Veribit Cryptocurrency Exchange Faces Fund Freezing Charges

adminMay 5, 2024

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Beribit, a famous Russian cryptocurrency exchange, has become embroiled in controversy after refusing to disclose customer funds, raising suspicions of fraud. In the latest development, the platform froze about 400 million rubles (equivalent to about $4.3 million) belonging to its customers. Despite previously confirmed losses of around 24.9 million rubles ($263,000), which represent only a tiny fraction of the total funds blocked, the exchange is under investigation for failing to meet its financial obligations to customers.

Investigating allegations of delays and mismanagement at Beribit

According to Russian media reports, the Verivit administration is demanding certificates from victims to prove the legitimacy of their income, ostensibly as a measure to avoid liquidating these debts. So far, only 19 out of 100 customers have succeeded in getting their money back from the exchange. Additionally, only 11 individuals passed the required checks during the customer audit process and were promised that they would receive their funds within the next few days.

The situation escalated when the user unexpectedly received a late-night communication from Beribit. Through these messages, they had to prove that their transactions were not an attempt to launder money through the platform. This sudden request raised suspicions among wallet owners that the exchange was creating an excuse to withhold their money and potentially misappropriate it.

Russian cryptocurrency exchange Beribit has introduced a strict compliance process for customers holding frozen funds, mandating them to verify the source and legitimacy of their funds. pic.twitter.com/UfZBmMoUPt
— Amdel Trades (@AmdelTrades) May 3, 2024

The controversy first arose in March when law enforcement agencies searched Beribit’s offices in Moscow. Until April, the exchange was experiencing technical difficulties with cryptocurrency withdrawals due to management transitions and reporting inconsistencies. Berrybit has vowed to pay all costs in full after disgruntled customers gathered at its premises. However, the exchange has not yet kept its promise, and customers continue to complain that they cannot withdraw their assets.

In Moscow, depositors at cryptocurrency exchange Beribit were given chocolates instead of money.
Approximately $4.3 million of investor funds are frozen in cryptocurrency exchange accounts. Customers have been flocking to the office for two days now demanding their money back… pic.twitter.com/udvlommsOI
– Nexta (@nexta_tv) April 27, 2024

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