A lot of things are happening in the world of cryptocurrency. While not all of these developments are prominent or even positive, it is important to keep tabs on everything that is going on. It now appears the Bitsane exchange has become defunct and they may have stone customer funds in the process. 

What is Going on With Bitsane?

Not everyone in the cryptocurrency world will be familiar with the name Bitsane. This Irish trading platform has made somewhat of a name for itself, although it never managed to compete with the bigger players in Europe. That is not entirely surprising, primarily because Europe is a bit of an odd region when it comes to trading Bitcoin and altcoins. It lags behind the rest of the world in quite a significant manner.

From the information provided to us at this time, it would appear Bitsane will not be making any impact moving forward. The exchange has gone dark without any official warning. More importantly, all of the funds stored on the exchange is inaccessible , which fuels the speculation of a potential exit scam. It is equally possible the company got hacked, as there have been numerous similar incidents throughout 2019 so far. 

What is perhaps a bigger problem is how the company’s social media accounts are also taken offline. It is even impossible to find any of its top employees on LinkedIn, as those profiles have either been deleted or all references to this exchange are now gone. A very mysterious turn of events which will fuel a fair few debates along the way. With hundreds of thousands of dollars at stake, some clarity would be very much appreciated. 

While there have been doubts regarding Bitsane for some time now, it seems there is a lot more at stake. Things looked very dire in early 2017 when the company alleged files for dissolution. However, it was able to remain afloat during the crazy bull run of late 2017, which generated a lot of deposits and trading fees for the company. The exchange also got some attention from major media outlets, which only added fuel to the fire.

As one would expect, a proper investigation into this matter should be launched very soon. With thousands of users impacted, it seems unlikely that no further action will be taken. Affected users want their money back as soon as possible but it may prove very difficult if not impossible to make that happen. Whenever an exchange pulls a potential exit scam, users will hardly ever see their money back accordingly. 

If enthusiasts needed any extra confirmation, now is the time to move all of their funds off exchanges. Trusting platforms to keep everything above board is simply not advisable. It does not matter if the platform in question is a big or small player, as something can – and potentially will – happen sooner or later. As such, taking control over the funds and the associated private key is the only viable solution.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.