The forensic arm of the XRP ledger analytics platform, XRP Forensics, has called out Bitrue for revoking access to some of its users.

Digital asset exchange, Bitrue, has been accused of shutting users out from their accounts. XRP Forensics jumped into the conversation and called out Bitrue and its CEO, Curis Wang, in a series of tweets on Feb 12.

The forensics platform has received multiple complaints from Bitrue users who encountered problems while accessing their accounts. Worse still, there appears to be no justifiable reason for the suspension. 

Hi @BitrueOfficial, @Curis_Wang. We’ve heard from a group of traders, who feel they have been unjustifiable lost access to their assets, as accounts have been frozen with various reasons provided, in some cases even different reasons for the same users. 1/5

It listed several likely reasons for the move and also questioned the exchange on its hard stance towards arbitrage trading.

It now requests that Bitrue puts forward evidence against the affected traders. In the absence of legitimate reasons that prove they have defaulted, it must at least allow the users to withdraw their funds. 

XRP Forensics reiterated its mandate to act in the best interest of XRP ledger users. It was set up to protect the community against the epidemic of cryptocurrency scams. According to data from XRPlorer, 8.5 million XRP was lost to giveaway scams between 2019 and 2020. 

Bitrue is a beneficiary of the community’s effort to counter financial crime. In light of the recent allegations, XRP Forensics has asked Bitrue to repay its users with fairness.  

In 2019, a hacker exploited a loophole in the Bitrue Risk Control team’s second review process. The hacker carted away 9.3 million XRP. XRP Forensics attempted to prevent the hacker from laundering the stolen tokens. It reportedly tracked the stolen funds and alerted Virtual Asset Service Providers (VASPs).

It also played a major role in the recovery of stolen funds in the KuCoin hack in 2020. 

Bitrue has responded to the allegations via a Twitter thread. It has advised users to work with its email service providers to resolve login issues.

Thank you for writing about this @xrpforensics & for always looking our for the interests of the community.

A small number of users have found themselves in highly specific conditions where they do not have access to their email, & so cannot receive withdrawal verification codes

It also stood by its ban against arbitrage trading, claiming that:

“it’s a rule we have to ensure that bots do not unfairly take profits from regular users.”

The post XRP Forensics Calls Out Bitrue for Shuttering Users appeared first on BeInCrypto.

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