“Bitbns” crypto exchange is next Indian FTX, a Crypto influencer says

On Jun 9, 2024

Many Indian crypto traders are showing their frustration against the Bitbns crypto exchange.

BitBns, a well-known Indian crypto exchange, was founded in December 2017. It gained significant popularity among Indian crypto traders in 2018 by being the first to offer P2P crypto trading services in response to the Indian Central Bank’s crypto banking ban. Subsequently, the platform introduced various crypto-related services to meet customer demand.

As per many crypto X (formerly Twitter) users, Bitbns crypto exchange is not responding to any queries of Bitbns users.

Since July 2023, crypto fund withdrawal services have been disabled by the Bitbns crypto team.

Bitbns users woke up to find 0 balance in their accounts.

One user had invested $16,000 and it got wiped out overnight.

People are asking just one question: "Is Bitbns a scam?"

Here’s all you need to know: pic.twitter.com/6lCU6iC9i2
— Wise Advice (@wiseadvicesumit) July 7, 2023

Some Bitbns users claimed they successfully made withdrawals but spent a significant amount of time pressuring the Bitbns team with tens to hundreds of complaints through the platform’s support ticket system.

Now once again people from the Indian crypto X community are talking about this crypto exchange and calling it the next FTX exchange, a second-ranked global crypto exchange that collapsed badly in Nov 2022.

Crypto influencers seek a response from the Bitbns CEO Gaurav Dahake regarding such complaints but no activity by the Bitbns team or its CEO is seen on the X platform.

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🚨 𝐈𝐬 𝐁𝐢𝐭𝐛𝐧𝐬 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐅𝐓𝐗? 𝐃𝐨𝐞𝐬 𝐭𝐡𝐞 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐧𝐨𝐭 𝐡𝐚𝐯𝐞 𝐭𝐡𝐞 𝐩𝐮𝐛𝐥𝐢𝐜’𝐬 𝐟𝐮𝐧𝐝𝐬?

Self proclaimed as India’s biggest and highest trading volume crypto exchange, Bitbns, has been causing a lot of frustration…
— RK Gupta (EarnWithRK) (@earnwithrk) June 9, 2024

Bitbns hack incident

In Feb 2023, this crypto exchange was attacked by an unknown hacker. That hacker successfully drained $7.5 million worth of cryptocurrencies.

The Bitbns team tried to hide the incident but unfortunately, they failed because a popular crypto detective disclosed this matter publicly & later Bitbns CEO admitted the hacking incident.

Update: The hack was confirmed by BitBNS in an AMA today. pic.twitter.com/OTt9w923Cp
— ZachXBT (@zachxbt) March 1, 2023

We can see the response tweets by the Bitbns users on the Bitbns X wall, where Bitbns team is facing very bad criticism over pending withdrawal services.

Response tweets against a latest tweet of @Bitbns exchange is showing that a huge number of Bitbns users are struggling to get withdrawal of funds. pic.twitter.com/gL2tG7CrQX
— ₿ 🅂🄰🅃🄾🅂🄷🄸🧑‍💻⛓️ (@minnnale) June 9, 2024

Some people believe that Bitbns exchange does not have a sufficient amount of funds to give withdrawals to the customers, as their funds were drained by hackers.