Remitano, a p2p cryptocurrency exchange with presence in close to 60 countries has indicated it is halting all cryptocurrency trade on the platform over fake XRP deposits.
The catastrophic problem has the possibility of resulting in a multi-million Dollar loss considering the number of trade executed on the platform on daily basis.
XRP buyers on the exchange suffered a great deal of losses due to Remitano’s sluggish response to the complaints of its users.
The crypto exchange declared that it has paused all XRP deposits and withdrawals to battle the suspected fake XRP deposits.
Also, it stopped all crypto trade on the platform. The development affects all the digital currencies supported by Remitano: Bitcoin, Ethereum, Litecoin, Ripple’s XRP, Tether USDT, and Bitcoin Cash.
The statement reads:
“Remitano has paused all XRP deposits and withdrawals to deal with fake XRP deposits.
We also halted trading until we blocked all the fake XRP deposits. Please leave your XRP in place, and do not buy and sell until further notice.”
Remitano did not state the duration for the clearing and blocking, there is no doubt that a whopping sum would have been traded for the alleged fake XRP deposits.
In September 2018, Remitano, a Republic of Seychelles incorporated firm, announced support for XRP. Since then, there has been smooth withdrawals and deposits of the altcoin until the issue of fake XRP deposit surfaced.
Remitano offers escrowed P2P Bitcoin marketplace for a large number of cryptocurrency users.
The crypto exchange says it serves countries like Nigeria, Vietnam, China, Cambodia, Australia, United State among others.
Remitano has not offered a deep insight on the ongoing security situation on the platform. Doing so will reduce lingering rumour that the cryptocurrency exchange has been hacked.
Disclaimer: This article is not a financial advice. It is written to offer educational and informational services to readers. Investing in cryptocurrency is done at one’s own risk. We are not liable for any trade that results into losses.