The ‘Iranian Exchange’ BITISIS Closed Down Operations

  • The police have shut down the ‘Iranian Exchange’ BITISIS. China established BITISIS. Now, there is a seizing of all the assets of the platform.
  • BITISIS is a fund set, which uses the information gap for the enticement of the apparent ‘brick movers’. The usage is for the arbitrage which then can easily use the funds to escape.
  • All the investors must take precautions because the gang also has several other deceitful websites, for example – bit-ven.com, which is based in Venezuela.

Per Chinese Media, the police have shut down the ‘Iranian Exchange’ BITISIS. The Iran based exchange is actually controlled by a Chinese based entity. Now, there is a seizing of all the assets of the platform.

'Iranian Exchange' BITISIS

Chinese Scammer Behind Iranian Exchange? 

BITISIS is a fund set, which uses the information gap to entice the apparent ‘brick movers’. The usage is for the arbitrage which then can easily use the funds to escape. There are a lot of thresholds and ponderous methods to withdraw the cash. The simplest one allows the users to exchange Bitcoins for the spontaneous IRRT of the platform and then exchange it at a premium for USDT.

Wu stated that the blockchain had received information that the Iranian Exchange BITISIS had already begun its operations. This Chinese media extensively reported. Considerable experts pointed out that the actual commander, running this, is a Chinese scammer who has mastered multiple overseas exchanges. They claim to be able to move bricks and arbitrage to absorb retail funds. Presently, police filed the reports and froze three addresses on an urgent basis. Wenzhou, Zhejiang, Gejiu, Yunnan, and the police from other places have filed the cases. The website has formally announced ‘run’.

Other Channels Of The Scammers

The martyr contacted the relevant staff in the nick of time, analyzed the on-chain address with his assistance, and found that transfer of an address to the exchange. The address’s freezing happened on time.

Since its promotion by Chinese media and communities and also the netizens’ revelation that its early user was Alibaba cloud server, we can safely conclude that the scammers are from China.

All the investors must take precautions because the gang also has several other deceitful websites, for example – bit-ven.com, which is based in Venezuela. It should be noted that the brick-moving marketing model and marketing channels are almost the same as the aforementioned channels in the Iranian Exchange.

In the end, masses should be aware that any platform which promotes retail investors to move bricks and arbitrage is certainly a fraud. Also if one occurs a loss, they must immediately contact the police, security company, and the personnel related to the mainstream exchange. There is a need to do it so that the freezing of the address can happen in due time and there can be an avoidance of any losses.

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