Bitbns, a cryptocurrency exchange founded in 2017, aimed to provide a seamless entry into the world of crypto. However, on the morning of July 27, 2023, users discovered their balances had mysteriously dropped to zero overnight. This caused distress and led to an influx of distress signals on social media. Users reported vanished investments, unauthorized trades, and withdrawal suspensions. The transactions did not reflect corresponding INR balances, adding complexity. Bitbns suspended withdrawals, leaving customers unable to access their funds. This has fueled dissatisfaction and calls for regulatory intervention. The cause of the incident remains undisclosed, increasing uncertainty. Bitbns responded on Twitter, acknowledging the discrepancies and promising a system upgrade to restore balances and resume trading. Skepticism and calls for regulatory oversight have grown, highlighting the need for regulation in the crypto landscape.
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