A lot of scams occur in the crypto industry and most of the time, this come from outside parties who work to swindle cryptocurrency users of their funds. However, it has happened in the past that exchanges have been accused of inflating their transaction volume or engaging in exit scams. The latest of these exchanges to be accused of Shady activity is BiteBTC.
In the last 10 hours of June 4, 2019, bitcoin has seen a loss of 9% after certain altcoins saw small gains. However, the performance of the crypto saw appreciation by many who registered profits with the exception of BiteBTC exchange users. The exchange has previously informed users of Twitter accounts having impersonating them and asking users for cryptos to confirm their wallet balance and perform withdrawals.
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,”
the official account tweeted.
Apparently, the scam is not just starting to take place it and has been going on for a number of weeks and the exchange has been accused b a Twitter user who stated that he has received no support from the exchange even as his account has been hacked for almost a month.
“#bitebct Do anybody have an issue on verification, my account has been block 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 #bitebtc,”
Besides being called out for their lack of support, BiteBTC was also called out by a twitter user for an alleged scam. According to the Twitter user, BiteBTC has been stealing investor funds and their lack of response is not surprising.
“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??,”
After being bombarded with the accusations of being scammers, BiteBTC stated that they had helped users retain their accounts as well as verify their account statuses. They also said that if any user has not been helped by them, they should reach out via direct message for assistance. Ccoinmarketcap has stated that BiteBTC is within the top 50 exchanges but has cautioned users about depositing funds into the exchange as current users have been complaining about their funds being withheld.
The exchange also lists bitcoin SV as one of their tokens, though it has become a very controversial coin in the last few months due to the activities of its founder Craig Wright. It was delisted by many prominent exchanges and as such, lost some of its market value but has since re-entered the top 10 coins list.
Now, all that is left to see is to see how BiteBTC responds to the ongoing saga as well as how it will affect its business reputation and performance over the next few months