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BT360 Crypto Wallet Locks Users Out of Accounts

Yvette Mwendwa by Yvette Mwendwa - 05:43 PM Feb 25, 2020
BT360 Crypto Wallet Locks Users Out of Accounts

BT360, a popular Israeli-based cryptocurrency wallet has locked its users out of their accounts to investigate the clear financial irregularities. The firm reportedly shut down its website and wallet back on February 12.

Moreover, the Israeli-based crypto wallet and quasi exchange left its users shocked about their funds as its website and social media accounts were all taken down. This has led to the fears of an exit scam as users complain that the wallets developed by BT360 cannot send funds outside.

These reports broke out last week from Israeli fintech publication, Calcalist. Speaking to Calcalist, BT360 owner Eyal Sadeh said that he had fired the CEO,  Erez Fischler for mishandling of customers funds. He went on to say that the site was shut awaiting the conclusion of investigations of the irregularities. Nevertheless, Saleh added that the site might come back online if it gets cleared by the relevant authorities; and users can then access their funds.

Blame Game 

In addition, Calcalist could not reach Fischler to get a comment. However, he still maintained that he did nothing wrong. The ex-CEO claims that he left the company even before the shutdown, and he had no access to the user's accounts. Hence, he cannot be held responsible for whichever losses.

“I did not have access to the company’s bank accounts and I was not authorized to sign. I did not know if the balances in the company account to which the funds were deposited were identical to the balances in the wallets. I do not know what is kosher and what is not, and did not suit me to continue the role in such a way.”

BT360 Another Exit Scam?

Furthermore, unfortunately, the cryptocurrency space is not alien to exit scams.  The case of a BitMEX fund trader running away his investors with $380,000 is still fresh to the market participants. We hope the issue will be resolved positively for the sake of the wallet’s users as per the owner’s promise.

About The Author
Yvette Mwendwa

Yvette MwendwaI'm a believer in decentralization. An enthusiastic author, web geek & writer with experience writing for tech, digital, and cryptocurrency blogs.

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