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Newfound Scam In The Ecosystem: Bit-castle

Among a myriad of scams in the blockchain ecosystem, news is uprising about a newfound exchange that experts are speculating as a scam. It is a very normal phenomenon these days to come across cryptocurrency exchanges that thrive on the irresponsibility and carelessness of crypto users. News is revolving around an exchange that goes by the name of ‘Bit-castle’ and is a newbie in the domain of cryptocurrency exchanges.

Although the exchange has been capable of attracting number of crypto-fanatics and invite them for trade, but its suspicious activity has stirred the market and people in the ecosystem are growing increasingly doubtful about the genuineness of the exchange. As luck would have it, a recent example of its functioning has raised the eyebrows of crypto experts. Recently, a crypto user shared their experience of being asked to register with a newly launched exchange(Bit-castle) at a bounty on June 30, 2018. This respective user was notified right at the start that they need to submit KYC to redeem tokens. This is where the seeds of suspicion were planted in the respective user’s mind.

Later, it was also informed to this user that the KYC submission must also be done only through the exchange. To top things up with a little more garnish of suspicion, it was also made clear that the exchange only accept’s the passport of the individual user. Despite offering a high bounty, the offer still came across as a tactic of luring to our respective user, and confused them about the whole procedure.

The user then posted their experience on an online forum(https://bitcointalk.org/index.php?topic=4609595.0) and asked for help and suggestions. The string of comments under this query were replied by several remarks disparaging the exchange and even calling it a scam indirectly. Upon further investigation it was found that the name of the CEO of the exchange(Charles Markette) had an uncanny resemblance with a late Charles David Markette who passed away at Christmas in 2009. As a matter of concern, our mystery CEO is also listed on the esteemed platform of ICO Bench, next to a highly dubious profile. However, the last straw to break this horse’s back was a profile that reeked of a forged personality that might not even exist.

While things are only getting tensed in the blockchain ecosystem, crypto frauds and scamming exchanges are on the rise. We hereby earnestly urge all our readers to beware of such fraudulent exchanges and exercise caution while participating with lesser known crypto exchanges.

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