The CNBC-endorsed crypto exchange pulls exit scam on its over 200,000 users

Written by Sajeel Syed ·  59 sec read >

An Ireland-based cryptocurrency exchange, Bitsane, which was also endorsed by a mainstream media outlet, has just vanished in what may be called as an exit scam that will have an effect on nearly 246,000 users’ crypto deposits with it, as reported by Forbes.

It is worth mentioning here that Dublin-registered Bitsane was launched back in 2016 and it was formerly listed as one of Ripple’s supported exchanges in 2017. This might also interest you that back in January 2018, one of the leading global media outlets, CNBC wrote an article about it, which had also paved way for the exchange as an option for investors interested in trading Ripple. Three of the five users, Forbes spoke to heard about Bitsane through CNBC‘s article. Later on, the exchange also got listed on major platforms such as Coinbase.

According to Forbes’ report, Bitsane’s website, which had around 246,000 registered users, has been offline for over a week. Meanwhile, the exchange’s Facebook and Twitter accounts are appearing to be offline and non-responsive for the same period. Also, the LinkedIn accounts of key employees of crypto exchange have also been deleted.

Moreover, the affected users of crypto exchange are reportedly comparing in a Telegram group on who has lost more. Most report losses of up to $5,000 worth of cryptocurrency. However, one US-based investor told reporters, Bitsane had vanished with $150,000 worth of Bitcoin and Ripple (XRP) they had been storing on the exchange. But that figure just cannot be authenticated at the moment.

The experts of cryptocurrency investment have always suggested not to keep your coins on an exchange for a long period of time. The proper way of investing is always via crypto wallet.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: Profile