An Iran-based renowned cryptocurrency exchange namely ‘Bitisis’ targeting Chinese investors with investment options, has reportedly pulled an exit scam.
Chinese police are presently investigating regarding the exchange’s sudden disappearance, with the platform appearing to have shifted all of its users’ funds to 3 wallet addresses after abruptly suspending its operations.
However, the addresses in question are held by one among the leading crypto exchanges and are frozen. The operators of Bitisis are reportedly linked to several of other similar exchanges.
Bitisis Fraud Or Is It Something Else?
In line with 8btc, Bitisis lured investors with fake promises of abundant arbitrage opportunities affiliate referral commissions and thereby began with its aggressive marketing campaign targeting the individuals of prominent Chinese social media platforms including Baidu, Zhihu, & Tieba.
The alleged scam also used a classy program optimization strategy to drive significant traffic to its press releases as well as other advertising materials.
However, users seeking to convert from IRRT would reportedly encounter requirements of withdrawal & further verification.
Users report eventually receiving an email informing them that Bitisis had suspended its business, prompting them to engage in a legal way .
Bitisis – China Based Operators Involved
8btc added that multiple sources have already indicated that Bitisis’ operator was actually China based only, with the platform having been hosted using Alibaba’s cloud servers within the time of its early operations.
Bitisis’ operator is reportedly a member of a hoop that operates multiple exchanges based in various jurisdictions outside of China.
The group is believed to also operate the Venezuela-based ‘Bit-Ven’ scheme, that has distributed marketing materials that are nearly same to those afterwards published by Bitisis.