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Indian Crypto Exchange Under Fire For Suspended Accounts

December 22, 2017 13:34
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It’s shaping up to be an unfortunate week for cryptocurrency exchanges in general. First, a South Korean exchange was hacked, which was followed by Ether Delta’s servers being breached.

Closer home, in India, traders on a cryptocurrency exchange have been locked out of their accounts. Bitcoin India, which has its headquarters in India is one of the few exchanges that support different kinds of crypto-currencies such as Ether, Litecoin, Dash, among others.

Bitcoin and other cryptocurrencies have had a bullish year in 2017. The value of cryptocurrencies such as ethereum, litecoin, dash have jumped sky-high.

The company has not addressed the probable technical glitch on its social media handles. But, it did mention in a press release that, “Due to recent unexpected user growth that is driven by soaring demand in Asia to buy/sell digital assets, which led us to get huge number of support tickets all of sudden, we are currently experiencing delays resolving support tickets. Our team is working through these tickets as quickly as possible and we are adding additional resources to get through the backlog. ”

The CEO of Bitcoin India, Sykam Ramakrishna Reddy in a Facebook Live session said, “We have never blocked anybody’s account. My source of income comes from your deposit. If a trader deposits Rs 2000, I get Rs 20 as commission. So I have no reason to block anybody’s account. ”

Answering some questions haphazardly he said all withdrawal-related issues would be resolved by today. He reasoned that since they have a small customer support hence it was taking time to resolve all issues.

A Pune based trader on the condition of anonymity told Crypto-News that, “if someone is using his account whether it’s mobile app or website, they can check frequent IP address used for login. Just by saying that there is some multiple access to account, doesn’t justify why my money and coins are hold by them. They should call and reach out to me and check my identity and unlock my account instead of restoring or resetting it.”

He added that after bitcoin plunged to below $14,000 last week, he has lost 35% of the amount he had invested.

Reddy added that to be updated on the news relating to Bitcoin India, users should download the app. He also asked users not to believe updates on WhatsApp and other social media as they merely conveyed their news through press releases and apps. It is a bald-faced lie, as they have a WhatsApp number on their website but they answer no questions, whatsoever. Crypto-News got in touch with them on the number provided but they didn’t revert.

As a parting shot, he also accused the media of spreading falsehoods and asked his users not to ‘fall prey’ to these rumours and requested his customers to be patient.

A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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