investors are reported to have each invested thousands of shekels, each of which is worth nearly 0.30 dollars. This means that in case of an exit scam, the damage of the situation can possibly amount to over one million dollars.

Now the service’s website has gone offline, and the social media accounts are non-responsive. As of yet, the social media accounts have not made any announcements regarding the matter. As a result, users fear the worst possible outcome, i.e., an exit scam.

Blame Game

Erez Fishler, the CEO at BT360, has a history of bankruptcy filings, and on a previous occasion, he has been suspected of fraud. When contacted, Fishler claimed that he was simply an employee of the company and hadn’t been working there for weeks. Fishler claimed that he had a meeting with the company’s owners over unusual crypto transactions and resigned.

Fishler claimed that he did not have access to the company’s bank accounts, and he does not know whether the balance of the bank account matches the balances of the wallets. He then stated that the company had affluent family owners that would handle the matter.

Meanwhile, BT360’s owner Eyal Sade accused Fishler of mismanagement and stated that the company is investigating the matter to see what Fishler has done “within the system.” He promised that the system would be bought back, and the platform would continue operating. He also stated that customers could contact him to receive answers.

Featured image by pixabay.