Cubits Crypto Trading Platform Accused Of Exit Scam

Cubits, a crypto wallet and exchanged based in the United Kingdom has been offline for a few days and has not paid some of its users. Because of the issues, a lot of people are affirming that Cubits is trying to “exit scam” people, which is what happens when an exchange simply steals everybody’s money and runs.

The exchange is (or was?) run by a company named Dooga, which was formed in London in 2014. The company had been recently involved in a legal battle because it was allegedly hacked this year, but most of the details of the case are not public.

All the trouble started after the company tweeted that it would be “right back” and that its services would be unavailable but that it would return “as soon as possible”. The same message now appears at Cubits’ official site.

The Bitcoinist has investigated the LinkedIn profile of members of the company and has found out some interesting information. Max Krupyshev, which was acting as the COO of the company since April 2018 has either resigned or was fired in November.

Another information that seemed important was that the payment’s coordinator of the company was Eloise Debono. If the name does not ring a bell, you should know that she was a representative of OneCoin, one of the largest recent Bitcoin Ponzi scams.

While a lot of people are calling the company a scam and complained that it has stolen their money it is simply too soon to be sure. While its services may be unavailable, major damage could be avoided if the company started to work again soon. A lot of people are raging on Twitter right now as they think their money was stolen and will never come back after six days that the company is offline.

The company was also reported to have been not even answering the emails of the clients at all, which was considered when people accused it of being a scam.

It is important to notice that Cubits was never considered a scam before since its foundation in 2014. The company operated for roughly four years without any kind of major incident and now it looks like it is having to face some trouble, maybe because of the bear market, maybe because of the alleged hacking or some other internal problem.

Cubits participated in most of the major events of the crypto industry and even attended at the Malta Blockchain Summit in November 2018. Therefore, it is not a crazy idea to think that Cubits might be having major financial problems and that they are trying to buy times as the executives are covering their tracks and trying to fix the situation or escape from it.

With so many companies in a very bad phase right now, it is not a surprise to see tragedies like this. Let’s all hope that Cubits is only having slight financial troubles or intern problems and that the exchange is not scamming everybody.

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