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Bitrue - froze my account


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I had no idea what n-degree arbitrage is, that’s why I asked the zendesk multiple times but was given no response. 

I had looked up what Bitrue said it was on their Twitter and I have not done that 

I asked and got a response from a Bitrue mod on their telegram.. and again I haven’t done that.. 

55+k stuck as I was told I’m banned apparently. All of my FLR and from the Snapchat is on Bitrue. 

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If you guys go to bitrues telegram it is so bad there are hundreds (not even joking) of people asking why they have their account frozen.

Keep in mind Bitrues telegram mods are removing people from the group that ‘complain’ or question what is going on (I got removed and had to use a friends phone number to make another acc to re-join) 

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5 minutes ago, Britt said:

I had no idea what n-degree arbitrage is, that’s why I asked the zendesk multiple times but was given no response. 

I had looked up what Bitrue said it was on their Twitter and I have not done that 

I asked and got a response from a Bitrue mod on their telegram.. and again I haven’t done that.. 

55+k stuck as I was told I’m banned apparently. All of my FLR and from the Snapchat is on Bitrue. 

F8D7DBA6-4476-4F4B-8D73-054D84D9E063.jpeg

73C03D7C-6F3D-4C94-BC21-3B1CE5E850DA.jpeg

 
Did you user their API, set up a Bot or moved funds recently? 

I would write XRPForensics on twitter and dont give up in messaging their support etc.
I would also write constantly on Twitter and Discord and as soon as you have your access back transfer the funds out

Edited by Triceratops
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22 minutes ago, Triceratops said:
 
Did you user their API, set up a Bot or moved funds recently? 

I would write XRPForensics on twitter and dont give up in messaging their support etc.
I would also write constantly on Twitter and Discord and as soon as you have your access back transfer the funds out

What is API? But no I didn’t use a bot.

Bitrues twitter said that you should at least be allowed to withdraw your principal.. even though I had no idea what I was doing was wrong and they could have easily gave me an example when I asked them multiple times.. I didn’t make 55k+ worth 

Bitrue literally set people up for this. They planned for this to exactly happen. Seriously their whole Telegram has ppl asking why they are frozen.

And now Bitrue just announced a 20% interest on USDT?! How!!?

Edited by Britt
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Just now, Britt said:

What is API? But no I didn’t use a bot.

Bitrues twitter said that you should at least be allowed to withdraw your principal.. even though I had no idea what I was doing was wrong and they could have easily gave me an example when I asked them multiple times.. I didn’t make 55k+ worth 

Bitrue literally set people up for this. They planned for this to exactly happen. Seriously there whole Telegram has ppl asking why they are frozen.

And now Bitrue just announced a 20% interest on USDT?! How!!?

Yeah I also believe that you did nothing wrong, in the last weeks there were many tweets or post like yours. They either made a faulty algorithm or what I believe is they did this on purpose.
I don't think you can do anything else than write them and don't give up. If really nothing helps I would consult a lawyer...

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9 minutes ago, Triceratops said:

Yeah I also believe that you did nothing wrong, in the last weeks there were many tweets or post like yours. They either made a faulty algorithm or what I believe is they did this on purpose.
I don't think you can do anything else than write them and don't give up. If really nothing helps I would consult a lawyer...

I have been doing exactly that. I am about to look for legal advice. I’ve heard people saying to contact a lawyer and write a ‘letter of demand’ Gonna have to research my options more. 

But you’re right this is happening to a lot of people! 

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  • 2 weeks later...
  • 3 months later...

I would like to share my experience with Bitrue freezing my assets and how I managed to get it resolved, in the hope it can help you to get your assets back as well.

My Bitrue account too was banned and my assets frozen twice, both times because of n-degree arbitrage trading. After the first ban I was able to regain full functionality by completing the KYC verification and under the condition that I wouldn't engage in n-degree arbitrage anymore. I asked for a definition of what trading behaviour exactly violated their TOS, because I didn't wanna risk my assets being frozen again. I never received an answer and continued to trade as usual. About two weeks later my account was banned and my assets frozen again and this time the communication of their customer support was clear:

"We have recently discovered that you have been conducting triangular arbitrage again after KYC. We would like to kindly remind you that this is prohibited according to our Terms of Use, which you agreed to when signing up for our platform. Your actions seriously violated the Bitrue Terms of Service so we have been left with no option but to permanently ban you from the Bitrue platform."

Just like many of you, I was in disbelief and simply didn't accept that. My next steps were to research similar cases, that's when I came across this thread and the series of tweets between Bitrue and XRPforensics on Twitter. By sharing my situation with XRP and CasinoCoin Communities on Telegram I was encouraged to take the matter to Twitter and post a Tweet, tag Bitrue, use words such as "frozen assets" and "theft" and get it to be liked, commented and retweeted as much as possible. The theory was that public pressure would be the motivator for Bitrue to solve it and in less than 24h after my first Tweet, I had full functionality restored on my account and withdraw my assets immediately.

Below you can see the Tweet and try you luck by copying my strategy.

I have attached screenshots of the messages on Twitter and the email I received from Bitrue to prove this really worked. My DMs on Twitter are open and I will gladly try to help where I can to get your assets back as well.

 

XRP TO THE SUN BABY!!! :d_sunny:594731743_ScreenShot2021-08-11at12_20_31PM.thumb.png.21af48e33843a35e4ddf05238a489ba1.png

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The insane thing is that they won't explain what you did that violated their TOS. I'm guessing it was determined by some algorithm and regular customer support has no ability to tell you, they just know that you've been flagged.

I would think you wouldn't be able to violate their TOS unless you were running a bot. Question: were you doing a lot of depositing coin X, trading for coin Y, withdrawing coin Y, then depositing coin X again to start the cycle over?

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AFTER the second ban which was meant to be permanently, they did send me an e-mail with some explanation and definition of their interpretation of n-degree arbitrage (see the attached screenshot). A little late for my gusto...

I was never running a bot (I'm too much of a noob for that) and I genuinely didn't know what n-degree arbitrage was because I just started trading about a month ago and I had just started to understand and play arbitrage between exchanges. What I did recognize retrospectively is that I did triangular arbitrage on the pairings XRP/USDT, CSC/XRP & CSC/USDT and taking advantage of the market inefficiencies.

The funny - or not so funny thing - about it is that a buddy of mine has done this and continued to do this throughout my whole ordeal with Bitrue without ever receiving any backlash at all.

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I’d like to understand

1) why they care

2) why they want to stop a good thing in terms of overall market efficiency.

 

Arbitrage is what brings prices into conformity which is to the greater good.  I don’t do it only because it would need a bot or more diligence than I have.  :) 

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31 minutes ago, BillyOckham said:

I’d like to understand

1) why they care

2) why they want to stop a good thing in terms of overall market efficiency.

 

Arbitrage is what brings prices into conformity which is to the greater good.  I don’t do it only because it would need a bot or more diligence than I have.  :) 

It makes no bloody sense, tbh.

Exchanges earn their revenues from fees, and for every arbitrage trade they're realizing a fee, just for facilitating some database record updates. They have a minimum permitted trade size (in value), so if they're losing money performing the database updates, they're doing something wrong. 

I once ran some scripts at Binance.us to monitor the slippage of USD/XRP/BTC/USD trading (in both directions), and determined two things:

  1. The window of opportunity to earn a profit (accounting for fees) lasted less than ten seconds at most.
  2. There were bots always watching for these opportunities, and they'd always trigger when the net gain exceeded the minimum of high VIP users.

Maybe Bitrue is running their own local-only arbitrage network of bots, and don't appreciate any competition ?

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Way back in olden times, I doubled my first $100 by trading USD IOUs back and forth because I noticed the rates between them would change at different times of the day.

Man, do you realize the XRPL had stablecoins before stablecoins were a thing. Ripple, 1) doesn't get credit for how ahead of its time it was, and 2) has squandered how ahead of its time it was.

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Still trying to find out what/who Bitrue is. 3 employees on LinkedIn and I could not find any business details on the website. Customer service does not reply on an inquiry for business details..

To me, the exitscam is already there, they just left the website active :unsure:

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