• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Advertisement

Australian bitXoin exchange involved in a scandal

Nuno Menezes by Nuno Menezes
8 years ago
in Bitcoin, Bitcoin Businesses, Companies, News
0
Advertisement

Several users of LawAnswers an Australian online forum have been claiming to have paid over $10,000 to the Queensland-based crypto-currency exchange bitXoin for bitcoins they never received.

From what we could find, it appears that bitXoin’s online shop is now closed.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

Sem TítuloOne of these affected users, Jamesq, says he lost 2500 AUD; he posted a letter email appearing to be from the bitXoin owners, acknowledging that there had been some problems and that they would be willing to offer some equity provided by an obscure Hong Kong company in an unspecified “business” in return, but it never mentioned that requesting a refund was possible. The email reported that the exchange had just been acquired by Aureus Prime Factor Limited (APF), a company established as a crypto currency investment manager and business incubator. They explained that the company did not wish to see counterparties suffer financial losses and in return Aureus Prime would arrange some kind of compensation through issuing “crypto-securities in the revamped bitXoin.com business to disaffected customers”. These issued “crypto securities” would then be split out to disaffected small customers in proportion to their loss and they would be pegged to a valuation lower than subsequent issues. Apparently, the email is signed by David Collinson, identified in the email as the Managing Director of RGI and related Australian entity Roosevelt Group Pty Ltd (RG).

David wrote:

“Is with regret that I must inform you BITXOIN PTY LTD has, effectively, ceased trading”

According to Australian Security Investment Corporation (ASIC), Roosevelt Group (RG) was registered in Queensland on July 19, 2013. The Hong Kong Companies Registry says Aureus Prime Factor Limited was incorporated on December 13, 2013 and that Roosevelt Group International Limited appears on the registry and was incorporated two days earlier on December 11, 2013. This information’s have led some to believe that there was some kind of scheme going on.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

An Australian News agency, immediately tried to contact David Collinson via email but he declined to comment on the state of bitXoin for this article. The user however says the company has ceased trading, and according to government aus2records BITXOIN PTY LTD’s status is “active” so it would be assumed the company was to be opened for trading but in fact it has been shut down. The user goes down with an extensive list of complaints such as embezzlement by a former business partner, bank error, international wire problems, missing wire transfer amounts, coding error resulting in trading at a loss, timing losses resultant of missed orders and interim movement in market prices and failure of large orders to complete.

One other user, with the username Norm, claims to have lost almost $7000; he says that he was contacted be this David Collinson requested him to sign a confidentiality agreement. Norm pointed that he was ready to get to an agreement since it meant no loosing all his investment.

Many users are said to be affected by this shut down but the majority has kept silent. The Australian bitcoin ecosystem will surely resent from such events. This is the kind of situation that gives digital currencies a bad name and maybe regulation over these matters could be one solution to protect the consumer.

References:
https://connectonline.asic.gov.au
http://www.lawanswers.com.au/
 http://www.startupsmart.com.au/

images[1,3] bitXoin.com
images[2] bitcoinvox.com
images[4] australiaforexbrokers.blogspot.com

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nuno Menezes

Nuno Menezes

Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.

Related Posts

50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

16 hours ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

2 days ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

2 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

3 days ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

3 days ago
Bitcoin Whale

Bitcoin Exchange Whale Ratio Surges, What Does It Mean?

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    21 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    21 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    21 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    1 day ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.