Bitsane Exit Scam - Revision history

Azoundria at 19:58, 10 May 2024

2024-05-10T19:58:16Z

← Older revision		Revision as of 13:58, 10 May 2024
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	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.		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.

	This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.<ref name="cointelegraph-104" /><ref name="facebook-105" /><ref name="coindesk-113" /><ref name="thenextweb-116" /><ref name="fora-117" /><ref name="cryptowisser-118" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />		This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.<ref name="cointelegraph-104" /><ref name="facebook-105" /><ref name="coindesk-113" /><ref name="thenextweb-116" /><ref name="fora-117" /><ref name="cryptowisser-118" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" /><ref name="comparitech-10032" />

	== About Bitsane ==		== About Bitsane ==
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	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

	<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 8, 2021)</ref></references>		<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 8, 2021)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria at 19:19, 1 May 2023

2023-05-01T19:19:59Z

← Older revision		Revision as of 13:19, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	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.		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.

	This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.		This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.<ref name="cointelegraph-104" /><ref name="facebook-105" /><ref name="coindesk-113" /><ref name="thenextweb-116" /><ref name="fora-117" /><ref name="cryptowisser-118" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />
	<ref name="cointelegraph-104" /><ref name="facebook-105" /><ref name="coindesk-113" /><ref name="thenextweb-116" /><ref name="fora-117" /><ref name="cryptowisser-118" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />

	== About Bitsane ==		== About Bitsane ==
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	!Description		!Description
	\|-		\|-
	\|June 1st, 2019 12:01:26 AM		\|June 1st, 2019 12:01:26 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 53:		Line 52:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Coming soon.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Coming soon.~~

	== References ==		== References ==
	<references><ref name="cointelegraph-104">[https://cointelegraph.com/news/exit-scam-dublin-based-exchange-bitsane-vanishes-with-users-funds Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds] (Feb 21, 2020)</ref>		<references><ref name="cointelegraph-104">[https://cointelegraph.com/news/exit-scam-dublin-based-exchange-bitsane-vanishes-with-users-funds Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds] (Feb 22, 2020)</ref>

	<ref name="facebook-105">[https://www.facebook.com/groups/942138942788479/ Bitsane.com Scam Victims] (Feb 21, 2020)</ref>		<ref name="facebook-105">[https://www.facebook.com/groups/942138942788479/ Bitsane.com Scam Victims] (Feb 22, 2020)</ref>

	<ref name="coindesk-113">[https://www.coindesk.com/irish-crypto-exchange-bitsane-may-have-disappeared-with-users-funds Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds - CoinDesk] (Feb 22, 2020)</ref>		<ref name="coindesk-113">[https://www.coindesk.com/irish-crypto-exchange-bitsane-may-have-disappeared-with-users-funds Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds - CoinDesk] (Feb 23, 2020)</ref>

	<ref name="thenextweb-116">[https://thenextweb.com/hardfork/2019/06/28/cnbc-shilled-cryptocurrency-exchange-bitsane-pulls-exit-scam-on-246k-users/ CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users] (Feb 22, 2020)</ref>		<ref name="thenextweb-116">[https://thenextweb.com/hardfork/2019/06/28/cnbc-shilled-cryptocurrency-exchange-bitsane-pulls-exit-scam-on-246k-users/ CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users] (Feb 23, 2020)</ref>

	<ref name="fora-117">[https://fora.ie/bitsane-ireland-4712182-Jul2019/ Crypto exchange Bitsane has launched an internal investigation after its services went dark - Fora] (Feb 22, 2020)</ref>		<ref name="fora-117">[https://fora.ie/bitsane-ireland-4712182-Jul2019/ Crypto exchange Bitsane has launched an internal investigation after its services went dark - Fora] (Feb 23, 2020)</ref>

	<ref name="cryptowisser-118">[https://www.cryptowisser.com/exchange/bitsane/ Bitsane – Reviews, Trading Fees & Cryptos (2020) \| Cryptowisser] (Feb 22, 2020)</ref>		<ref name="cryptowisser-118">[https://www.cryptowisser.com/exchange/bitsane/ Bitsane – Reviews, Trading Fees & Cryptos (2020) \| Cryptowisser] (Feb 23, 2020)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

	<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7, 2021)</ref></references>		<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 8, 2021)</ref></references>

Azoundria at 08:07, 17 February 2023

2023-02-17T08:07:36Z

← Older revision		Revision as of 02:07, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}}
			{{Unattributed Citations}}

	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.		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.

	This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.		This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.
			<ref name="cointelegraph-104" /><ref name="facebook-105" /><ref name="coindesk-113" /><ref name="thenextweb-116" /><ref name="fora-117" /><ref name="cryptowisser-118" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />

	== About Bitsane ==		== About Bitsane ==
Line 23:		Line 25:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 45:		Line 46:
	\|-		\|-
	\|June 1st, 2019 12:01:26 AM		\|June 1st, 2019 12:01:26 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 58:		Line 55:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $155,000+ USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://cointelegraph.com/news/exit-scam-dublin-based-exchange-bitsane-vanishes-with-users-funds Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds] (Feb 21)		<references><ref name="cointelegraph-104">[https://cointelegraph.com/news/exit-scam-dublin-based-exchange-bitsane-vanishes-with-users-funds Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds] (Feb 21, 2020)</ref>

	[https://www.facebook.com/groups/942138942788479/ Bitsane.com Scam Victims] (Feb 21)		<ref name="facebook-105">[https://www.facebook.com/groups/942138942788479/ Bitsane.com Scam Victims] (Feb 21, 2020)</ref>

	[https://www.coindesk.com/irish-crypto-exchange-bitsane-may-have-disappeared-with-users-funds Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds - CoinDesk] (Feb 22)		<ref name="coindesk-113">[https://www.coindesk.com/irish-crypto-exchange-bitsane-may-have-disappeared-with-users-funds Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds - CoinDesk] (Feb 22, 2020)</ref>

	[https://thenextweb.com/hardfork/2019/06/28/cnbc-shilled-cryptocurrency-exchange-bitsane-pulls-exit-scam-on-246k-users/ CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users] (Feb 22)		<ref name="thenextweb-116">[https://thenextweb.com/hardfork/2019/06/28/cnbc-shilled-cryptocurrency-exchange-bitsane-pulls-exit-scam-on-246k-users/ CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users] (Feb 22, 2020)</ref>

	[https://fora.ie/bitsane-ireland-4712182-Jul2019/ Crypto exchange Bitsane has launched an internal investigation after its services went dark - Fora] (Feb 22)		<ref name="fora-117">[https://fora.ie/bitsane-ireland-4712182-Jul2019/ Crypto exchange Bitsane has launched an internal investigation after its services went dark - Fora] (Feb 22, 2020)</ref>

	[https://www.cryptowisser.com/exchange/bitsane/ Bitsane – Reviews, Trading Fees & Cryptos (2020) \| Cryptowisser] (Feb 22)		<ref name="cryptowisser-118">[https://www.cryptowisser.com/exchange/bitsane/ Bitsane – Reviews, Trading Fees & Cryptos (2020) \| Cryptowisser] (Feb 22, 2020)</ref>

	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>

	[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7)		<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}} 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 t..."

2023-01-25T03:07:40Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}} 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 t..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitsaneexitscam.php}}

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.

This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.

== About Bitsane ==
“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.”

This exchange or platform is based in Ireland, or the incident targeted people primarily in Ireland.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Bitsane Exit Scam
!Date
!Event
!Description
|-
|June 1st, 2019 12:01:26 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Coming soon.

== References ==
[https://cointelegraph.com/news/exit-scam-dublin-based-exchange-bitsane-vanishes-with-users-funds Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds] (Feb 21)

[https://www.facebook.com/groups/942138942788479/ Bitsane.com Scam Victims] (Feb 21)

[https://www.coindesk.com/irish-crypto-exchange-bitsane-may-have-disappeared-with-users-funds Irish Crypto Exchange Bitsane May Have Disappeared With Users' Funds - CoinDesk] (Feb 22)

[https://thenextweb.com/hardfork/2019/06/28/cnbc-shilled-cryptocurrency-exchange-bitsane-pulls-exit-scam-on-246k-users/ CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users] (Feb 22)

[https://fora.ie/bitsane-ireland-4712182-Jul2019/ Crypto exchange Bitsane has launched an internal investigation after its services went dark - Fora] (Feb 22)

[https://www.cryptowisser.com/exchange/bitsane/ Bitsane – Reviews, Trading Fees & Cryptos (2020) | Cryptowisser] (Feb 22)

[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)

[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7)