Nightmare scenario for Bitbns crypto investors as account balances plunge to zero

The world of crypto investors and traders was jolted on Tuesday morning as they discovered that their cryptocurrency balances on the Bitbns exchange had mysteriously vanished overnight. Numerous users, who shared their experiences with Business Today, voiced their concerns about this alarming issue.

One user shared the distressing news, stating, “I had invested approximately Rs 12 lakh in various cryptocurrencies through Bitbns. When I checked my wallet this morning, everything was gone, and my balance showed zero. I’m overwhelmed with stress, and it feels like my heart is about to burst.”

Another affected user, who had invested over Rs 7 lakh on the exchange, expressed the same predicament. “When I woke up this morning, my entire cryptocurrency portfolio worth Rs 7.06 lakh had disappeared. I hadn’t made any trades at all. I initially thought it might be showing as an INR balance, but that too showed zero.”

Multiple customers of the exchange reported receiving notifications about executed trades that they had not authorized.

“I received notifications about several sell trades in my portfolio, but I hadn’t initiated any of them. When I opened my Bitbns app to check, I discovered that all my cryptocurrencies had been sold. There was no sign of INR from those transactions either,” explained an investor.

Some users observed that the unauthorized “sell” transactions were visible in their trade history, despite not having approved them. Moreover, both their cryptocurrency and INR balances were reduced to zero.

“The sale of my crypto tokens is also recorded in my trade history, but I had not conducted any of those transactions. Even after the sales were completed, the INR amount is not reflected in my account,” shared a user.

Business Today reached out to Bitbns for clarification on the issue, submitting detailed questions. In response, Gaurav Dahake, the CEO of Bitbns, stated, “The current situation is not the result of any external security breach but rather a minor technical glitch that our exceptional engineers are actively working to rectify. I personally assure you that our team is fully dedicated to resolving this issue within a few hours.”

It is worth noting that withdrawals from the exchange have been suspended since November 2022, as previously reported by Business Today. Despite this, several users pointed out that the crypto exchange continues to accept deposits.

Expressing frustration, a customer of the exchange stated, “No law enforcement or regulatory body seems concerned about the malpractices of crypto exchanges. Bitbns has halted all INR withdrawals, which means I cannot retrieve my own money from the exchange. Yet, they are more than willing to accept INR deposits from me. Consumer courts should take strict action against this, but it seems no one is interested.”

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