BitOrbit Ltd Exit Scam

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BitOrbit Ltd

In September 2021, BitOrbit Ltd (not to be confused with the separate BitOrbit social media platform) launched an investment platform, promising that they were registered and set up properly as a mining and trading company. At some point around October 13th, they stopped paying out any funds. The website remained offline until at least November, and Twitter also remains, though there has been no update.

This is a global/international case not involving a specific country.

About BitOrbit Ltd

"BitOrbit Ltd is world’s leading high-tech and fastest-growing investment platform founded in 2017 designed to provide excellent opportunity to achieve high potential returns for your investment goals. Through diversification in Bitcoin mining and crypto-currency trading, BitOrbit Ltd offers our investor investment plans with real results and profits. We are the key to your success by investing in our platform where you will receive daily profit based on your investment option."

"ULTIMATE SPHERE OF YOUR INVESTMENTS. BitOrbit Ltd is ready-to-use investment platform made to assist our investors to become part of simplest yet advanced Bitcoin mining and crypto-currency trading Sphere." "The main goal of BitOrbit Ltd is to provide unique and safe platform, which deliver powerful and risk-adjusted maximum investment returns achieving consistent performance through extensive use of technology and relevant infrastructure"

"BitOrbit Ltd., is a registered investment company based in United Kingdom. BitOrbit Ltd has a growing investment leadership into Blockchain businesses and cryptocurrency trading industry with modern and safe management services. Our Company focuses to offer promising and stable return on daily basis with instant withdrawals." "BitOrbit Ltd welcomes all users to participate in our powerful and incredible affiliate program to earn lucrative commissions by spreading word about BitOrbit to your affliates, friends, relatives, associates and avail handsome perks."

"could you check for my account, it no pay for long time (from Oct-15) I have 9 pending withdraw, my account: kencosmos" "Last time payment was october 13th, possibly SCAM.. carefull"

This is a global/international case not involving a specific country.

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.

Key Event Timeline - BitOrbit Ltd Exit Scam

Date	Event	Description
October 13th, 2017 12:00:00 AM	Main Event	Expand this into a brief 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

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?

Ongoing Developments

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

Prevention Policies

BitOrbit promised unrealistic returns and was lead by an anonymous team. A lightweight framework as we propose could allow for financial innovation without unreasonable burden and fully protect participants.