Indian crypto exchange BitBns suspends withdrawal: Scam alert 

Many crypto Twitter alleged that BitBns exchange suspended fund withdrawal services suspiciously and potentially they are near to filing bankruptcy. 

BitBns is a popular Indian crypto exchange. This exchange was founded in Dec 2017. In 2018 this exchange grabbed huge popularity among Indian crypto traders, as the exchange was the first mover to introduce P2P crypto trade services, following Indian Central Bank’s crypto banking ban measures. Later this platform brought several crypto-related services on behalf of the customer’s demand. 

Over the last few days, many people reported that they are unable to withdraw their funds. Some users reported that their funds were wiped out from their account and they are unable to withdraw the rest of the funds as well as not getting any response from the BitBns team about these issues. 

A few crypto Twitter users noted that BitBns currently holds no funds to give withdrawals to customers because all of their funds have been hacked in a hacking incident, occurred in Feb of this year, which was also confirmed by the exchange’s executive in a Twitter space discussion.

In the very starting, the BitBns team dismissed any kind of hacking report but later on chain investigations forced them to admit the whole hacking incident.

Now in this situation, BitBns users are not able to withdraw crypto or fiat funds and there is a waitlist of 30 days and also so far no one BitBns user reported any successful withdrawal of the funds. 

A few crypto Twitter users noted that BitBns also showed wrong data about its crypto trade volume, which is showing higher than any other crypto exchange. 

The majority of the Crypto influencers said that such kind of crypto services by the domestic crypto exchanges will surely ruin the future & reputation of this innovative sector in the Indian jurisdiction.

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