Review on Bitibu by Abraham Jeremiah
Scam exchange that locked away funds of users
Some of this centralised exchanges cannot just be trusted, especially ones with no legal backing. Among the numbers of centralised exchange that has gone down with user funds in their possession was the Bitibu exchange. The exchange which claims to be situated on Turkey disabled withdrawals and finally shut itself down still withholding funds of the traders that made of the platform. As the exchange only survived a year, many people were looking into the exchange getting approvals and legal backing but in the end, the exchange was just out for the scam. I have read a lot of testimony of fund losses by users counting in thousands of Euros and Dollars. There has been repeated efforts to contact the exchange but all never went through. The location also was just a breeze, nothing was found in it's said location in Turkey. It's very unfortunate for people to loose money with a platform they may have trusted but it is what it is. When choosing a Centralised exchange, do some research on the location and their legal backing because scams like this will continue to exist, we just have to do our research well before using.
Pros
- Absolutely nothing positive for the exchange
Cons
- The website is down and not accessible anymore
- The support of the exchange doesn't respond to any of my mails
- The exchange locked away funds of many users which gives it a scam label
