The UPDATED text is at the end of the article!
Recently we covered a news story about BiteBTC.com. To recap – they announced that a fire had occurred within their data centers on new years eve and that all their main backup servers were destroyed. After this, a storm of negative user complaints fired about their accounts being inaccessible. They neither could access their accounts nor withdraw any funds. Above all, this happened three days before the annual Proof-of-Keys event, where users withdraw all their funds from exchanges to see the exchanges ability to provide solvency. Naturally, this raised a lot of suspicion about a possible exit scam. When we published the article, BiteBTC.com blocked us on Twitter. What kind of message does this send to us? Let’s see how far the situation has escalated up until now.
BiteBTC.com changes their legal address.
While browsing the bitcointalk.com forum, we found a senior user (subwoofer12) post who had noticed that bitebtc.com changed the footer of their front page. In order to confirm these claims, he demonstrated a couple of screenshots from the bitebtc.com website. Previously their footer, on which we based the information about their legal headquarters, was:
“Copyright © 2018
However, now they have changed the footer to:
“Copyright © 2019 First Finance LLC, Seychelles. All rights reserved. Consumer advisory – First Finance LLC the holder of BITEBTC stored value facility, does not require the approval of the Seychelles Financial Services Authority.”
In contrast to the previous information, there is not much you can find about this new Seychelles location they have provided. It is an off-shore zone. Typically such companies go offshore to avoid taxes, money laundering, and corruption claims.
As subwoofer12 writes: “Perhaps trying to hide owner/shareholder information by incorporating in Seychelles, it’s a little bit late for that now.”
The owners of BiteBTC.com?
The user Subwoofer12 did very good work on finding information about this particular case. He managed to get the business profile of their company from the Accounting and Corporate Regulatory Authority (ACRA) Of course, this information could not be 100% accurate.
It shows that the owners of
Also, subwoofer12 found a little of background information on these two guys, he writes:
“If these two want to resolve the situation you can start by returning all the money that you’ve stolen from your customers
There’s a chance these are the wrong people, but I’m almost sure that I’m correct. Both of them have an interest in finance, they used to run this blog together https://investmentstab.blogspot.com/ Viewing post activity on LinkedIn shows them liking topics related to Blockchain
It seems that they met each other while interning at the Bank of America in Singapore, looking at their work history on LinkedIn the periods of time match up.”
We do not assure that these are the people behind BiteBTC. We are only portraying what is available on the internet and what people are claiming.
BiteBTC.com now is asking for 0.01 BTC deposits to restore accounts!
The bitcointalk.org forum thread on this case was quiet for a while, but a few days ago a user westbanker posted an image which shows that the official BiteBTC support e-mail asks for a 0.01 BTC deposit to rectify his account.
If this is true, then this is an absolute madness!
Here is a e-mail conversation from with westbanker and the BiteBTC.com support:
“Me: When are my funds going to get restored to my account? I have been waiting almost 2 months.
Them: We will have to rectify your account for that
Once we rectify your account
Your issue will be resolved immediately.
Reply us back so we can tell you the procedure to rectify your account!
Me: How do we rectify my account?
You will have to make a deposit of 0.01btc to the rectification wallet address we will provide for you to rectify your account.
Once we rectify your account the btc will be refund back to you and after that your issue will be resolved immediately.
Reply us back so we can provide you the rectification wallet address to deposit into!
Me: I habe to give you money to get my money back? No, that’s not how this works.
You are scamming people. Give me my fucking money back
We’ve nothing to do with your money
Just to rectify your account
Then once we do that
Your money will be refund back to you immediately
Me: Why do I have to send you money to get my money back? Please explain that to me
The btc is for us to rectify your account so that your issue can get resolved
We’ve nothing to do with your money
It will be refund back to you once the rectification is done
Explain exactly how you need more money to rectify my account.
What are you spending money on to rectify your own files?
It’s not your work
It’s our work okay!
If you want your issue to get solved
You do what we asked you to do
Or you leave
And your issue will never get resolve”
It’s not your work; You do what we asked you to do, or leave… Wow, this looks like a great example of how you should never communicate with your clients.
As I mentioned above, BiteBTC Twitter blocked Best Coin Investments after we published the article. But as we all know – that cannot stop us from accessing their content. The strange thing is – they are operating like nothing would’ve happened. They’re making airdrop auctions, showing-off that they now have $100M in daily volume, and posting information on newly listed coins. However, every single post has at least one user saying that you should definitely read more about this exchange, and even more users asking for a refund.
But this tweet is just literally something out of this world:
Apparently, their Twitter manager has no idea that there isn’t such thing as a February 30.
Go check it out yourself. You will soon discover not to do any business with this exchange because of the bad reviews. Lots and lots of users are advising not to use this exchange.
Fraudulent token listing
While regular users are waiting for their refunds, BiteBTC successfully operates in listing new coins. However, there are claims of some ICO projects that BiteBTC has collected the listing fee, but somehow failed to pass the exchange’s verification process. Needless to say that they also haven’t received a refund.
“Dear Globycoin Team,– Response to Globycoin
Thank you for your response!
We’ve received your payment and forwarded your request to our developers.
Your coin will be listed within 5 business days because of a queue.
I will inform you in 24 hours about your listing.
Additionally, we can list your coin within 24 hours for
additional0.1 btcPremium Listing fee or within 48 hours for additional0.05 btcExpress Listing fee.
Additionally, I would like to offer you to run Airdrop to attract more traders to your coin.
Please check some of our previous campaigns:
https://twitter.com/bitebtccom/status/983671610594025473– 1K participants in less than 2 days;
https://twitter.com/bitebtccom/status/994578155926106112– 400 participants in less than 12 hours.
I’ll be glad to offer you special conditions and run your airdrop within 1 week.
Thank you for being a part of BiteBTC community!”
So it looks like they are mainly living off of ICO listing fees. Also, Best Coin Investments is not the only one who got blocked by them on Twitter.
EGEMpaid the listing fee and got “listed” but none of our coin holders could trade. When I asked Steven (the sales rep) about this he offered to sell me “Market Making services” – how is that for a scam.
We complained on their twitter and alerted the other coins that were paying the listing fees and got blocked”
From our perspective, this looks like a 100% scam. The communication with users is beyond any criticism. They claim that they have started coin redistribution, but somehow, nobody has received it.
If anyone from BiteBTC.com wants to back up these claims, please contact us at firstname.lastname@example.org!
Some users claim that the owners are arrested in Singapore, but that is unofficial. However, that might be the reason for deleting the trade history of all the users. Also, they moved their company to Seychelles, which is very strange.
What is even more shocking, not mentioning the “You do what we asked you to do or you leave” comment, is that one of the solutions that they provide their users is registering again and trading with no initial balance. “You can open a new trader account, pass the KYC verification with the same photo id and start trading with no initial balance.”
Bitcointalk.org users claim that they have not received any refunds as BiteBTC.com claims.
Also, users from bitcointalk are submitting requests to CoinMarketCap to delist the exchange, in order to stop them.
This is unbelievable how an exchange with this kind of reputation can still manage to operate. It could be that all those accounts which are engaging with them are fake, just to make the exchange seem live. Hosting airdrops just for twitter engagement seems odd as well. We all know that the air-drop hunters don’t care what, who or where, “just gimme the damn coins”. But a new low for the cryptocurrency exchange business would be the combo of scamming users and ICOs as well. It looks like they feel so infamous at this point.
Needless to say that people are engaging with the police to stop this madness.
We also did an article on how to choose the best exchange for trading, giving a few examples of good exchanges:
How to choose the best crypto trading exchange!
Moreover, we recently did an explanatory article on how to report scammy exchanges:
7 Ways How to Report a Scam Exchange
We received an e-mail from one of the BiteBTC customers who also suffers from the exchange. He told us that only 3 days ago the exchange stole 0.45 BTC from him. Their excuse is that he had violated the terms and conditions. However, the user says he didn’t violate any rules, they just blocked him! He cannot access his account and judging by the e-mail he received from BiteBTC, this is their final decision.
This is the e-mail he received:
If you are a victim of BiteBTC or have some useful information about this particular subject, contact us at email@example.com, or send an e-mail to a group of people who share the same negative experience with BiteBTC at firstname.lastname@example.org.