Another cryptocurrency exchange could soon face extinction as it comes under fire for alleged fraudulent activity. Users of the BiteBTC exchange, which was first introduced last year, are accusing the platform of stealing their funds and running scams. They are now looking for the exchange’s founders and executives to be held accountable for their actions.
It all started when BiteBTC sent out a warning via Twitter that there were fake accounts on the social media platform that appeared as though they were part of the exchange. The accounts were contacting individuals and warning them that the exchange may have been compromised, and that the users needed to confirm their wallet balances by sending a small amount of crypto.
The exchange tweeted, “#SCAMAlert
Be aware of scammers asking for btc to restore your account via fake Twitter or Gmail accounts!
The only way to reach our support: https://bitebtc.com/support/
The only one official Twitter account is @bitebtccom”
One Twitter user, and apparent BiteBTC customer, responded in broken English, “#bitebct [sic] Do any body [sic] has an issue on verification, my account is been block [sic] almost 1 month ago [and] no answer from support I just need to continue trade or withdrawal my crypto coins, I need my account to be unlock [sic] #bitebtc.”
Another, “~Tone~,” chimed in, stating, “It’s unbelievable the amount of scamming that #bitebtc has done to small investors by stealing their funds. @bitebtccom @BiteBTCLive do you have any comments towards the victims? Of course not. #scam #airdrop #exchange. What about your fake cruise??”
The last statement was apparently in response to an assertion by the exchange that it participated in a recent Blockchain Cruise. CoinsBank, which organized the cruise, has stated, “We don’t know anything about [BiteBTC] on #BlockchainCruise. And we really hope that [the exchange is] not trying to deceive people through our event.”
Apparently BiteBTC was paying attention to the thread and reportedly took care of the issues. It said, “If you have not yet been helped, feel free to contact us via Direct Message (DM) and we will assist you.”
CoinMarketCap lists BiteBTC as number 54 on the list of the world’s exchanges. However, it also warns viewers to be skeptical about depositing crypto on the platform because of the numerous complaints received from users who have not been able to make withdrawals.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.