Chinese police investigate exit scam from the Iranian crypto exchange

Bitis, an Iran-based cryptocurrency platform aimed at Chinese investors with investment opportunities, has reportedly carried out an exit scam.

The Chinese police are currently investigating the disappearance of the exchange It appears that the platform transferred user resources to three wallet addresses after operations were abruptly interrupted.

However, The addresses in question are on major cryptocurrency exchanges and have been frozen. Bitisis operators are reported to be connected to several other similar exchanges.

Arbitration fraud?

Chinese police investigate exit scam from the Iranian crypto exchange
Chinese police investigate exit scam from the Iranian crypto exchange

According to 8btc, Bitisis attracted investors by promising numerous arbitration options for the bypass commission and launched an aggressive marketing campaign targeting users of leading Chinese social media platforms such as Baidu, Zhihu and Tieba.

The alleged fraud also used a sophisticated search engine optimization strategy gain significant traffic from press releases and other promotional materials.

The report describes Bitisis as a pyramid scheme and cryptocurrency exchangeboth in one, allowing users to convert Bitcoin (BTC) into their native IRRT token to access Tether (USDT).

However, Users who attempt to convert from IRRT are reported to encounter a variety of take back and review requirements.

Users report that they have finally received an email in the They were informed that Bitisis had stopped operating, which led them to hire law enforcement officers.

Operated by a Chinese citizen

8btc reports that Several sources have indicated that the Bitisis operator is actually based in Chinaand that the platform was hosted on Alibaba’s servers when it started operating.

It is reported that The Bitisis operator is a member of a network that operates several exchanges in different countries outside of China.

The group is believed to also be operating the “Bit-Ven” fraud in Venezuelawho distributed marketing materials almost identical to those published by Bitisis.

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