Bitsane crypto exchange reportedly ceased to exist and left the users without their invested assets after the victims reported that they had problems withdrawing their funds from the exchange. More on the reports, we read in our latest cryptocurrency news below.
According to the reports, the exchange claimed to be ‘’temporarily disabled due to technical reason’’ but the users realized that the operators of the exchange lied to them since the platform suddenly disappeared. Bitsane even deleted its Twitter and Facebook account so users were unable to reach the operators in any way possible.
From the archive of the Bitsane crypto exchange, you could read that there have been more than 240,000 users and more than 25,000 daily transactions. While the operators reported the stats, there was no reason to believe that they are not accurate as CoinMarketCap showed that Bitsane has an accurate daily trading volume of $7.2 million on March 31. A victim of the scam wrote:
“I believe a major international crime has been committed. I have lost $7000 USD! What I know follows, there are many victims, please help. THEY HAVE STOLEN ALL OUR MONEY.’’
The victims of the Bitsane crypto exit scam formed groups on Telegram and Facebook where they share their opinions and stories to discuss how they can get their money back but most of the users reported that they find it really hard to believe they will ever get them back. Some of them claimed that they lost up to $5,000 in the exit scam and even one stated that the lost more than $150,000 worth of Bitcoin and XRP. He told Forbes:
“I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying ‘temporarily disabled.’ I knew right away there was some kind of problem. I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.’’
As noted in the coming altcoin news, Bitsane attracted numerous users during the major boom in 2017 when XRP was one of the hottest coins. During that time, there was a tutorial included on how to buy XRP on Bitsane which resulted in a massive influx of new users.
Bitcoin Reaches The Second Inning As Bakkt Launch Nears
“Bakkt’s launch is expected late in the current quarter.” “Bakkt could be a huge catalyst for institutional participation in the crypto market.”Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.
Australian Couple Loses $900,000 In A Crypto Scam
“That was the whole of our superannuation – that’s now gone.”They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
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