Graham Cluley
Computer security news, advice, and opinion
Clunk flush! Bexplus cryptocurrency exchange closes suddenly, giving its users only 24 hours to withdraw funds
Here’s a short timeline.
14 June 2022
Cryptocurrency exchange Bexplus, which claims to have “more than one million users” worldwide, announces that it is offering “rewards worth up to $5,000 for new users who sign up and make their first deposit.”
A press release declares that the promotion will launch on June 21, and touts the benefits of cryptocurrency investors storing their Bitcoins on the exchange:
“In addition to a 100% deposit bonus, the exchange offers up to 21% interest on BTC holdings. This ensures that even passive traders have an incentive to keep their assets in Bexplus’ institutional-grade cold wallet.”
18 July 2022
It is less than a month since Bexplus went live with its $5,000 reward promotion to encourage new users and err… Bexplus announces that it is suspending its services indefinitely.
Bexplus suspension notice
We regret to inform you that due to force majeure, Bexplus will stop service from now on.
Oh dear. That doesn’t sound good. However, don’t worry!
Please rest assured that your assets in Bexplus can be 100% withdrawn.
Phew! Thanks for the reassurance. So, how long do you have to withdraw any cryptocurrency funds you might have deposited at Bexplus?
Please complete the withdrawal within 24 hours after 14:00:00 (UTC) on July 18, 2022, after which the website will close the withdrawal function.
Ummm.. so Bexplus gave its users only 24 hours to withdraw their funds. What if they were on vacation that day? Were getting root canal surgery? Spent a day at the beach with their partner and kids?
Can you imagine a traditional financial institution treating its customers in such a slipshod fashion?
Is it any wonder that so many people think that the world of cryptocurrency may be err… full of scammers and shysters?
Oh, and by the way. The 24 hours is already up.
Apparently you can request your withdrawal by emailing, and they promise to get back to you within seven days.
Good luck with that.
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Graham Cluley is a veteran of the anti-virus industry having worked for a number of security companies since the early 1990s when he wrote the first ever version of Dr Solomon’s Anti-Virus Toolkit for Windows. Now an independent security analyst, he regularly makes media appearances and is an international public speaker on the topic of computer security, hackers, and online privacy. Follow him on Twitter at @gcluley, or drop him an email.
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