Horizen alleges Bitfare to be a scam operation
- Horizen stated that Bitfare is a “malicious entity looking to take advantage of trusting users.”
- Horizen notes that it will limit upcoming collaboration announcements to “well established custodial exchanges.”
Creator of ZEN token, Horizen, has recently issued a warning against crypto exchange Bitfare to its users. Horizen alleges Bitfare to be operating as a scam. According to an official blog post, users are advised to steer clear of Bitfare as it has reasons to believe that the exchange is a “malicious entity looking to take advantage of trusting users.”
Please do NOT send ZEN, or any other cryptocurrency, to Bitfare or attempt to utilize any other services it might offer.
This follows an announcement made back in December that Bitfare had started supporting a suite of ZEN trading pairs. According to the update:
In the hours following the announcement, we were made aware of numerous minor customer service and user experience issues which led us to pull the original announcement from all channels on the 20th of December.
As of today, the 4th of January, the minor customer issues have escalated to wallet balances and deposit histories being reset without explanation. Horizen also declared that it will limit upcoming collaboration announcements to “well established custodial exchanges and services that have a significant track record of success” to limit the potential for further scams.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
