On June 17th, an Ireland-based cryptocurrency exchange, by the name of Bitsane suddenly vanished from the market. The company’s social media accounts were deleted in a matter of minutes, and the website became quite dodgy.
The exchange’s main cryptocurrencies that they were focusing on were XRP and Bitcoin, but also kept all of their users’ funds in Euros. It is now being suspected that this mysterious disappearance was nothing but an investment scam from Bitsane and that the founders are now long gone under the radar.
There are already reports of around 100 people not being able to withdraw anything from their accounts, ranging between 5,000 euros to 130,000 euros.
The traders were given a contract by the name of Aidas Rupsys, which is most likely a fake name, and a two telephone numbers. An Irish news website, Irish Mirror called both of the numbers but to no avail, as the calls didn’t even go through, indicating the termination of those numbers.
Bitsane featured nearly a quarter of a million customers by the end of May 2019, or at least that’s what they were claiming at the time. Judging from the number of traders that lost their funds, it’s safe to say that Bitsane was quite a small venture.
Further inspections with the Irish Central Bank, confirmed the worst case scenario, that Bitsane had not been registered with the institution, and that their disappearance is now 100% an international scam.
Bitsane is yet another unfortunate addition to the number of international scams connected to cryptocurrency. But it tells us once more that maybe it’s best to sacrifice some profits in exchange for maximum security on a large and well-known exchange.