Another Bitcoin scam getting stopped by the chinese police

The case of Bitisis also falls into the latter category. As various media reports unanimously, the supposedly Iran-based Bitcoin exchange has ceased to operate – and cheated on its customers.As the Chinese media report, the exchange is not based in Iran, but is operated from mainland China. This suggests that Bitisis is located on an Alibaba cloud server. It is not surprising that all victims of the exit scam come from China.

The stock exchange was structured like a pyramid system. Customers were able to deposit fiat money and use it to trade various cryptocurrencies and the in-house token IRRT. The withdrawal of the funds linked the stock exchange to a series of conditions that made it in fact impossible to access stored assets.

 

Customer funds outsourced

As it has now emerged, the stock exchange never really had client assets. Rather, BTC and Co. were immediately transferred to a third-party exchange in order to cash out early. The total customer assets are currently at three wallet addresses. The piquant: The addresses are not specifically controlled cold wallets, but belong to an unspecified Bitcoin exchange.Exchange has frozen the stolen funds as a result of various complaints from Bitisis customers. With Bitisis, the perpetrators have apparently raised a large amount of criminal energy. A lack of technical knowledge should, however, now lead to the fact that crypto-millions captured can no longer be liquidated.