Intersango Exit Scam - Revision history

Azoundria at 19:16, 14 March 2025

2025-03-14T19:16:05Z

← Older revision		Revision as of 13:16, 14 March 2025
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			== 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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	== References ==		== References ==
	<references><ref name="finextra-13">[https://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 3, 2020)</ref>		<references><ref name="finextra-13">[https://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Accessed Feb 3, 2020)</ref>

	<ref name="bitcoinmagazine-183">[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 29, 2020)</ref>		<ref name="bitcoinmagazine-183">[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Accessed Feb 29, 2020)</ref>

	<ref name="bitcointalk-184">[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 29, 2020)</ref>		<ref name="bitcointalk-184">[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Accessed Feb 29, 2020)</ref>

	<ref name="bitcointalk-185">[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 29, 2020)</ref>		<ref name="bitcointalk-185">[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Accessed Feb 29, 2020)</ref>

	<ref name="bitcointalk-186">[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 29, 2020)</ref>		<ref name="bitcointalk-186">[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Accessed Feb 29, 2020)</ref>

	<ref name="bitcointalk-187">[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 29, 2020)</ref>		<ref name="bitcointalk-187">[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Accessed Feb 29, 2020)</ref>

	<ref name="reddit-188">[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 29, 2020)</ref></references>		<ref name="reddit-188">[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Accessed Feb 29, 2020)</ref></references>

Azoundria at 23:55, 12 April 2023

2023-04-12T23:55:48Z

← Older revision		Revision as of 17:55, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a lawsuit or real legal action.		Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a lawsuit or real legal action.

	This exchange or platform is based in United Kingdom, or the incident targeted people primarily in United Kingdom.		This exchange or platform is based in United Kingdom, or the incident targeted people primarily in United Kingdom.<ref name="finextra-13" /><ref name="bitcoinmagazine-183" /><ref name="bitcointalk-184" /><ref name="bitcointalk-185" /><ref name="bitcointalk-186" /><ref name="bitcointalk-187" /><ref name="reddit-188" />
	<ref name="finextra-13" /><ref name="bitcoinmagazine-183" /><ref name="bitcointalk-184" /><ref name="bitcointalk-185" /><ref name="bitcointalk-186" /><ref name="bitcointalk-187" /><ref name="reddit-188" />

	== About Intersango ==		== About Intersango ==
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	!Description		!Description
	\|-		\|-
	\|December 1st, 2013 12:00:26 AM		\|December 1st, 2013 12:00:26 AM MST
	\|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.
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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}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	~~Coming soon.~~		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

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

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="finextra-13">[https://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 2, 2020)</ref>		<references><ref name="finextra-13">[https://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 3, 2020)</ref>

	<ref name="bitcoinmagazine-183">[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 28, 2020)</ref>		<ref name="bitcoinmagazine-183">[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 29, 2020)</ref>

	<ref name="bitcointalk-184">[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 28, 2020)</ref>		<ref name="bitcointalk-184">[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 29, 2020)</ref>

	<ref name="bitcointalk-185">[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 28, 2020)</ref>		<ref name="bitcointalk-185">[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 29, 2020)</ref>

	<ref name="bitcointalk-186">[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 28, 2020)</ref>		<ref name="bitcointalk-186">[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 29, 2020)</ref>

	<ref name="bitcointalk-187">[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 28, 2020)</ref>		<ref name="bitcointalk-187">[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 29, 2020)</ref>

	<ref name="reddit-188">[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 28, 2020)</ref></references>		<ref name="reddit-188">[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 29, 2020)</ref></references>

Azoundria at 20:57, 15 February 2023

2023-02-15T20:57:21Z

← Older revision		Revision as of 14:57, 15 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}}
			{{Unattributed Citations}}

	Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a lawsuit or real legal action.		Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a lawsuit or real legal action.

	This exchange or platform is based in United Kingdom, or the incident targeted people primarily in United Kingdom.		This exchange or platform is based in United Kingdom, or the incident targeted people primarily in United Kingdom.
			<ref name="finextra-13" /><ref name="bitcoinmagazine-183" /><ref name="bitcointalk-184" /><ref name="bitcointalk-185" /><ref name="bitcointalk-186" /><ref name="bitcointalk-187" /><ref name="reddit-188" />

	== About Intersango ==		== About Intersango ==
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	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.
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	\|-		\|-
	\|December 1st, 2013 12:00:26 AM		\|December 1st, 2013 12:00:26 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.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $14,000+ 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://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 2)		<references><ref name="finextra-13">[https://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 2, 2020)</ref>

	[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 28)		<ref name="bitcoinmagazine-183">[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 28)		<ref name="bitcointalk-184">[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 28)		<ref name="bitcointalk-185">[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 28)		<ref name="bitcointalk-186">[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 28)		<ref name="bitcointalk-187">[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 28, 2020)</ref>

	[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 28)		<ref name="reddit-188">[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 28, 2020)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}} Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a law..."

2023-01-22T18:22:45Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/intersangoexitscam.php}} Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a law..."

New page

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

Although this was not reported officially, I kept coming across stories of the bitcoin exchange Intersango and people who reported never being able to withdraw their funds. Even posts going into 2016 and 2017 seemed to report that the matter was never resolved. It seems very likely that the exchange just didn’t have enough users with significant balances to warrant a lawsuit or real legal action.

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

== About Intersango ==
“On October 9, 2012, the exchange announced imminent plans to shutter its BTC/USD market. On December 19, 2012, the exchange closed its BTC/GBP market after being unable to re-establish a UK banking relationship[3].” “When was the last time anyone successfully withdrew any amount from Intersango? I am having terrible trouble getting my bitcoins out of there.” “my coins have been stolen as i have had no contact in the last month in trying to get my coins back” “If I ever see my coins again, I'll update. In the mean time I'll consider legal measures.” “No one got their BTC out - but the main guy behind the whole thing (Patrick Strateman) got a new job.” “The identities of those running Intersango is well known. Their sociopath behaviour is also well known.”

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

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 - Intersango Exit Scam
!Date
!Event
!Description
|-
|December 1st, 2013 12:00:26 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://www.finextra.com/newsarticle/23973/users-sue-bitcoin-exchange-over-460k-in-missing-funds Users sue Bitcoin exchange over $460k in missing funds] (Feb 2)

[https://bitcoinmagazine.com/articles/intersango-shuts-down-usd-trade-1349827847 Intersango Shuts Down USD Trade] (Feb 28)

[https://bitcointalk.org/index.php?topic=63931.20 Intersango.com now the second largest exchange; trading USD, EUR, GBP, & PLN] (Feb 28)

[https://bitcointalk.org/index.php?topic=523146.0 intersango fraud theft of coins and lying to customers how to file a claim?] (Feb 28)

[https://bitcointalk.org/index.php?topic=140034.0 Intersango Scamming] (Feb 28)

[https://bitcointalk.org/index.php?topic=4984.620 Intersango exchange (formerly Britcoin)] (Feb 28)

[https://www.reddit.com/r/Bitcoin/comments/xregj/intersango_what_gives/ Intersango - what gives? : Bitcoin] (Feb 28)