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Founded in 2017, Bitbns embarked on a strategic endeavor to establish itself as a prominent cryptocurrency exchange, aiming to provide individuals with a seamless entryway into the world of crypto. However, the morning of July 27, 2023, brought an unsettling turn of events for the exchange.
Users were taken aback as they discovered their crypto balances had mysteriously plummeted to zero overnight. This unforeseen and confounding incident not only stirred unease among investors but also triggered a rapid influx of distress signals across various social media platforms.
Vanished Investments, Unauthorized Trades, And Withdrawal Suspensions
Amidst the chaos, one user shared their deeply distressing and emotionally overwhelming experience as their investment of approximately 12 lakh rupees ($16,000) vanished into thin air.
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Another investor with a portfolio valued at 7.06 lakh rupees ($9,500) found themselves in a similar distressing situation. To compound matters, customers reported instances of unauthorized trades executed from their accounts, exacerbating their concerns.
What made it even more puzzling was that these transactions did not reflect any corresponding Indian Rupee (INR) balance, adding another layer of complexity to the situation.
Furthermore, Bitbns decided to suspend withdrawals, leaving customers trapped in a frustrating state of limbo. While the exchange continues to accept deposits, users are unable to access their funds, further fueling their dissatisfaction.
This asymmetry in the financial state has amplified discontent among Bitbns platform users, leading to a resounding call for regulatory intervention.
The cause behind this unusual incident remains undisclosed, amplifying the uncertainty surrounding the situation. The fallout on Twitter has been significant though, with numerous users expressing their distress.
One user shared the stark reality of witnessing their crypto assets vanish overnight. Another user’s pleas shed light on the persisting issue of funds being stuck for an extended period, despite raising multiple support tickets.
Bitbns Responds On Twitter As Users Seek Clarity Amidst Chaos
In the midst of the chaos, Bitbns took to Twitter to provide updates, acknowledging the discrepancies in balances and outlining a timeline for resolution.
They assured customers of an upcoming system upgrade, with a commitment to restore balances and resume trading by the evening of June 27.
Related Reading: BitMEX’s CEO Calls For Crypto Exchanges To Ditch Internal Market Makers
As skepticism brews among some users, labeling Bitbns as a potential scam, the incident further underscores the necessity for regulatory oversight in the emerging and dynamic crypto landscape.
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