$155 000+ USD

JUNE 2019




“Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane’s support team writing in emails that withdrawals were “temporarily disabled due to technical reasons.” By June 17, Bitsane’s website was offline and its Twitter and Facebook accounts were deleted. Emails to multiple Bitsane accounts are now returned as undeliverable.” “User groups on messaging platform Telegram and Facebook reveal users claiming to have typically lost up to $5,000, with Forbes citing an anonymous U.S. resident who says he had $150,000 in XRP and bitcoin (BTC) on the exchange prior to the company’s disappearance.” "Lithuania-based law firm Baltesco told Fora that it is representing Bitsane and Aidas Rupsys, one of its founders and its chief executive." “According to the law firm, Rupsys claims he has not accessed any funds that were held on Bitsane because he claims that he was “not connected to the bitsane.com platform”. The letter added that there has been a breakdown in communication among some senior staff in the company.”

Featured in a CNBC article and on the Ripple website, this exchange gained customers around the world, only to ultimately go offline and leave customers with little recourse. From what I can tell, “Bitsane was registered in Ireland as Bitsane LP, with Aidas Rupsys listed as CEO and Dmitry Prudnikov as CTO”, however there doesn’t appear to have been much oversight into the storage or management of funds. It seems unlikely that proper cold storage was used and I can find no record of any auditing.

Sources And Further Reading

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