Bitsane: Bitcoin Exchange disappears with user funds


Bitsane, a Bitcoin exchange from Ireland, has disappeared with user funds. According to user reports, since last week it has not been possible to withdraw stored cryptocurrencies like Bitcoin and XRP (ripple). The suspicion of an Exit Scams is obvious.


Reports of less trusted cryptocurrency trading venues are currently piling up. For example, in the past week we reported that the Bitcoin Bitrue has been hacked. The attackers are said to have taken a booty of over four million US dollars in the crypto currencies ADA (Cardano) and XRP (Ripple). The reason for this was a security vulnerability, which exploited the attackers externally.

The case is slightly different when it comes to a Dublin Irish Stock Exchange. The news magazine Forbes reports that it has not been possible to pick up stored cryptocurrencies at the Bitsane Stock Exchange since last week. Bitsane himself had informed their customers via e-mail that this was the case for technical reasons. However, this is supposed to be already on 17 June, since then, the Bitcoin exchange is apparently offline - customers are desperate to get their cryptocurrencies.

As the magazine further reports, Bitsane had over 246,000 users with a daily trading volume of seven million US dollars.

What happened to the stored cryptocurrencies is not known yet. According to other reports, US users have already turned on the FBI.

Bitsane presents problems in the Bitcoin ecosystem

While the news magazine equates the theft of Bitcoin with a lack of security in cryptocurrencies, Forbes finds it a normal fallacy on. After all, as is so often the case, it is the technological infrastructure of the exchanges themselves that leaves much to be desired here. Nonetheless, the criticism is justified - it is up to the crypto community itself to ensure a regulated trading environment for cryptocurrencies.

In addition, it is the responsibility of each user to ensure the security of their own cryptocurrencies. Because true to the motto “be your own bank” it is not recommended to store its Bitcoin & Co. longer than necessary on the trading venues. Rather, storage on hardware wallets is recommended .

source translated by @tolgn1907