Iranian Cryptocurrency Exchange Allegedly Linked to Chinese Investors Busted, Police Investigates

Bitisis, an Iran-based crypto exchange, allegedly went bust. The organization was highly reported by Chinese media recently, and the suspicions are that the actual masterminds and control probably came from China instead.

Gone With The Whole Investment Capital

According to a recent report, the owners have controlled several overseas exchanges. The organizations had claimed to be able to carry arbitrage to attract additional individual investors. However, it all went off the radar, and the company busted with the investment capital collected from investors and users.

Following that, the police started an investigation on the file case. It has also announced that the deceptive exchange has transferred some of the users’ assets to three addresses, and the related platform has frozen the relevant addresses to stop the process urgently.

Allegedly, Bitisis is a fraudulent scheme that gives users the ability to convert their Bitcoins into the platform’s token called IRRT. Afterward, customers are supposed to use the so-called high premium to convert it into USDT.

Even More Fraudulent Websites Connected With Bitisis

Bitisis network has supposedly functioned based on different marketing methods – boasting the so-called premium prices via a variety of media to attract arbitrageurs. It also distributed several press releases through the biggest Chinese media to advertise itself among the crypto community.

According to the report, the scammers were from China, based on the fact that promotions were only presented in the country’s media and community. Supposedly, their technical background was poor, considering the quick-frozen Bitisis address by major exchanges. According to users, in the beginning, all of the promotions were using Alibaba’s cloud server for its marketing purposes.

Allegedly the exchange’s crew had and controlled some more fraudulent websites. They were all based in other countries. Just like the one in Iran, the pyramidal scheme and promotional model was most likely the same everywhere.

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This article was first published on: Jun 19, 2020