Beribit Crypto Exchange Faces Allegations Over Frozen Funds

Join Our Telegram channel to stay up to date on breaking news coverage

Beribit, a prominent Russian cryptocurrency exchange, has been embroiled in controversy as allegations of fraud surface due to its refusal to release customer funds. In a recent development, the platform has frozen approximately 400 million rubles, roughly equivalent to $4.3 million, belonging to its clients. Despite confirming earlier losses of about 24.9 million rubles ($263,000), which represents only a fraction of the total blocked funds, the exchange is under scrutiny for not fulfilling its financial obligations to its customers.

Investigating the Delays and Allegations of Mismanagement at Beribit

Reports from Russian media indicate that Beribit‘s administration is demanding certificates from the victims to prove the legality of their income, ostensibly as a measure to avoid settling these debts. So far, only 19 out of 100 clients have succeeded in reclaiming their money from the exchange. Additionally, the process of auditing clients has seen only 11 individuals passing the required checks, with the promise that they will receive their funds in the forthcoming days.

The situation intensified when, unexpectedly, users received late-night communications from Beribit. These messages required them to demonstrate that their transactions were not attempts at laundering money through the platform. This sudden request has raised suspicions among wallet owners that the exchange is perhaps inventing pretexts to withhold their money and potentially misappropriate it.

Russian crypto exchange Beribit has introduced a rigorous compliance process for customers with frozen funds, mandating them to verify the source and legality of their funds. pic.twitter.com/UfZBmMoUPt

— Amdel Trades (@AmdelTrades) May 3, 2024

The controversy first erupted in March when law enforcement conducted searches at Beribit’s offices in Moscow. By April, the exchange was experiencing technical difficulties with cryptocurrency withdrawals, which it attributed to a transition in management and inconsistencies in reporting. After facing a gathering of disgruntled customers at its premises, Beribit pledged to settle all dues completely. However, the exchange has yet to uphold its promise, leading to ongoing complaints from customers about their inability to withdraw their assets.

In Moscow, depositors of the crypto exchange Beribit were given chocolates instead of money

Approximately $4.3 million of investors' funds are frozen in the accounts of the crypto exchange. Customers have been storming the office for the second day, demanding their money back.… pic.twitter.com/udvlommsOI

— NEXTA (@nexta_tv) April 27, 2024

Sealana: A New Meme Coin Inspired by Pop Culture

The cryptocurrency landscape is continuously evolving, and amidst the fluctuations following Bitcoin’s recent halving, meme coins have stood out by offering substantial gains in short periods. This shift has seen the market sentiment among major cryptocurrencies move from extreme greed to neutrality, paving the way for the rise of new meme assets.

Enter Sealana, a new entrant in the meme coin market, drawing inspiration from a food-loving character in the popular TV show South Park, albeit reimagined as a seal. Sealana is not just another meme coin; it is designed to capitalize on the trading opportunities within the Solana ecosystem.

The design and ethos of Sealana resonate with the crypto community, reflecting the current market’s fascination with meme coins. It is speculated that the creators behind Sealana are also linked to the Slerf project, aiming to build a legitimate presence in the market, moving past previous controversies.

Participating in Sealana is simple. Investors send SOL to a specified address on Sealana’s official website and receive SEAL tokens in return, with the initial rate being 6,900 SEAL tokens per SOL. The project quickly demonstrated its potential by raising over $120,000 on its first day, signaling strong market interest and a promising outlook for this new meme coin.

Visit Sealana