Russian cryptocurrency exchange Beribit is currently under scrutiny for alleged fraud. Reports indicate that the exchange has withheld customer refunds, demanding legal income certificates to avoid debt repayment. Out of 100 clients seeking reimbursement, only 19 have successfully reclaimed their funds.
Frozen Funds and Audit Challenges
Beribit’s recent actions have triggered widespread concern among its users. The exchange reportedly holds approximately 400 million rubles ($4.3 million) in customer assets. This figure starkly contrasts with the 24.9 million rubles ($263,000) in damages previously acknowledged by Beribit, highlighting a significant disparity in the reported and actual frozen funds.
Efforts to audit and return funds to clients have shown minimal progress. Only 11 customers have cleared the required audits, with the promise of receiving their funds shortly. However, the situation took a dubious turn as Beribit began sending late-night demands for proof against money laundering. This move has raised suspicions among wallet owners that the exchange might be fabricating reasons to seize their funds.
Ongoing Issues and Customer Outrage
The controversy surrounding Beribit began in March following a police raid at its Moscow office. Issues escalated in April when Beribit cited management changes and reporting inconsistencies to explain delays in cryptocurrency withdrawals. Despite assurances of resolving these issues, many customers remain unable to access their money.
The situation intensified when a group of frustrated customers gathered at Beribit’s headquarters, prompting promises of full reimbursement from the exchange. Despite these commitments, Beribit has yet to fulfill its promise, leaving many customers in distress and continuing to voice their grievances about the frozen assets.