Bitcoin
$63,621.54+3.89%
Ethereum
$3,070.64+2.60%
Binance Coin
$552.61+2.69%
Solana
$141.17+4.63%
XRP
$0.50271036+1.45%
Toncoin
$6.56+6.42%
Dogecoin
$0.15336185+3.02%
Cardano
$0.45740104+1.93%
Shiba Inu
$0.00002289+3.16%
Avalanche
$35.16+2.81%
Wrapped Bitcoin
$63,686.65+5.80%
Tron
$0.10943432-0.93%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
21
HR
58
MIN
31
SEC
Markets

Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds

Irish cryptocurrency exchange Bitsane may have done a runner with users' funds, according to a report.

By Daniel Palmer
AccessTimeIconJun 28, 2019 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 9:22 a.m. UTC
bankruptcy
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Irish cryptocurrency exchange Bitsane may have done a runner with users' funds.

Forbes said Thursday that the Bitsane exchange, which offers spot trading of cryptos and gained popularity as an early provider of XRP trading, has gone offline and has deleted its social media accounts. Emails sent by Forbes bounced back, it said.

Customers of the exchange are saying that they have possibly lost amounts ranging from $5,000 to $150,000 in crypto holdings.

On crypto data website CoinMarketCap, Bitsane's trading information has not been updated for over 10 days.

A user that claimed to have lost $150,000 and requested to remain anonymous 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.”

Launched in 2016, Bitsane was registered in Ireland as Bitsane LP, with Aidas Rupsys listed as CEO and Dmitry Prudnikov as CTO. Forbes says Prudnikov’s LinkedIn account has now also been deleted, and that both could not be reached for comment.

Some users apparently suspect that another firm, Bitsane Limited, which was founded by Maksim Zmitrovich, may be connected to the possible exit scam. Forbes did manage to speak to Zmitrovich, but he denied any involvement and said he hadn't spoken to Prudnikov in over five months.

Empty pockets image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.