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.
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“From October 2017 through February 2018, Fitzgerald stole money from five people by using online notices and communications advertising the sale of discount bitcoins, according to court testimony.. She met the victims in person and forcefully took the cash they had brought to purchase the cryptocurrency.”Although they were originally charged with numerous other offenses, the court allowed them both to enter a plea of no contest against a single count of second-degree robbery and then dropped two additional charges against the California Bitcoin Bandit Fitzgerald on two counts of grand theft as well as three counts of child abuse which relates to the time she brought a child along during some of the robberies.Hall is expected to receive up to four years for his involvement and Fitzgerald could earn up to 10 years in prison. Both sentences have been increased since the defendants also pleaded no contest to using a firearm during the robberies. As the situation proposes, Hall will be sentenced on December 17 and will receive four years and a fine of $30,000 in restitution while Fitzgerald will have to serve 10 years in prison and $85,000 in restitution payments.
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"In the few months his scheme remained active, Ho consumed more than $5 million in unpaid cloud computing services with his mining operation and, for a brief period, was one of Amazon Web Services (AWS) largest consumers of data usage by volume. Some of the bills were paid by the California game developer’s financial staff before the fraud was detected."The investigators claim that Ho was able to use the social engineering knowledge in order to gain access to admin privileges and large amounts of cloud computing power on Amazon and Google servers - mining various cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).Ho also managed to trick Amazon into believing that he was the president of Riot Games - and created a fake Californian driving license that carried the Riot Games and the co-chairman's name. Even though the Department of Justice charged Ho in early October, the identity of this developer became public only now.The cryptocurrency miner who stole the mining power is now charged with eight counts of wire fraud, four counts of access device fraud and two counts of aggravated identity theft.
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