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

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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. 

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.

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.

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.

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.

Read also: Now 36% of global crypto users are registered on the Binance crypto exchange