Instant Bitex bitcoin exchange exit scammed

Back in 2019, Instant Bitex was home to new cryptocurrency projects that lacked commensurate funds. After all, not all can afford to pay whopping million dollar fees for listing. Instant Bitex claimed to be trading around 20 million dollars worth of trading volume every day.

instant bitex scam

Like most cryptocurrency exchanges, that volume was fake and was merely done to get listed on Coinmarketcap portal.

Then, in October 2019, William Son, which we assume is a made-up name, CEO of Instant Bitex announced that there was some attack that would result in some disruptions.

Infact, soon after the so-called hack, Instant Bitex stopped processing the withdrawals of most of its users. The users could deposit any amount on the exchange but were denied withdrawals.

Fast forward to today, the website claims to have new ownership and is merely a blog talking about various cryptocurrency exchanges.

Keep in mind there are myriad exchanges out there that lure small cap projects. Getting listed on Coinmarketcap is a big achievement for smaller projects and these shady exchanges help them by faking volume.

TLDR; Instant Bitex stopped withdrawals and later, exit scammed – running away with funds of its users.